Binance US will acquire bankrupt Voyager digital after court ruling favours sale.
The SEC tried to block Voyager’s sale to Binance US after the company went bankrupt last year.
Voyager will sell $1 billion in assets to Binance US under the guidance of the U.S. court.
Voyager Digital to be acquired by Binance US after court ruling
U.S. bankruptcy judge Michael Wiles has allowed Binance US to acquire Voyager Digital which went bankrupt in 2022. As part of the sale, Voyager will also partially reimburse affected Voyager users who lost money when the company collapsed.
The SEC claimed that Voyager sending their assets over to Binance US breached U.S. securities laws.
I cannot put the entire case into indeterminate deep freeze while regulators figure out whether they believe there are problems with the transaction and plan
According to the SEC Voyager’s payment plan and acquisition by Binance US challenges efforts to regulate and police the cryptocurrency industry.
Judge Michael Wiles expressed his dissatisfaction with the SEC's desire to stop the sale. Acquisitions and the rehabilitation of endangered companies are important for the cryptocurrency industry to begin healing.
The U.S. Department of Justice is reviewing Judge Michael Wiles' decision before it takes effect. In a recent report, 97% of Voyager’s affected customers approve of Binance US’s restructuring plan for Voyager.
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