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US SEC Objects to Binance.US’s Attempt to Acquire Voyager Assets

23 February 2023
in Latest News, News
Reading Time: 3 mins read
105 4
Home News Latest News

The United States Securities and Exchange Commission (SEC) has opposed Binance.US‘s intention to purchase over $1 billion of insolvent cryptocurrency lending company, Voyager Digital’s assets.

In a document filed with the U.S. Bankruptcy Court for the Southern District of New York, the SEC has claimed that several aspects of the asset restructuring plan of the acquisition would violate securities laws.

The US securities regulatory body is conducting a formal investigation to determine whether Binance.US and associated debtors have breached the anti-fraud, registration, and other restrictions of federal securities laws. They are particularly concerned about the security of assets acquired through the intended transaction. 

The US SEC has requested that sufficient information be disclosed in the intended purchase of Voyager’s assets to disclose whether Binance.US or third parties associated with it will have access to user wallet keys or control over anyone with such access.

The regulator also claims that the disclosure statement provided by Binance.US and other debtors fails to address the possibility that these transactions may be illegal. This could impact the expected 51% recovery of funds that will be distributed to account holders and Voyager claimants. 

The filing also alleges that several cryptocurrency transactions would be necessary to rebalance funds before they can be distributed to account holders, which the SEC suspects may violate certain provisions of the Securities Act.

The SEC requested that Binance.US respond to these concerns by disclosing who has access to customer assets and the necessary controls after the completion of the deal.

The regulators have previously opposed the deal claiming that it could result in the transfer of assets offshore, making it more difficult to recover funds for customers. 

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram and CoinMarketCap Community.

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Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

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