US Department of Justice (DOJ)New York bankruptcy judge late Thursday evening of Binance.US bankrupt crypto credit institution Voyager Digital’s filed an appeal, objecting to the decision to allow his billion-dollar plan to purchase assets.
US Justice Department Appeals New York Judge’s Order to Approve Voyager’s Sale to Cryptocurrency Exchange Binance.US
The appeal comes just one day after Judge Michael Wiles authorized Voyager Digital to sell its assets to Binance.US.
The appeal, filed by the U.S. Office of Trustees, an arm of the Justice Department responsible for overseeing bankruptcies, comes just a day after Judge Michael Wiles approved the settlement after a contentious four-day marathon of hearings.
Regulators, including the U.S. Securities and Exchange Commission (SEC) and various state regulators, strongly opposed the proposed deal.
Last month, the SEC objected to the acquisition of Voyager, arguing that Binance.US violated federal securities laws by operating an unregistered securities exchange in the United States.
But Judge Wiles appeared unimpressed by the SEC’s concerns and told the lawyers present at the hearing that the Bankruptcy Act did not provide for an indefinite period of time.
“We have creditors pending, and in the midst of all this uncertainty, they don’t have access to the properties they’ve invested in, in some cases their lifetime savings, so we have to take some kind of action,” said Judge Wiles.
Under the proposed sale to Binance.US, Voyager’s customers will see an estimated 73% improvement. The plan, created after Voyager’s previous highest bidder, FTX, filed for bankruptcy in November, was backed by 97% of Voyager’s creditors.
*Not investment advice.
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