Court Decides in Voyager Case! Binance Got What It Wanted!

Voyager Digital Ltd., After four days of contentious bankruptcy hearings in which state and federal regulators opposed the nearly $1 billion deal, the US arm of the world’s largest crypto exchange, to Binance.US received court approval to sell.

Binance.US Gets Judge Approval to Acquire Voyager Digital Despite Regulatory Objections

The decision allows the company to end its bankruptcy and reimburse customers.

US Bankruptcy Judge Michael WillesHe told Voyager that it will allow it to complete the Binance.US sale and a corresponding payment plan that could give customers about 73% of what they owe, depending on where the prices of various cryptocurrencies will reach in the coming weeks.

Wiles denied U.S. Securities and Exchange Commission lawyers’ claims that parts of the deal and the plan violated federal law.

Wiles criticized the SEC lawyers for attacking the sale and the plan without saying the Commission itself had concluded that any of it was illegal.

“I can’t put the whole case in an indefinite freezer while regulators determine whether they believe there are issues with the transaction and the plan,” Wiles said. Wiles stated that he will sign a court order approving the sale and plan once the final wording changes are made.

The SEC and other federal lawyers argued that the payment scheme could undermine future efforts to regulate cryptocurrency markets.

Lawyers for the SEC and the U.S. Department of Justice have argued against a legal protection usually given to the directors and restructuring consultants of a bankrupt company.

The dispute reflects a growing conflict between efforts to heal troubled crypto companies and increasing regulatory pressure from the SEC.

*Not investment advice.

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