A judge from the New York district said on Friday that the US government has declared that Binance.US is a bankrupt cryptocurrency He said he had a strong legal argument to prevent his company, Voyager, from buying its assets.
Judge Appears on US Government Side Regarding Binance’s Voyager Acquisition
District Judge Jennifer Rearden said she would try to act quickly to resolve a dispute, given that delays could cost Voyager up to $10 million a month.
Rearden said the government’s arguments were not “totally refuted” by Voyager and his creditors, “proving no evidence on either side for the proposition that a bankruptcy court could waive criminal liability.”
In his other reasoning, published Friday, Rearden appeared to sympathize with the US government’s arguments.
The acquisition of Voyager Digital by Binance.US was halted by a federal judge on Monday, March 27, 2023.
The US Office of Trustees, the US Attorney’s Office for the Southern District of New York and the bankruptcy auditor of the Department of Justice (DOJ), filed an appeal in early March after a bankruptcy court approved the sale.
The US Attorney for the Southern District of New York and the US Office of Trustees argued that the protections in Voyager Digital’s proposed sale to Binance.US could allow for the approval of crypto tokens that may not be registered as securities as required by law.
They also argued that the sale could allow transactions that do not comply with US securities laws. In other words, they were concerned that the sale could potentially lead to illegal activities.
*Not investment advice.
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