U.S. regulators and government alike cryptocurrency stock market to Binance continues to cause difficulties.
The US government said in a statement on Tuesday, Binance.US crypto credit institution bankrupt by of Voyager He said the $1 billion deal proposed to buy the assets should be put on hold until key legal objections are resolved.
US Government Says Voyager-Binance.US $1 Billion Deal Should Be Stopped
The Justice Department is dissatisfied with provisions that would exempt the company from prosecution for previous crimes.
The move follows an appeal from the U.S. Board of Trustees, the branch of the Justice Department responsible for bankruptcy cases, with concerns that the deal will effectively free Voyager and its staff from tax or securities law violations.
“The Court cannot tell the Government to speak now or forever remain silent before the Voyager and Binance.US deal,” said the application, filed by US Attorney Damian Williams.
“Nothing in the Bankruptcy Act allows courts to exempt parties from liability to the Government for past and future behavior.”
The ratification of the deal, or at least parts of it that limits the government’s ability to enforce the law, should be suspended until appeals are heard in higher courts, Williams said.
Last week, New York bankruptcy judge Michael Wiles upheld the settlement after the Securities and Exchange Commission was significantly skeptical of arguments that Voyager’s VGX token could be an unregistered security.
*Not investment advice.
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