The U.S. Securities and Exchange Commission (SEC) filed for Chapter 11 bankruptcy protection on July 5. cryptocurrency expressed its concerns about the asset purchase agreement between its company, Voyager Digital, and Binance US.
SEC Has Limited Objection to Binance’s Acquisition of Voyager Digital Assets
The US Securities and Exchange Commission (SEC) has made a limited objection to the asset purchase agreement between Binance US and crypto firm Voyager Digital.
The SEC said the $1,022 billion deal did not have sufficient detail on Binance US’s ability to process the transaction and how it would secure client assets.
The regulator also stated that the agreement did not provide sufficient information about the rebalancing of Voyager’s cryptocurrency portfolio.
The SEC also stated that the agreement did not provide sufficient information on how to protect client assets.
The regulator has expressed concern over the potential for assets to be stolen or lost by both the Borrowers (Voyager Digital) during the implementation of the plan process and by Binance US after the assets are purchased.
The SEC has raised its concerns to both companies’ attorneys and has been informed that a revised settlement will be submitted prior to a hearing on the matter.
The SEC reserves the right to change its objection upon submission of the revised agreement, and also reserves the right to object to the approval of the plan on this or any other grounds. It is currently unknown how the SEC’s objections will affect the asset purchase agreement between Binance US and Voyager Digital.
*Not investment advice.
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