• The SEC has objected to Binance.US’s attempt to buy up assets from the bankrupt crypto lender Voyager Digital.
• The SEC has requested more information about the deal and the nature of Binance.US’s planned business operations after the assets have been taken over.
• The purchase price for the deal is $20 million, in addition to reimbursements to Voyager’s customers.
The U.S. Securities and Exchange Commission (SEC) has recently filed a “limited objection” in regards to the attempt of Binance.US, the American franchise of Binance, to buy up assets from the bankrupt crypto lender Voyager Digital. The SEC has requested more information about the deal and the nature of Binance.US’s planned business operations after the assets have been taken over.
The move comes after Binance.US previously announced the takeover of distressed assets from Voyager Digital in a deal that valued Voyager at about $1 billion. Under the deal, Binance.US was to make a deposit of $10 million, and reimburse Voyager for certain expenses up to $15 million. The purchase price for the deal is $20 million, in addition to reimbursements to Voyager’s customers.
Speaking about the news, Brian Shroder, the CEO of Binance.US, said: “Today, Binance.US was selected highest and best bid in Voyager’s reopened bankruptcy asset auction. Once the deal is completed, Voyager users will finally be able to access their digital assets on the Binance.US platform.”
The SEC’s objection to the deal has raised some questions about how the transaction will be carried out, and what the implications of the acquisition will be. The SEC has said that more information is needed about Binance.US’s ability to close the deal, as well as details about the nature of the planned business operations after Voyager assets have been taken over by Binance.US.
In response to the objection, a Binance.US spokesperson said: “A diligent review of the deal is to be expected and welcomed. We will work with the relevant parties to provide any requested information. We look forward to completing the transaction.”
The SEC’s objection to the proposed transaction between Binance.US and Voyager Digital is a reminder of the U.S. regulator’s commitment to protecting investors and maintaining transparency in the crypto space. It is yet to be seen if Binance.US will be able to provide the necessary information to satisfy the SEC’s request, or if the deal will be blocked.