SEC Moves to Block Binance.US Attempt to Buy Distressed Assets of Voyager Digital
The SEC has objected to an attempt by the American franchise of Binance to buy up assets from the bankrupt crypto lender Voyager Digital, saying more information about the deal is needed.
The “limited objection” from the SEC came in a court filing on Wednesday, where the SEC said Binance.US in its disclosure statement had failed to provide sufficient details on its ability to close the deal, Reuters reported.
In addition to requesting more details about the deal, the SEC also said it needed more information about the nature of the planned business operations after Voyager assets have been taken over by Binance.US.
"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," a Binance.US spokesperson was quoted by Reuters as saying.
Binance.US has previously announced the takeover of distressed assets from Voyager Digital in a deal that valued Voyager at about $1bn. Under the deal, Binance.US was to make a deposit of $10m, and reimburse Voyager for certain expenses up to $15 million.
In total, the purchase price is $20 million, in addition to repayments to Voyager's customers.
The news that Binance.US had made the highest bid to buy Voyager was announced by Binance.US CEO Brian Shroder in December last year:
The exchange’s interest in acquiring Voyager first became known in November last year following the collapse of the major crypto exchange FTX, which had originally planned to buy Voyager. When FTX went bankrupt, however, Voyager said it would reopen the bidding process for the company, and that it was in “active discussions with alternative bidders.”
Voyager Digital filed for bankruptcy under Chapter
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