U.S. Bankruptcy Judge Michael Wiles has given the green light to Binance.US' $1B Voyager Digital acquisition deal.
As part of the approval, the bankrupt crypto lender will be able to proceed with its sales agreement with Binance.US, the U.S. arm of the world's largest crypto exchange by trading volume.
- The deal mainly paves the way for Binance.US to buy the assets of Voyager.
- The acquisition will also allow Voyager's investors to be compensated 50-73% of their holdings by applying for a refund through the Binance.US platform.
- The sale will result in a $100M larger gain for customers than a possible liquidation.
- While commenting on the objections, Judge Wiles said even the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are not sure whether the sales deal would create legal issues.
- Following the approval, Peter M. Aronoff, a lawyer for the DOJ, stated that they are considering an appeal against the decision.
- In February, the SEC filed a second objection to the billion-dollar acquisition deal, citing that the transaction could include the sale of unregistered securities.
- The U.S. regulator pointed to the ongoing scrutinization of Voyager's native token, VGX, as one of the reasons for the objection.
- The U.S. Federal Trade Commission (FTC) and the New York State's Department of Financial Services (NYDFS) also filed separate objections to the deal.
