Binance.US takes a step closer to acquiring Voyager Digital

0

In a major development, cryptocurrency exchange Binance.US has moved closer to acquiring Voyager Digital — a bankrupt crypto lender — following months of regulatory hurdles.

According to a statement from Voyager on April 19, the Uncensored Creditors Committee (UCC) has reached an agreement with the U.S. government — paving the way for Binance.US to acquire Voyager.

The acquisition has faced numerous regulatory challenges in recent months, causing uncertainty over the deal’s future.

Nevertheless, the recent deal struck between the UCC and the U.S. government will see Binance.US move forward with its planned acquisition — subject to approval by the District Court.

“The government has agreed that the plan may move forward without such provisions and will not otherwise be subject to the stay.”

“Voyager and the UCC are working with Binance.US to move forward as quickly as possible once this stipulation is approved by the District Court.”

Voyager Digital acquisition regulatory hurdles

In mid-2022, Voyager Digital filed for bankruptcy citing adverse market conditions. To rescue the lending company, multiple firms proposed various strategies.

Fast forward to 2023, Binance.US secured the court’s approval to acquire some of Voyager’s assets in January. However, the Securities and Exchanges Commission (SEC) raised concerns over the fairness and legality of the $1 billion transaction.

Despite the setback, Voyager Digital secured approval from Bankruptcy Judge Michael Wiles to sell $1 billion worth of assets to Binance.US. But the U.S. Department of Justice (DoJ) was not in favor of the court’s decision, and on March 19, it appealed the bankruptcy court’s ruling.

More setbacks

In March, a bankruptcy judge gave the green light for Binance to proceed with its $1 billion offer to purchase the assets of Voyager Digital — despite objections from the U.S. government. The DoJ accused the court of exceeding its authority and requested a two-week delay to seek an appeal.

After months of regulatory setbacks, Binance.US has finally taken a significant step forward in acquiring bankrupt crypto lender Voyager Digital. This comes after the UCC reached an agreement with the U.S. government — marking a major milestone in the acquisition process.

The post Binance.US takes a step closer to acquiring Voyager Digital appeared first on CryptoSlate.

Source

Leave A Reply

Your email address will not be published.