Big Blow on Voyager Creditors as Judge Puts a Hold on Binance.US Acquisition of Voyager

March 28, 2023

MCP News Free

Big Blow on Voyager Creditors as Judge Puts a Hold on Binance.US Acquisition of Voyager

On Monday, a US federal judge temporarily halted the Binance.US $1.3 billion acquisition of Voyager Digital due to the filing of the US officials that requested an emergency stay.

Meanwhile, earlier this month, US judge Michael Wiles of the New York Southern Bankruptcy Court approved that the acquisition process should proceed, ruling against the official’s objections.

According to Wiles, the government agencies involved namely the Securities and Exchange Commission and U.S. Trustee’s office did not present a persuasive case to halt the sale of Voyager Digital to Binance.US, adding that he is meant to speed up the bankruptcy proceedings to ensure that Voyager creditors are credited as soon as possible.

However, on Monday, District Judge Jennifer Rearden, of the US District Court for the Southern District of New York approved the emergency stay requested by the US government agencies after the US Department of Justice appealed to judge Wiles’s ruling.

“Upon consideration of all parties’ written submissions, as well as the conferences and oral argument held in this matter, the Government’s emergency motion is hereby GRANTED. An opinion setting forth the reasons for this ruling will issue shortly,” the ruling said.

This comes almost the same hour the Commodity Futures Trading Commission (CFTC) sued Binance, alleging that Binance allowed US users to trade crypto derivative products on the platform illegally.

This is however a blow to Voyager creditors who have been seeking compensation following the bankruptcy of Voyager because a judge had at a time mentioned that any delay could lead to Binance backing out of the entire deal.

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