SEC Files Limited Objection to Binance.US $1 Billion Voyager Deal

January 6, 2023

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SEC Files Limited Objection to Binance.US $1 Billion Voyager Deal

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The US financial watchdog has filed for a limited objection and reservation rights regarding the Binance.US-Voyager $1 billion deal, as per January 4 filing.

According to the US Securities and Exchange Commission, the Binance.US-Voyager deal does not provide enough details about Binance’s ability to consummate a transaction of such magnitude.

“The ability of Binance US to consummate a transaction of this magnitude, which the Debtors value at $1.022 billion, including the nature of Binance US’s business operations after the acquisition,” SEC stated in the filing.

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SEC Demands More Details on Customers Reimbursement

In addition to the above, SEC added that it needed more details about how the lending firm Voyager is planning to secure the assets of their clients.

SEC wants information on safeguards implemented to protect against theft or loss by both the debtors and Binance.US after its acquisition of assets.

The financial watchdog also requested more details regarding the rebalancing of Voyager’s crypto portfolio, essentially to ensure that customers’ funds are returned fully before Voyager takes anything from the sale.

Also, necessary details on selling crypto assets that cannot be distributed to account holders, purchasing cryptocurrency supported by Voyager or Binance that shall be distributed to account holders, and consummating any other transactions necessary or appropriate to effectuate distributions to account holders, have been requested.

Recall that last month, MyCryptoParadise reported that Binance.US is close to acquiring the crypto lending firm Voyager Digital in a deal worth $1 billion with additional consideration of $20 million in incremental value.

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