Binance.US gets the Court’s Go-Ahead to Acquire Voyager

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Binance.US has been given permission to purchase the assets of defunct cryptocurrency lender Voyager Digital in a $ 1 Billion dollar deal.

Binance.US will be able to broaden its range of services and boost its standing in the extremely competitive cryptocurrency sector due to the acquisition.

The agreement was given the go-ahead (1) on March 7 by U.S. Bankruptcy Judge Michael Wiles, who had previously spent four days listening to testimony from Voyager and the U.S. SEC

 

Binance.US Rallies Against SEC

Bloomberg reports that Wiles responded negatively to allegations made by the SEC regarding the transfer of funds from Voyager to Binance.US broke laws governing securities in the United States.

Wiles stated that he would allow the exchange to finish the Binance.US auction and issue return tokens to affected Voyager customers. This would repay those customers for roughly 73% of the losses they suffered due to the hack.

The court heard testimony from several witnesses on various complex matters, including whether or not private details will be transmitted to Binance.US and if or how the transaction was in the best financial interest of creditors instead of liquidation.

 

The SEC Objections Are Not Realistic

The court concluded that the worries the regulators expressed did not outweigh the significance of continuing with the Voyager restructuring.

It was only yesterday that Wiles stated that no U.S. agency, including SEC, can pursue Voyager officials in association with the issuance of a probable bankruptcy token; therefore, today’s clearance does not come as a surprise.

 

Allegations Against SEC

The Securities and Exchange Commission (SEC) is constantly accused of working toward destroying the bitcoin industry.

Some people believe that the recent moves taken by the agency, which include increased regulatory monitoring and enforcement actions taken against businesses and people involved in the cryptocurrency industry, are impeding innovation and hurting the sector’s growth.

A school of thought within the industry contends that the proceedings taken by the SEC are unreasonable and unfairly target bitcoin companies and individuals.

They cite the agency’s rejection of Bitcoin ETFΒ and continuing lawsuits against significant firms such as Ripple Labs as evidence that the agency has a broader aim to stifle the burgeoning industry.

The Securities and Exchange Commission (SEC) initiated the legal conflict between Ripple Labs and itself in December 2020 by submitting a complaint to a court against Ripple Labs, its CEO, Brad Garlinghouse, and its executive chairman Chris Larsen.

According to the allegations made in the case, Ripple had engaged in an unregistered offering of securities to $1.3 billion by selling XRP coins, which the SEC argued were securities.

Yet, others who support the SEC’s efforts argue that additional regulation is necessary for a market that is mostly unregulated to safeguard investors and avoid fraud.

They argue that the agency’s actions will ultimately assist the sector by enhancing openness and trust in crypto. This would be a benefit to the industry.

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