US SEC Objects to Binance.US Planned Acquisition of Voyager Digital

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The United States Securities and Exchange Commission (SEC) has objected to Binance.US’s plan to acquire assets of bankrupt crypto lender Voyager Digital valued at about $1 billion.

According to a “limited objection” filing made on Jan 4, the SEC has questioned Binance.US exchange’s capability to complete a deal of this magnitude as its purchase agreement needed more specifics.

Also, the regulator raised concerns about how Binance.US plans to secure customer assets and the details of its operations during and after the acquisition. Furthermore, the regulator also requested Voyager’s next line of action should the deal not be completed by April 18. 

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Interestingly the U.S SEC is not the only regulator that objects to this acquisition. The Texas States and Securities and the Texas Department of Banking have also filed a separate objection to the sales as Binance.US is not authorized to conduct business in the State according to the regulator.

Recall that in July last year, Voyager Digital finally filed for chapter 11 bankruptcy in the U.S Bankruptcy Court of Southern District of New York days after it had initially halted withdrawals on the platform.

Crypto Exchanges line up to Acquire Assets of Voyager

Shortly after its bankruptcy filing, many companies jostled to acquire the assets of the bankrupt lender. Some of the companies that signaled interest to help the lender gain stability include Binance, now bankrupt FTX, Alameda Research, and others.

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However, CrossTower, an Indian-based crypto exchange was one of the first companies to express interest stating that it is not aware of any other industry players who are interested in the bid. 

Equally, INX a broker-dealer and digital asset trading platform also showed its interest in acquiring the assets of the defunct cryptocurrency lender. The platform’s CEO believes the company has the right combination of credibility, technology, and standard regulatory position to protect Voyager customers and give them the stability they yearn for.

Good for the defunct crypto lender, Binance.US in a bid to acquire Voyager’s assets is reportedly paying $1.022 billion. Considering all other strategic alternatives, the bid happens to be the highest and best bid for Voyager’s assets. 

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