The bankruptcy case of Voyager Digital reached another level of drama, where the SEC agency faced criticism from the crypto sector & court judge directly.
Since Dec 2022, BinanceUS, an independent subsidiary of the Binance crypto exchange, has been in talks with the Voyager Digital bankruptcy lawyers. Under the BinanceUS-Voyager deal, Binance will purchase Voyager’s assets and further restructure the Voyager platform & save Voyager creditors from the whole bankruptcy proceedings.
Just a few days ago, NewYork financial regulatory body the Texas State Securities Board and the Department of Banking showed their objection to the BinanceUS-Voyager deal. The New York securities body claimed that BinanceUS will not help Voyager creditors with more than 24%-26% recovery. After the New York securities body’s objection, a staff of the US SEC agency filed an objection to this deal.
Perhaps the SEC agency showed its objection over the BinanceUS-Voyager deal but failed to provide specific details or information to explain why this regulatory body is not supportive of this deal.
The US Judge responded to that SEC attorney who failed to provide specific arguments and said that he is shocked that there is no actual objectionable matter & the objection is based on their regulatory jurisdiction.
“I’m shocked a regulator would come in and say: ‘I’m charged with regulatory authority over these things. These are reasons that I have concerns because they’re within my regulatory jurisdiction, but I’ve done nothing, I have nothing to offer to you ..,” the Court judge said.
On all these things, Binance CEO Changpeng Zhao (CZ) said that there are some possibilities that BinanceUS may drag its feet from this deal, as situations are not favourable.
CZ said that they are working hard to complete the deal & help the Voyager creditors as soon as possible.
We are still in support of the deal and helping returning funds to users as quickly as possible, if allowed to do so.
— CZ
Binance (@cz_binance) March 3, 2023
Binance (@cz_binance)
Read also: Indian CBDC will support offline & international transactions, says RBI director
We want help returning funds to Voyager creditors as quickly as possible, says Binance CEO
https://bitcoinik.com/we-want-help-returning-funds-to-voyager-creditors-as-quickly-as-possible-says-binance-ceo/feed/
https://bitcoinik.com/we-want-help-returning-funds-to-voyager-creditors-as-quickly-as-possible-says-binance-ceo/feed/
