SEC Objects Binance.US – Voyager Acquisition Deal, What Next? – Coinpedia Fintech News

Last month the crypto exchange, Binance announced the acquisition of bankrupt Voyager digital assets for $1.022 billion. This bid included the fair market value of Voyager’s crypto portfolio along with $20 million of incremental value. The deal was set to close on or before April 18, 2023, after Binance had agreed to deposit $ 10 million in good faith.

However, the US Securities and Exchange Commission (SEC) has now filed a limited objection to Binance. The reason for the ban is stated to be the lack of information regarding the acquisition. The limited objection which was filed on Jan 4, claims that the purchase agreement fails to mention Binance’s ability to make the purchase, future plans of the company after the deal, and the details of customer assets protection.

SEC Demands More Information On Binance-Voyager Acquisition

Furthermore, the SEC has asked Voyager to give out detailed information on if the transaction failed to occur on April 18. This limited objection is applicable only to some particular parts of the proceedings.

A few community members popped in to claim that this SEC’s ban is stating that Binance is not in a condition to afford the purchase.

As per Reuters Report, Binance CEO Changpeng Zhao stated that Binance US was a completely independent organization. CZ also claimed that this was created to protect Binance from US regulators.

After the bid to acquire Voyager was closed in Dec 2020, the firm claimed Binance’s bid was one of the highest and best bids for its assets. Voyager, a crypto lender, had further said that this bid of $1.02 billion will increase the value returned to customers and creditors in the days to come.