Michael Wiles, a Bankruptcy Judge in the Southern District of New York, has approved Binance.us’ bid to acquire Voyager Digital assets worth $1 billion. Late last year, Voyager Digital announced that it entered into an agreement with Binance.US to acquire assets, including 4 trillion Shiba Inu worth approximately $44.2 million.
However, several United States financial regulators, including the SEC, had filed an objection claiming that Voyager is better off liquidating its assets to the market.
Furthermore, the SEC attorney William Uptegrove told Judge Wiles at a hearing last week that the regulator believes Binance.US is operating an unregistered securities exchange.
As such, Judge Wiles said he would still work through the confirmation order, indicating he favored approving the deal. As such, Binance.US may still have to clear certain regulatory hurdles before finalizing the deal.
Bigger Picture of Binance.US Acquiring Voyager Digital Assets
Chief Executive Officer and President of Binance.US, Brian Shroder, previously noted that the company intends to end the painful bankruptcy process into which Voyager customers were dragged last year.
“Upon the close of the deal, users will be able to seamlessly access their digital assets on the Binance.US platform, where they will continue to receive future disbursements from the Voyager estate,” Shroder noted.
Notably, Binance.US has agreed to pay Voyager Digital $20 million in cash to facilitate the asset transfers. Consequently, Binance.US will be in a position to attract more cryptocurrency users through the Voyager Digital asset acquisition.
The selling pressure emanating from Voyager Digital sales has increased the crypto bearish sentiment. Moreover, on-chain analytics firm Lookonchain has indicated that Voyager Digital has sold approximately $56 million worth of crypto assets in the past 24 hours.
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