• US Judge has approved a $1.3 billion deal between Binance.US and Voyager Digital’s assets.
• SEC had been expressing mild objections against the acquisition, but their claim was not backed up with any evidence.
• CFIUS is also scrutinizing the deal due to national security risks associated with foreign investment in Voyager Digital.
Judge Approves Acquisition Deal
Binance.US can now move ahead with its plan to acquire bankrupt crypto lender Voyager Digital’s assets for $1.3 billion after US Judge Michael Wiles approved the restructuring plan on Tuesday. As part of the acquisition deal, Binance.US will pay $20 million in cash to Voyager and will take on the crypto assets as well as the customer base of the defunct crypto lender.
SEC Raises Objections
The court approval comes after the SEC had been expressing mild objections against this acquisition last week during a hearing in New York city . SEC attorney William Uptegrove claimed that the regulator’s investigators believe that Binance.US is operating an unregistered securities exchange but did not back up their claim with any proper evidence so Judge Wiles decided to move forward with approval of this deal anyway.
CFIUS Investigating National Security Risks
Another government body has been taking a closer look at this acquisition deal – The Committee on Foreign Investment in the United States (CFIUS) has also been scrutinizing it due to potential national security risks associated with foreign investment in Voyager Digital.
Voyager Could Still Back Out Of The Deal
Even though the court gave its approval, Voyager could still walk away from this agreement as its financial advisors are devoting next four weeks to examining regulatory compliance and security measures of customer deposits by Binance.US before they make final decision whether they will follow through or not..
Customers Could Withdraw Funds Soon
If Voyager decides to go through with sale, customers will hold accounts in Binance platform which means they can start making withdrawals once everything is completed and finalized..