The US Securities and Exchange Commission (SEC) intervened. An asset purchase agreement between Binance US and bankrupt crypto lender Voyager Digital. The securities regulator said it was “formally investigating whether debtors and others have violated anti-fraud and other provisions of federal securities laws.”
SEC intervenes in Binance-Voyager asset purchase deal
The US Securities and Exchange Commission (SEC) has entered into an asset purchase agreement with bankrupt cryptocurrency company Voyager Digital. The U.S. division of crypto exchange Binance on Wednesday filed a “limited objection.” Court filing details:
The SEC has formally investigated whether debtors [Voyager Digital] and others have violated anti-fraud and other provisions of the federal securities laws. I’m here.
Securities regulators have asked Voyager Digital to “conditionally approve a disclosure statement in support of its Chapter 11 plan and approve an asset purchase agreement (APA) with BAM Trading Services Inc. I have. /b/a Binance.US.”
However, the SEC said the disclosure statement and APA did not include “required information,” such as:
Binance US’s ability to complete a deal of this magnitude, the debtor values at $1.022 billion … [and] the nature of Binance US’s business operations post-acquisition.
The Disclosure Statement and APA include sufficient information regarding “how the obligor intends to protect client assets” and “rebalancing the obligor’s cryptocurrency portfolio” during implementation of the plan. details are not included. the regulator added.
Cryptocurrency exchange Binance announced on December 18 that it had entered into an agreement for its US entity to acquire Voyager’s assets.
The SEC further noted that the SEC staff communicated the regulator’s concerns to the debtor’s attorneys and was informed that a revised disclosure statement would be filed.
Regarding the Disclosure Statement motion and the APA motion, the court filings concluded: In addition to the foregoing, other legitimate and appropriate further remedies are granted.
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