The financially troubled cryptocurrency lender Voyager Digital provided justification for its $1 billion sale proposal to Binance. Despite encountering resistance from Alameda Research, the United States Securities and Exchange Commission (SEC), the Department of Justice (DoJ), and state-level officials, the United States
According to a filing, Voyager states that the objections by these entities ignore the practical realities of these chapter 11 cases and fail to identify any transaction that provides a better outcome for Voyager’s creditors. This statement was made in response to the fact that these entities failed to identify any transaction that would benefit Voyager’s creditors.
According to the filing, the fact that Voyager was able to quickly negotiate and carry out the deal with Binance.US after the catastrophic collapse of FTX US is a result of the lengthy discussions that they engaged in earlier in the course of their marketing plan.
The Binance exchange.
Reportedly, the US agreement offers Voyager as Binance the most tax-efficient road ahead for moving forward.
Users will have access to all of the available cryptocurrencies on the Voyager platform once US is implemented.
This particular transaction is the only one that Voyager could do that did not include the sale of cryptocurrency in order to raise operating capital. Voyager will be able to quickly finish these chapter 11 lawsuits and deliver value to its creditors as a result of the deal with Binance.US.
The Securities and Exchange Commission, the states of New Jersey, New York, and Vermont, as well as the state of Vermont, each allege that the Binance.US deal contains insufficient information about the financial position of Binance.US, the feasibility of the Binance.US transaction, or the ability of Binance.US to complete the Binance.US transaction.
Voyager has declared that it will not be seeking clearance for the acquisition at this time and that the objections being raised are untimely. Voyager conducted an investigation into Binance. The United States has provided financials that demonstrate it has sufficient cash on hand to fulfill these payments to its creditors.
The states of Vermont and New Jersey, as well as the U.S. Trustee, have raised objections to the approval of the Binance.US transaction because of their concerns regarding the security protocols utilized by Binance.US. Despite these objections, Binance.US has a number of security protocols in place to ensure the secure storage of customer assets.
“New Jersey, Texas, Vermont, the United States Trustee, and the Securities and Exchange Commission are all investigating Binance.
the capability of the US to complete the Binance.
Transaction in the US. According to a filing, “such worries are unfounded, and are disguised efforts to overrule the Debtors’ business judgment based on supposition rather than the facts.”
A restricted objection to Binance was submitted by the SEC a few days ago.
US’s planned buyout of Voyager Digital assets, citing a lack of “essential information” for the transaction. Voyager Digital assets are owned by Voyager Digital. The SEC highlighted a paucity of available information in relation to Binance. the ability of the US to pay for the acquisition, what the operations would look like once the sale has been completed, and so on.
Compiled by Coinbold
