U.S. Bankruptcy Judge Allows Binance.US to Acquire Voyager for $1.3 Billion

According to Reuters, U.S. Bankruptcy Judge Michael Wiles approved Voyager’s restructuring plan during a hearing in New York to sell its assets and transfer its customers to Binance.US. Wiles overruled an earlier U.S. Securities and Exchange Commission (SEC) “vague” objection to Binance’s acquisition after SEC investigators believed Binance.US was operating an unregistered stock exchange. But Wiles was unconvinced, saying the agency had failed to produce any evidence and should not have waited until the last minute to ask specific questions. Binance has agreed to pay Voyager $20 million in cash and accept deposits of crypto assets from Voyager customers. According to Voyager, clients’ crypto holdings were worth $1.3 billion in February, accounting for the majority of transaction valuations. But Voyager could still walk away from the deal. Its financial advisers told the court on Friday that the company needs up to four weeks to review emerging questions about Binance.US’ commitment to the acquisition, Binance.US’ regulatory compliance and the safety of Binance.US customer deposits. The deal also faces additional scrutiny from the Committee on Foreign Investment in the United States (CFIUS), which is investigating national security risks associated with foreign investment in Voyager.