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Home»News»SEC slams brakes on Binance.US-Voyager merger!
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SEC slams brakes on Binance.US-Voyager merger!

Saheel KhirodkarBy Saheel KhirodkarJanuary 9, 2023Updated:January 9, 2023No Comments2 Mins Read
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Who Is Guangying Chen, and Is Binance a “Chinese Company”? | Binance Blog

The United States Securities and Exchange Commission (SEC) has raised concerns about Binance’s proposed $1 billion acquisition of Voyager Digital, a crypto lender. The SEC has filed a “limited objection” to the deal, stating that there is a lack of information regarding:

  • Binance’s ability to fund the acquisition
  • How Binance’s operations will look following the deal
  • How customer assets will be secured during and after the transaction

Additionally, the regulator has requested more detail on what would happen if the transaction is not completed by April 18. The SEC has communicated its concerns to Voyager, and the lender plans to file a revised disclosure statement prior to a hearing on the matter.

Some experts believe that the SEC’s objections suggest that Binance may not be able to afford the acquisition without “untoward dealing,” such as receiving funds from Binance’s global entity.

SEC basically objecting on the grounds that Binance US couldn’t have this size of assets without some untoward dealing (likely with parentco)

Which would mean a commingling of the US entity. So if Binance fights it they risk US exposure… https://t.co/9wW6eRTol7

— Adam Cochran (adamscochran.eth) (@adamscochran) January 4, 2023

Binance’s US arm, Binance.US, has faced criticism over its plans to acquire Voyager Digital for $1.022 billion. Some reports have suggested that Binance.US was created as a “de facto subsidiary” to “insulate Binance from US regulators.”

Binance CEO Changpeng Zhao has denied these allegations, saying that Binance is committed to complying with regulators and that the reports were biased.

Voyager accepted Binance.US’s bid, which it said was the “highest and best” and would maximize value for customers and creditors on an “expedited timeframe.”

Previously, Voyager had agreed to a $1.4 billion offer from FTX.US that would have allowed customers to recover 72% of their frozen crypto assets, but this deal fell through.

acquisition assets bias Binance Binance.US creditors crypto exchange crypto lender customer assets disclosure statement expedited timeframe frozen crypto assets FTX.US funding global entity hearing limited objection operations regulator transaction United States Securities and Exchange Commission (SEC) untoward dealing value Voyager Digital
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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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