SEC Objects to Binance.US' $1B Voyager Acquisition Deal, Says Lender Might Have Sold Unregistered Securities
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The United States Securities and Exchange Commission (SEC) has filed an objection to Binance.US’ intention to acquire over $1 billion of assets belonging to bankrupt crypto lender Voyager. According to the filing submitted to the U.S. Bankruptcy Court for the Southern District of New York, the SEC is formally investigating whether Binance.US, Voyager, and other related entities violated the antifraud, registration, and other provisions of the federal securities laws. In particular, the SEC expressed concerns related to Voyager’s inability to explain how it’s going to be able to sell crypto assets to distribute to its investors in compliance with the federal securities laws. The agency used Voyager’s token VGX as an example, saying that selling it as part of the restructuring plan could constitute an unregistered offer or sale of securities. “Creditors and stakeholders are entitled to know whether this transaction provides them a meaningful economic benefit, or whether this is just a $20 million sale of Voyager’s customer list to Binance.US.”
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