SEC Objects to Binance.US’ $1B Bid for Voyager Digital Assets
• The Securities and Exchange Commission (SEC) has objected to Binance.US’s move to acquire over $1 billion of assets belonging to the defunct cryptocurrency lending firm Voyager Digital.
• The SEC is formally investigating whether Binance.US and related debtors violated anti-fraud, registration and other provisions of the federal securities laws.
• The SEC is mainly focused on part of Binance.US’ initial plan and disclosure statement for its Voyager bid, which includes retaining the right to sell cryptocurrencies belonging to Voyager to distribute to account holders.
SEC Files Objection To Binance US Bid For Voyager Assets
The United States Securities and Exchange Commission (SEC) has objected to Binance.US’ move to acquire over $1 billion of assets belonging to the defunct cryptocurrency lending firm Voyager Digital. According to a Feb. 22 filing submitted to the U.S. Bankruptcy Court for the Southern District of New York, the SEC believes that some aspects of the asset restructuring plan of Binance.US’ acquisition could breach securities law.
Investigation Into Violation Of Federal Securities Laws
The SEC is formally investigating whether Binance.US and related debtors violated anti-fraud, registration and other provisions of the federal securities laws. The SEC noted particular concern around the security of assets through the planned acquisition process by Binance US with regards to customer wallet keys or control over anyone with access these wallets as well as safeguarding customer assets from being transferred off their platform without notification or permission from customers themselves..
Main Point Of Concern For Regulator
The SEC is mainly focused on part of Binance US’s initial plan and disclosure statement for its Voyager bid – which includes retaining the right to sell cryptocurrencies belonging to Voyager in order distribute them among account holders – which is a main point of concern for them due its potential violation against federal securities laws .
Call For Information On Access To Customer Assets
The SEC has called for information regarding who will have access customer assets after this deal is finalized in addition internal controls and practices ensuring safety concerning customer assets need be declared in order comply with federal securities laws..
Conclusion: Further Investigation Needed
In conclusion, further investigation needs be conducted by both parties in order determine if any provision within this purchase agreement violates any federal security law or not before approval granted so all parties can feel secure with their investments into this venture..
