A federal judge temporarily suspended the sale of Voyager Digital to Binance.US for $1 billion.

The US Department of Justice requested an emergency stay, which was granted by Judge Jennifer Rearden of the US District Court in New York on March 27.

The settlement will have to wait until at least a decision is made on the Justice Department’s appeal against the bankruptcy plan. The acquisition was previously approved by Judge Wiles, but US regulators have tried to stop it.

Voyager’s Official Committee of Unsecured Creditors continues to oppose the Government’s efforts and awaits the next written opinion from the district court. The restructuring plan has been supported by more than 97 % of Voyager account holders and is expected to pay 73 % of what is owed to customers.

K. Tovar

Source: Cointelegraph

(Reference image source: file)

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La entrada Judge temporarily suspends sale of Voyager Digital to Binance.US apareció primero en Bitfinance.

After a lengthy legal dispute, Binance.US won the right to acquire Voyager Digital’s assets, despite opposition from the United States Securities and Exchange Commission (SEC).

According to reports from Bloomberg and the media ambcrypto.com, the bankruptcy court judge for the southern district of New York, Michael Wiles, rejected the allegations presented by the SEC, which had argued that there was not enough information about the funds with which Binance.US was to make the acquisition, suggesting the company may have violated securities law.

The acquisition makes Binance.US the owner of Voyager’s assets, valued at more than $1 billion, and ensures that creditors can recover at least 73 % of its assets. Notably, the SEC and Alameda Research, an FTX ally, had also objected to the settlement, but Voyager criticized these claims as based on unverified speculation.

As for Voyager, the company experienced operational difficulties last year and had to file for bankruptcy on July 5, after freezing user withdrawals due to liquidity problems.

K. Tovar

Source: Diariobitcoin

(Reference image source: file)

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La entrada Binance.US will finally be able to acquire Voyager Digital apareció primero en Bitfinance.

Cryptocurrency trading and lending platform Voyager Digital voluntarily filed for Chapter 11 protection of the United States Bankruptcy Law in order to undertake the restructuring of the company and maximize value for all stakeholders.

The firm filed the voluntary petition for reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York and intends to seek recognition of the case in the Ontario Superior Court of Justice, pursuant to the Companies Creditors Agreements Law.

In the documentation presented, Voyager Digital claims to have about 1,300 million dollars in crypto assets on the platform, plus 350 million dollars in cash in the Metropolitan Commercial Bank customer account, while accumulating claims for non-payment of more than 650 million dollars against the Three Arrows background.

This cryptocurrency-focused investment hedge fund failed to meet margin calls by several of its lenders in mid-June. Three Arrows had invested in the Terra and Luna cryptos, which went completely bankrupt and triggered a crisis of the cryptocurrency sector.

Last week Voyager suspended withdrawals as well as deposits and all transactions on its platform due to current market conditions.

K. Tovar

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Source: Bolsamania

La entrada Voyager Digital enters into Bankruptcy Law apareció primero en Bitfinance.