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Court Allows Binance.US Acquisition Bid for Voyager Assets to Proceed

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Court Allows Binance.US Acquisition Bid for Voyager Assets to Proceed

The court ruling delivered on Tuesday, January 10, a hearing concerning Binance.US’ proposal to acquire Voyager’s assets made the acquisition closer to reality. Sitting in the New York Southern District Court, Judge Michael Wiles delivered a favorable ruling granting Binance.US the go-ahead in its $1.022 billion bid to acquire a bankrupt crypto lender’s assets.

Limited Objections Ruled as Non-Issues

Judge Wiles approved statements disclosed by Binance.US and Voyager during the Tuesday afternoon session. Nevertheless, he observed that attorneys drawn from the two parties should revise the order documents before presenting them for approval. 

Judge Wiles dismissed limited objections raised by SEC and Alameda Research, thereby granting the green light to the proposed deal. Nevertheless, the ruling directed the parties to honor the strict timeline since the subsequent confirmation hearing of the acquisition deal is scheduled for March. Also, most bankrupt crypto lenders’ creditors must approve the proposed deal. 

Binance.US Deal Prioritizes Creditors’ Interests

Binance.US proposed to take over Voyager’s assets from the reopened bidding process after the November FTX collapse, making the $1.4 billion offer from Sam Bankman-Fried’s empire unviable. Voyager’s representatives lauded the revised Binance.US offer as ideal amid the ongoing crypto winter. 

Voyager’s attorney Joshua Susborg of Kirkland & Ellis dismissed objections lodged by state-level regulators, FTX, Alameda Research, and SEC as hypocritical since users would earn their refunds in cash and crypto. Attorney Sussborg’s submission to the court emphasized that proceeding with the Binance.US deal prioritizes the creditors’ interests. 

Sussborg dismissed calls for Voyager to pursue the self-liquidation alternative. He dismissed the option as likely to delay the receipt of the trapped digital wealth to customers’ hands. The documents filed before the court indicated that swapping the Binance.US deal for self-liquidation would yield the least refunds to the customers. 

Binance.US Can Afford Voyager’s Assets

Besides facing off with state regulators, Voyager and Binance.US attorneys are facing opposition from SEC, U.S. Trustee’s office, and the Committee on Foreign Investments in the U.S. (CFIUS). However, Judge Wiles termed the concerns raised were non-issues for the Tuesday hearing. 

In her submission before the court, Christine Okike from Kirkland & Ellis supported the ruling and dismissed objections by New Jersey and SEC as misplaced. 

Attorney Okike admitted overseeing the due diligence on Binance.US financials to confirm it could afford to settle the deal. She dismissed speculations of Binance.US receiving cash injections from its global firm to settle the acquisition. 

Okike noted that Binance.US has adequate cash to settle $35 million, being the maximum that may become due. 

Editorial credit: salarko / Shutterstock.com


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BitPay Announces Partnership With MoonPay – Bitcoin Magazine

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Bitcoin And Artificial Intelligence Frees Your Time - Bitcoin Magazine


BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”

“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”


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Why Real Regulatory Change In Crypto Has Not Happened

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Why Real Regulatory Change In Crypto Has Not Happened



Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.


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South Korea to deploy cryptocurrency tracking system in 2023

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South Korea to deploy cryptocurrency tracking system in 2023


The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.

The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.

While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:

“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.

Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report

The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.

The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.

“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.


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