The SEC says "hold up"

Jan 6, 202318:51

Customers of the now-bankrupt Voyager might have got their hopes up for nothing with the possibility of a Binance asset buyout, as the deal now looks like it could be jeopardy.

• A judge has been asked to block Binance’s purchase of Voyager’s assets by numerous US regulators, including the SEC. The regulators want the world’s largest crypto exchange to provide more information about its own finances before the deal proceeds.
• Voyager filed for bankruptcy in July 2022 and still owes over $1.3bn to over 100k creditors. Its collapse was in part due to its exposure to Three Arrows Capital, which also filed for bankruptcy after the downfall of Terra.
• There’s a few reasons why regulators might be uneasy with the deal. Binance has been under investigation for money laundering since 2018, and last month the company’s auditor, Mazars, pulled out of the contract – saying that they would be unable to provide assurance.