SEC intervened in Binance US acquisition of the bankruptcy crypto loan Voyager Digital-Regulation
SEC intervened in Binance US acquisition of the bankruptcy crypto loan Voyager Digital-Regulation
The US Securities and Exchange Commission (SEC) has interfered in the agreement on the purchase of assets between Binance US and the bankruptcy crayer Voyager Digital. The securities supervisory authority explained that it "formally examined whether the debtors and others have violated the fighting and other provisions of the Federal Working Act".
SEC intervened in the purchase business between Binance and Voyager
The US stock exchange supervisory authority SEC lodged a “limited objection” against the asset purchase contract between the bankrupt crypto Voyager Digital and the US arm of the KryptoBörse Binance on Wednesday. Information on the court file:
The SEC formally examines whether the debtors [Voyager Digital] and others violate fraud control and other provisions of the Federal Working Act.
The security supervisory authority explained that Voyager Digital is aimed at a conditional approval of the disclosure declaration to support your plan according to Chapter 11 ... and the approval of an asset purchase contract (APA) with BAM Trading Services Inc. D/B/A Binance.us ".
The SEC said, however, that the declaration of disclosure and the APA do not contain some “necessary information”, such as:
The ability of Binance US to complete a transaction of this size that the debtors appreciate at $ 1.022 billion ... [and] the type of business activity of Binance Us after the takeover.
The declaration of disclosure and the APA also do not contain sufficient details about "as the debtors intend to secure customer assets" during the implementation of the plan and "the realignment of the debtor's cryptocurrency portfolio," added the supervisory authority.
KryptoBörse Binance announced on December 18 that its US company an agreement to acquire the Voyager assets.
The SEC also found that its employees have informed the concerns of the supervisory authority to the debtor's lawyer and were pointed out that a revised declaration of disclosure is submitted.
In terms of the application for the declaration of disclosure and the APA application, the court file comes to the conclusion:
The SEC calls on the court to reject the approval of the applications, provided that the debtors adequately address the problems mentioned above, and to grant such others and further legal remedies that are fair and appropriate.
What do you think that the SEC will digitally intervene in the asset purchase contract between Binance Us and the bankruptcy rotting Crypto loan Voyager? Let us know in the comment area below.
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