U.S. Department of Justice Appeals Court Decision Approving $1,300,000,000 Voyager AcquisitionMarch 12, 2023 9926 by admin
The U.S. Justice Department (DoJ) will appeal against a recent legal decision allowing Binance.US to reclaim troubled login password lender Voyager Digital.
In a new court document, the US Justice Department appealed against New York City Judge Michael Wiles' decision to allow travelers to sell $1.3 billion worth of assets to Binance.US. Binance.US is an American branch with the largest trading volume on a password trading platform in the world.->
The deal also includes a payment of $20 million to users of Voyager, which collapsed last year after troubled login password company Three Arrow Capital (3AC) failed to repay loans worth hundreds of millions of dollars.
Earlier this week, Judge Wiles rejected the SEC argument that transactions between the two companies should be terminated because he is likely to violate securities laws.
According to SEC, allocating the company's assets to account holders is likely to violate the Securities Act of 1933.
Here, the transaction of login password property necessary for rebalancing and the distribution of such property to account holders is likely to violate Article 5 of the Securities Act of 1933 on undocumented offer commitments, sale or sale of shares and delivery is strictly prohibited.
However, Judge Booz said she did not think this was the formal basis for the delay in the deal.
"while regulators figure out if they think there's something wrong with the deal and the plan, I don't want to put the whole case [permanently] frozen clean."
If the transaction is torn apart or blocked by the success of regulators, travelers are still likely to choose to settle on their own to repay customers. However, according to previous reports, Brian Tichenor, Voyager's chief investment banker, said the Binanc.US deal would bring clients about $100m in additional income.