{"id":616227,"date":"2023-03-09T23:41:00","date_gmt":"2023-03-10T05:41:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/09\/u-s-doj-appeals-new-york-judges-decision-to-approve-voyagers-sale-to-binance-us\/"},"modified":"2023-03-09T23:41:00","modified_gmt":"2023-03-10T05:41:00","slug":"u-s-doj-appeals-new-york-judges-decision-to-approve-voyagers-sale-to-binance-us","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/09\/u-s-doj-appeals-new-york-judges-decision-to-approve-voyagers-sale-to-binance-us\/","title":{"rendered":"U.S. DOJ Appeals New York Judge\u2019s Decision to Approve Voyager\u2019s Sale to Binance.US"},"content":{"rendered":"
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The U.S. Department of Justice (DOJ) filed an appeal<\/a> late Thursday evening challenging a New York bankruptcy judge\u2019s decision to allow Binance.US\u2019s billion-dollar plan to acquire the assets of bankrupt crypto lender Voyager Digital.<\/p>\n<\/div>\n

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The appeal, which was filed by the U.S. Trustee\u2019s Office \u2013 an arm of the DOJ responsible for overseeing bankruptcies \u2013 comes just one day after Judge Michael Wiles approved the deal <\/a>after a contentious, four-day-long marathon hearing.<\/p>\n<\/div>\n

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Regulators, including the U.S. Securities and Exchange Commission (SEC) and various state regulators have been staunchly opposed to the proposed deal. Last month, the SEC filed an objection to the purchase of Voyager, arguing that Binance.US may be violating federal securities laws by operating an unregistered securities exchange in the U.S.<\/p>\n<\/div>\n

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However, Judge Wiles appeared to be unmoved by the SEC\u2019s concerns, telling the lawyers present at the hearing that the Bankruptcy Code \u201cdoesn\u2019t contemplate an endless period of time.\u201d<\/p>\n<\/div>\n

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\u201cThings have to be done. We have creditors who are waiting and who in the midst of all of this uncertainty have no access to property in which they\u2019ve invested, in some cases, their life savings, so we have to take some kind of action,\u201d Wiles said. \u201cWe have to do something.\u201d<\/p>\n<\/div>\n

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Under the proposed sale to Binance.US, Voyager\u2019s customers would see an estimated 73% recovery. The plan, which was assembled after FTX \u2013 Voyager\u2019s previous top bidder \u2013 filed for its own bankruptcy in November, was supported by 97% of Voyager\u2019s creditors.<\/p>\n<\/div>\n

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If Voyager decides not to go through with the current plan to sell itself to Binance.US \u2013 or if regulators are successful in blocking the sale \u2013 another option is for the bankrupt lender to liquidate itself, which would likely result in much smaller returns for creditors.<\/p>\n<\/div>\n<\/div>\n

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. The U.S. […]<\/p>\n","protected":false},"author":1,"featured_media":616228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2139,534,2362],"tags":[],"class_list":{"0":"post-616227","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-appeals","8":"category-financial","9":"category-judges"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/616227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=616227"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/616227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/616228"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=616227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=616227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=616227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}