New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

Big StoryNews

Binance’s Deal to Acquire Bankrupt Voyager Digital Faces US SEC Objection

1 Mins read

An application filed by the US Securities and Exchange Commission (SEC) on Wednesday has filed a limited objection to Binance.US’s plans to acquire bankrupt cryptocurrency lender Voyager Digital for $1 billion. The regulator pointed out the failure to include necessary information in Binance.US’s disclosure statement.

SEC indicated that the purchase agreement does not tell it what the crypto exchange won’t be able to do after the deal closes. It also asked for further information on the nature of the company’s business operations following the transaction.

Attorneys for Voyager and Binance.US did not immediately respond to requests for comment.

Last month, the US Committee on Foreign Investment in the United States (CFIUS) said its review could delay or block the deal.

Binance has been the subject of a money laundering probe by US prosecutors. Binance.US, based in California’s Palo Alto, has said that its separate American exchange is “fully independent” of the main Binance platform.

Withdrawals from Binance spiked at the end of December after FTX, a rival crypto exchange that succumbed to liquidity issues collapsed. At the time, CEO Changpeng Zhao had called this ‘normal market behavior’ while attempting to pacify crypto investors.

Between 2021 and 2022, the overall crypto sector lost over $2 trillion. The Russia-Ukraine war, the recession that followed the COVID-19 pandemic, repeated hack attacks, and the collapse of promising crypto projects like LUNA and FTX slashed investor engagement in the sector.

CryptoCom, Binance, and a number of other companies have cut their payrolls in response to market stress, while BlockFi, Celsius, and Voyager Digital have filed for bankruptcy.

162 posts

About author
There's this unexplainable joy I get whenever I write, knowing fully well that my copy will transform people's life and destiny. This rare feeling elates me and encourages me to write more value-packed pieces. I think a divine being has possessed me to write, that is why I write, Therefore, I will advise every of my piece should be regarded as a divine message.
Articles
Related posts
Big StoryNews

WhatsApp is working to allow users to Pin Messages in a chat list

2 Mins read
WhatsApp is reported to be currently working on a “Pin Message” feature, the ability to pin down a message. FYI what we…
Big StoryNews

Twitter Begins Testing Government ID-Based Verification for Blue Subscribers

2 Mins read
Twitter is reportedly testing a feature that allows subscribers to submit government-issued ID to have their profiles verified on the platform. Code-level…
Big StoryMobileNews

WhatsApp Begins Listing Common Groups in Contact Search Results for Some Beta Testers

2 Mins read
WhatsApp, the popular messaging app owned by Meta, has started testing a new feature on the latest beta version of the app…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply

×
News

Apple Watch Saves 16-Year-Old Skier’s Life by Detecting Low Blood Oxygen Saturation