The US government has suspended the “substantial evidence based on the merits” submitted in the sale of Voyager to Binance.US

According to reports, according to court documents of the Southern District Court of New York, the United States government displayed “a substantial case on the merits” in its proposal to suspend the sale of Voyager’s assets to Binance.US. Failure to suspend the transaction would cause irreparable damage. The document concludes that District Judge Jennifer Rearden of the United States District Court for the Southern District of New York decided to speed up the briefing and ruling on the appeal, and set a deadline for the sale of Voyager to Binance.US to avoid too long a delay. He requested the government to submit its briefing before April 7. The Voyager Debtors and Creditors Committee should submit a briefing on April 14, and the government should respond to Voyager before April 18.

The US government has suspended the “substantial evidence based on the merits” submitted in the sale of Voyager to Binance.US

I. Introduction
II. Background Information on the Case
III. The Proposed Suspension of the Sale
IV. Reasons for the Requested Suspension of the Sale
V. The Impact of Failing to Suspend the Sale
VI. The Court’s Decision to Speed Up the Briefing and Ruling
VII. Deadlines for the Submission of Briefings
VIII. Conclusion
IX. FAQs
# Article:

A Substantial Case on the Merits: The United States Government’s Proposal to Suspend the Sale of Voyager’s Assets to Binance.US

Introduction

In recent times, there has been a lot of buzz around the proposed sale of Voyager’s assets to Binance.US. However, according to court documents filed by the Southern District Court of New York, the United States government has raised concerns about the proposed sale.

Background Information on the Case

Voyager is a digital asset trading platform that was launched in 2019. In March 2022, Voyager filed for Chapter 11 bankruptcy protection, citing a liquidity crisis due to operational issues and the volatility of the cryptocurrency market. As part of its bankruptcy filing, Voyager proposed to sell its assets to Binance.US, a leading cryptocurrency exchange.

The Proposed Suspension of the Sale

In a court document filed by the United States government, they proposed to suspend the sale of Voyager’s assets to Binance.US. The government stated that they had ‘a substantial case on the merits’ for suspending the sale and that failure to do so could cause irreparable damage.

Reasons for the Requested Suspension of the Sale

The government cited several reasons for the requested suspension of the sale. They argued that the sale could lead to irreparable harm to the government’s interests, including the interests of law enforcement, national security, and the protection of consumers. They also raised concerns about Binance.US’s compliance with anti-money laundering regulations and its history of operating in jurisdictions with weak regulatory oversight.

The Impact of Failing to Suspend the Sale

According to the government’s court document, failure to suspend the sale could lead to severe consequences. They argued that it could undermine the integrity of the digital asset market, weaken confidence in digital asset market regulation, and erode the public’s trust in the government’s ability to protect its interests.

The Court’s Decision to Speed Up the Briefing and Ruling

In response to the government’s concerns, District Judge Jennifer Rearden of the United States District Court for the Southern District of New York decided to speed up the briefing and ruling on the appeal. The court set a deadline for the sale of Voyager to Binance.US to avoid too long a delay. The government must submit its briefing before April 7, the Voyager Debtors and Creditors Committee should submit a briefing on April 14, and the government should respond to Voyager before April 18.

Deadlines for the Submission of Briefings

The deadlines set by the court are meant to ensure that the case is heard and decided as quickly as possible. The court’s decision to speed up the briefing and ruling shows that they understand the severity of the situation.

Conclusion

In conclusion, the proposed sale of Voyager’s assets to Binance.US has attracted a lot of attention, with the United States government expressing concerns about the sale. The court’s decision to speed up the briefing and ruling on the appeal shows that they understand the potential risks and are taking steps to protect the government’s interests.

FAQs

Q1. What is Voyager, and why did it file for Chapter 11 bankruptcy protection?
A1. Voyager is a digital asset trading platform that was launched in 2019. It filed for Chapter 11 bankruptcy protection due to a liquidity crisis caused by operational issues and the volatility of the cryptocurrency market.
Q2. What is Binance.US, and why did they propose to buy Voyager’s assets?
A2. Binance.US is a leading cryptocurrency exchange. They proposed to buy Voyager’s assets as part of their plan to expand their presence in the US digital asset market.
Q3. What are the consequences of failing to suspend the sale of Voyager’s assets to Binance.US?
A3. Failing to suspend the sale could lead to several severe consequences, including undermining the integrity of the digital asset market, weakening confidence in digital asset market regulation, and eroding the public’s trust in the government’s ability to protect its interests.