Binance.US and Voyager accused of discriminatory and illegal activity by New York and federal regulators
It is reported that New York and the federal financial regulators opposed Binance. US\’s purchase of Voyager for US $1.02 billion and said it was discriminatory…
It is reported that New York and the federal financial regulators opposed Binance. US’s purchase of Voyager for US $1.02 billion and said it was discriminatory and illegal. SEC said that, given that the plan envisaged how to repay the former customers of Voyager, the contents of the proposed transaction between Binance.US and Voyager may also violate the law.
US SEC opposes Binance.US’s acquisition of Voyager with US $1 billion
Interpretation of the news:
The purchase of Voyager by Binance for $1.02 billion has come under scrutiny by financial regulators in New York and the Securities and Exchange Commission (SEC). Reports state that the regulators have opposed the deal, claiming that it is discriminatory and illegal.
Binance, one of the world’s largest cryptocurrency exchanges, had planned to acquire Voyager, a U.S.-based digital asset trading platform, to expand its operations in the country. However, the deal faced a major setback when New York’s Department of Financial Services (DFS) and the SEC expressed their objections.
The concerns of the regulators stem from the fact that the transaction may violate laws around the protection of customers’ funds. The SEC has reportedly stated that the proposed deal could breach regulations as it outlines how to repay Voyager’s previous clients in the future. This raises the possibility that the transfer of assets between Binance.US and Voyager may not be legitimate.
In addition, the DFS stated that Binance’s operations in New York were “off-limits,” and as a result, it could not acquire Voyager under state law. The regulator argued that Binance had not obtained the required authorizations to conduct business activities in the state, and that the acquisition of Voyager would not be allowed.
Binance has responded saying that it disagrees with the regulators’ assertions and that their position could put the company’s relationship with customers and the industry at risk. The company intends to explore all legal options to address the issues raised by the regulators.
This situation underscores the challenges that the cryptocurrency industry continues to face with regards to regulation and compliance. While Binance has become a dominant player in the sector, its expansion plans in the U.S. may be delayed or even derailed if it cannot address regulatory concerns.
In conclusion, the objections raised by the federal and state financial regulators against Binance’s acquisition of Voyager indicate that the cryptocurrency industry’s path to legitimacy and acceptance is still fraught with obstacles. It is essential for companies in the sector to ensure that they are in compliance with all regulatory measures to avoid unnecessary setbacks.
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