Texas Regulatory Agencies Oppose Binance.US and Voyager Digital’s Proposed Transaction
On February 27, according to a court document on February 24, the Texas Securities Commission and the banking department opposed the proposed transaction betwe…
On February 27, according to a court document on February 24, the Texas Securities Commission and the banking department opposed the proposed transaction between Binance.US and the bankrupt cryptocurrency lender Voyager Digital. According to the document, Binance.US’s terms of service and restructuring plan contain many “insufficient” disclosures, including the failure to fully inform unsecured creditors. According to the plan, they may only get 24% – 26% of the recovery, rather than 51% of the recovery according to Chapter VII.
Texas opposes the proposed transaction between Binance.US and Voyager due to insufficient disclosure of terms and restructuring plan
Interpretation of the news:
Recently, a court document revealed that the Texas Securities Commission and the banking department are against the proposed deal between Binance.US and Voyager Digital, a bankrupt cryptocurrency lender. The regulatory agencies are opposing the transaction based on the terms of service and restructuring plan of Binance.US, which they deemed to have insufficient disclosures. Furthermore, the terms of service do not adequately inform unsecured creditors of the possible returns.
Binance.US and Voyager Digital are in the process of closing a deal valued at $25 million. Binance.US aims to acquire the assets of Voyager Digital, a cryptocurrency lender that has been struggling financially, as it seeks to expand its market share in the US. However, the transaction has hit a snag as the Texas regulatory agencies are raising their concerns.
According to the court document, the terms of service and the restructuring plan proposed by Binance.US fail to disclose necessary information to creditors. Among the issues raised, the court document pointed out that creditors who are unsecured stand to receive only 24% – 26% of the recovery instead of the 51% guaranteed under Chapter VII of the bankruptcy code. This lack of complete information puts the creditors at risk of being shortchanged by the proposed deal.
The opposition of the Texas regulatory agencies is a significant roadblock for Binance.US, as it seeks to expand its presence in the US market. This is not the first time that regulatory issues have put pressure on Binance.US in the US market. Recently, the state of New Jersey issued a cease and desist order against Binance.US for operating in its jurisdiction without proper authorization.
In conclusion, as the regulatory agencies in Texas continue to scrutinize Binance.US’s proposed deal with Voyager Digital, it remains to be seen if Binance.US will resolve the issues raised and proceed with the transaction. It highlights the importance of proper disclosures and transparency in cryptocurrency transactions, especially in the face of increasing regulatory scrutiny.
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