U.S. government appeals Voyager-Binance.US deal U.S. government appeals Voyager-Binance.US deal
The appeal comes shortly after Voyager received permission to sell its assets.
1 min read
Updated: Mar. 10, 2023 at 8:35 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. government has appealed a judicial decision that approved the sale of Voyager Digital’s assets to Binance.US, according to a filing on March 9.
Two government agencies filed the appeal: the U.S. Attorney’s Office for the Southern District of New York and the Office of the U.S. Trustee.
Though the current filing does not explain why those agencies appealed the sale, reports from Reuters suggest that regulators are concerned with protecting employees from legal claims that might result from bankruptcy proceedings. They are also concerned about their own ability to enforce regulations due to the judge’s broadly-written approval.
SEC has contested the sale too
The judge overseeing the case approved Voyager’s sale plans on March 7. Prior to that approval, the U.S. Securities and Exchange Commission contested the sale.
Judge Michael Wiles showed hostility towards the SEC due to the time-consuming nature of its regulatory complaints. As such, it is unclear whether the current appeal will further delay the case, or whether the judge will attempt to deal with it quickly.
Regardless of the outcome, Voyager itself must also consider the terms of the deal and decide whether Binance.US is a suitable buyer for its assets.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.