Voyager token rises 11% following firm counter of SEC claim that VGX is a security News ▸ US ▸ Binance ▸ Bankruptcy
Voyager token rises 11% following firm counter of SEC claim that VGX is a security
Voyager said the financial regulator’s objection to Binance.US purchase of its assets were causing delays that were costing it as much as $10 million monthly.
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Updated: Mar. 6, 2023 at 8:09 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Voyager’s native token VGX rose 11.51% in the last 24 hours to as high as $0.42299, according to CryptoSlate’s data.
The token’s value had retraced to $0.3955 at the time of writing.
Voyager counters SEC’s securities claim against VGX
The bankrupt lender countered the US Securities and Exchange Commission’s (SEC) claim that VGX was security in a March 5 court filing.
According to the company’s financial adviser Mark Renzi, Voyager’s view is supported “by a legal opinion from a nationally recognized law firm.”
He further described SEC’s view on VGX’s status as surprising to Voyager, considering the lender had provided information about the token to the regulator 18 months ago, adding that other inquiries from the SEC addressed other issues.
Voyager says SEC’s delay is costing it $10M monthly
Meanwhile, Voyager said the financial regulator’s objection to Binance.US’s purchase of its assets was causing delays that were costing it as much as $10 million monthly.
The Gary Gensler-led regulator had filed limited objections to Binance.US’s purchase of the bankrupt lender assets, saying the firm failed to provide adequate information.
Voyager is now proposing some minor tweaks to the original proposal. But Renzi noted that the changes are too slight to require the creditors to vote again on the deal.
Voyager creditors previously voted overwhelmingly in favor of Binance’s acquisition of the lender’s assets.
Meanwhile, the deal is currently hanging by a thread as Binance CEO Changpeng Zhao tweeted on Mar. 3 that his company might pull out of the acquisition. He later said the exchange remained committed to completing the deal and refunding users.
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The Voyager Token (VGX) rewards users within the Voyager crypto broker ecosystem.
Voyager
Voyager Digital is a bankrupt cryptocurrency exchange company in the United States that was founded in 2018.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.