The most recent information regarding the business transaction involving Binance.US and Voyager Digital is that Binance.US has stated that all of the objections to the merger lack factual or legal support, which is the most recent development.
The defunct crypto currency trading firm Voyager Digital has responded to the issues raised against its proposed acquisition deal with Binance.US. The crypto currency brokerage company reached an agreement (1) in December for the US subsidiary of the crypto currency exchange to purchase the brokerage's assets for a total of $1.022 billion.
At the time, Voyager Digital reported that Binance. We had submitted the "highest and best bid" for the assets. It came to light that Binance was planning to deposit 10 million dollars.
However, after the announcement, the Securities and Exchange Commission (SEC) lodged a limited objection to the transaction and questioned the sufficiency of the material Binance.US included in its disclosure statement.
The capability of the exchange to "consummate a transaction of this magnitude" is a particular area of worry for the Commission. While the SEC is raising doubts about the arrangement, the United States branch of the well-known cryptocurrency corporation mentioned that it would be issuing a revised disclosure form before the next hearing on the motions.
The State of Vermont lodged objections, and the States of Texas, New York, Hawaii, the Securities and Exchange Commission, Alameda Research, and the United States trustee.
This occurred on the 19th of December after Voyager declared that it had approved the offer made by Binance.US. Alameda Research asserted that the plans did not respect its lending facility promises, which is ironic given that the SEC contends that insufficient planning went into the plan.
Binance.US Deal Was in Good Faith
The most recent information regarding the business transaction involving Voyager Digital and Binance.US reveals (2) that the latter company has recently asserted that all of the complaints to the deal lacked legal or factual support.
The crypto currency brokerage that went bankrupt said that the exchange Binance.US provides higher recovery for debtors.
Voyager Digital claims that signing the offer with Binance.US was a sensible move from a financial and commercial perspective on their part. In a document that was submitted on the 8th of January, the brokerage company responded to the complaints by stating:
"The Objections ignore the practical realities of these chapter 11 cases and fail to identify any transaction that provides a better outcome for the Debtors' creditors. In doing so, the Objections ignore any possibility of a better outcome." There is not one at all. In addition, time is important in these matters involving chapter 11."
In addition, Voyager Digital stated that the arrangement with Binance.US maintains the "fiduciary out" provision if debtors identify a more favorable transaction. This document reveals the following:
"Additionally, the Binance.US Transaction permits Debtors to pivot to a toggle transaction that allows the Debtors to return cryptocurrency and cash to stakeholders if the Debtors exercise their fiduciary out or the Binance.US Transaction is not consummated by the Outside Date (the "Toggle Transaction")."
Before FTX.US filed for bankruptcy in November, Voyager planned to reach a consensus with that crypto currency exchange. In September, FTX was awarded the action for acquiring Voyager Digital's assets at a roughly $1.4 billion valuation.