The US Securities and Exchange Commission (SEC) has challenged Binance.US paying $one billion to obtain back failed lending platform Voyager.
Both the US Securities and Exchange Commission (SEC) and the New York state government have voiced their objections to Voyager’s agreement to promote itself to Binance.US for $one billion, in accordance to a court filing on Feb. 22.
Specifically, the SEC stated that the Binance.US – Voyager deal demonstrates indications of violating US law in terms of investor compensation. The Securities and Exchange Commission says Voyager’s VGX token is a stock, so partially compensating customers of the lending platform is a stock present and transfer ratio.
The SEC also opposed the deal in January, but citing worries about the money viability of Binance.US. The committee stated that Binance may perhaps be in the approach of having to pay a fine to the US government for previous problems, affecting its means to pay out for the settlement.
Additionally, the New York Department of Financial Services and the New York State Attorney General filed two separate objections that Voyager was working illegally in the state.
This is the newest move by the SEC and the New York government to target the cryptocurrency sector, right after penalizing Kraken for supplying staking companies and ordering stablecoin company Paxos to cease issuing BUSD coins at Binance.
Voyager is a cryptocurrency lending platform that went bankrupt in July 2022 right after struggling the collapse of investment fund Three Arrows Capital. The corporation was initially offered to FTX, but right after FTX also went bankrupt in November, Binance.US stepped in and reached an acquisition deal for $one billion.
The value of the VGX token is exhibiting indications of falling as information of SEC and New York government intervention in the takeover is launched.
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