In a recent court decision, Binance.US has won the rights to acquire Voyager Digital’s assets. The American subsidiary of Binance was given the green light by the bankruptcy judge of the Southern District of New York, Michael Wiles, after four days of hearing.
The SEC had filed a limited objection to the acquisition, citing the US crypto exchange’s ability to afford such a large deal and claiming that parts of the deal violated federal securities laws.
However, the judge deemed the commission’s objection as “vague” and asserted that the SEC had failed to submit supporting evidence.
The approval allows Binance.US to acquire Voyager’s assets for over $1 billion. Creditors could also make a nearly 73% recovery as a result of the passing of the deal.
Binance.US is the second crypto firm to win the rights to acquire Voyager’s assets after FTX initially won the bid. However, the crypto lender’s bankruptcy led to a second bidding round, with Binance.US emerging as the winner.
The news has given a boost to Voyager’s token VGX, with a surge of over 23% in just the past hour, according to CoinMarketCap.
While Binance.US has defeated the SEC’s claims, the United States Committee on Foreign Investment is investigating the Voyager and Binance.US deal. Its review could impact the completion of the acquisition, as Binance.US has until April 18, 2023, to complete the deal.