The U.S. Securities and Exchange Commission (SEC) has raised an objection to Binance US’s proposed purchase of the assets of the bankrupt crypto platform Voyager.
Binance US won the bid for the acquisition with a bid of $1.022 billion on December 19, 2022, and agreed to cover up to $15 million in costs.
The SEC’s complaint emphasized that the disclosure statement for the transaction did not provide adequate information regarding how Binance US could finance the purchase or about its future business practices after the acquisition.
Additionally, the SEC has requested more information on Voyager’s contingency plans in the event that the acquisition does not go through by the established date.
Binance US is required to make an initial deposit of $10 million and complete the purchase by April 18, 2023, with a grace period of one month.
This is the second time that Voyager’s assets have been put up for auction; the first time, FTX won the bid, but the deal fell apart after the exchange declared bankruptcy in November 2023.
