Union sealed between Binance.US and Voyager – Binance USthe American branch of the crypto platform Binancehas (finally) received regulatory clearance to buy the Canadian company Voyager Digital Assets. A small victory for the US arm of Changpeng Zhao heckled by the American regulator.
Binance.US and Voyager: a marriage of convenience
There new fell this morning in the lines of The Block. Binance.US may purchase the assets of Voyager. This news comes after 8 months of waiting, 4 days of trial and 20 hours of testimony. It therefore highlights the decision of Judge Michael Wiles who accepted the company’s restructuring plan despite objections from the Securities and Exchange Commission (SEC) and the Southern District Court of New York.
It should be understood that this acquisition was not made without pain. All did not seem won for Binance, proven by the regulatory authorities about its stablecoin, the BUSD among others.
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Is Binance winning a battle with the SEC?
In this context, the judge therefore, despite his agreement, expressed his concern, emphasizing the absence of concrete regulation despite the regulator’s desire to sanction:
“I am in the absolutely unenviable position of having to render a decision on the proposed transaction in the face of hearsay accusations of potential wrongdoing in an industry where other companies have apparently committed real wrongdoing… gave me no evidence…that Binance.US will misuse client assets, or that it cannot be trusted. »
Statement by Michael Wiles
Furthermore, the judge adds that the DRY despite his numerous attacks against Binance, would not have succeeded in proving what it advances, not allowing an official position. The observation is also the same with regard to thelack of evidence provided by the attorney for the Southern District of New York. In this sense, the judge decided to accept the restructuring plan focusing on Voyager’s customers and creditors:
“This bankruptcy case has been pending since July 2022. Clients and creditors have been denied access to their assets for many months and they deserve to have this case resolved. »
It is therefore a battle won for Binance.US despite regular pressure from the SEC at the start of 2023. This regulatory pressure is also visible in many regions of the world, and the Changpeng Zhao platform is is also seen losing conquests. Last February, Binance was even forced to close customer accounts in the face of Australian regulation.
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