SEC Files Objection to Binance’s $1.022 Billion Acquisition of Voyager

• Binance announced the acquisition of Voyager digital assets for $1.022 billion last month.
• The US Securities and Exchange Commission (SEC) has now filed a limited objection to Binance due to lack of information regarding the acquisition.
• The SEC has requested Voyager to provide detailed information on the transaction if it failed to occur on April 18.

The crypto exchange, Binance, recently announced its intention to acquire the bankrupt Voyager digital assets for a price of $1.022 billion. The deal was set to close on or before April 18, 2023, with Binance having agreed to deposit $ 10 million in good faith. However, the US Securities and Exchange Commission (SEC) has recently filed a limited objection to Binance, citing the lack of sufficient information regarding the acquisition.

The SEC had requested Voyager to provide detailed information on the transaction, including Binance’s ability to make the purchase, their plans for the company following the acquisition, and the details of customer asset protection, should the acquisition fail to occur on April 18. The objection was filed on Jan 4 and states that the purchase agreement fails to mention these key points.

The acquisition of Voyager by Binance was an ambitious move, that would have allowed the crypto exchange to gain a foothold in the world of digital assets. The $1.022 billion bid included the fair market value of Voyager’s crypto portfolio along with $20 million of incremental value.

The SEC’s objection to the acquisition has put a damper on Binance’s plans, as the company must now provide detailed information regarding the transaction in order for it to go through. Until then, it is uncertain whether the acquisition will be successful or not.

The SEC has made it clear that Binance must provide information on their ability to make the purchase, their plans for the company post-acquisition, and the details of customer asset protection should the transaction fail. As of now, the crypto exchange has yet to provide sufficient information to the SEC and it remains to be seen whether the acquisition will be successful or not.

SEC Files Objection to Binance’s $1.022 Billion Acquisition of Voyager
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