The sale of assets of Voyager Digital to Binance has been put on hold by the U.S. Securities and Exchange Commission (SEC). US. The SEC claimed that Voyager had failed to provide evidence that Binance would be able to execute a transaction for more over $1 billion. Furthermore, according to the SEC, Voyager has not provided enough information regarding how it intends to protect customer assets from theft or loss.
The first week of July 2022 saw Voyager Digital suspend withdrawals and file for bankruptcy. In the months that followed, it started the process of selling its assets at auction. Although FTX was initially identified as the winning bidder in Voyager’s auction, FTX itself experienced financial difficulties in November, prompting both businesses to terminate the agreement.
The sale was immediately restarted by Voyager. One of the top bidders in the initial round, Binance.US, returned to the auction and made the highest offer. On December 19, it was revealed that Binance.US would pay $1.022 billion to acquire the assets of Voyager Digital.
Funds can be distributed to consumers in whole thanks to the aforementioned agreement. Voyager was given the go-ahead to resume some cash withdrawals in August, but it appears that this did not cover all user assets.
Stay with us for more daily crypto news. Comment your thoughts of these news on our social channels below