DOJ Wants To Stop Binance.US Buying Voyager — Because SEC

Despite gaining approval for its acquisition by Binance.US two days ago, Voyager is now facing an appeal by the Department of Justice (DOJ) in New York seeking to halt the deal. On Tuesday, U.S. Bankruptcy Judge Michael Wiles approved Voyager's restructuring plan, which involves Binance.US taking over Voyager client assets for $20 million, originally valued at $1.3 billion in July last year. However, during the hearing this week, SEC officials opposed the plan, claiming that Binance.US is operating an unregistered securities exchange.

In response to concerns about creditors waiting for access to their invested property amid the uncertainty, Judge Wiles stated that action must be taken. The Department of Justice (DOJ) has filed an appeal, claiming that the SEC has the authority to intervene to ensure compliance with securities laws regarding the management of Voyager's cryptocurrency assets.

According to the appeal filing, the Confirmation Order and Plan do not grant jurisdiction to the court over any police and regulatory actions taken by the SEC. The SEC retains the power and authority to initiate and continue any such actions against any individual or entity, including the Debtors.

Even if the appeal is dismissed, Voyager still has the option to withdraw from the agreement with Binance.US if the bankrupt company encounters compliance or security issues with the exchange. Supporters of the plan argue that it has the potential to repay over 70% of Voyager's debts to creditors.

Assuming the deal is completed, Voyager customers will finally be able to access their assets, which have been frozen since July 2022. The assets of Voyager's estimated 100,000 creditors will be transferred to Binance.US accounts as part of the acquisition terms.

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