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Binance

Binance CEO “CZ” Denies Rumors And Backs Voyager Deal

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Amid the Securities and Exchange Commission’s (SEC) objections to BinanceUS’s attempt to acquire cryptocurrency lender Voyager Digital, rumors have spread throughout the crypto community that Binance has called off the deal. 

Binance’s CEO Changpeng Zhao has stated in a Twitter post that the deal is still on and will also help return funds to users as soon as possible.

Related Reading: Let Tim Cook: Apple Blocks Uniswap’s Crypto Wallet

 

Binance
CZ denies all rumors around the Binance-Voyager deal. Source: CZ Twitter

U.S. Judge Criticized The SEC’s Stance On Binance-Voyager Deal 

According to a March 2 Reuters report, a U.S. bankruptcy judge has criticized the Securities and Exchange Commission for “raising doubts” about the proposed sale of crypto brokerage firm Voyager Digital to Binance.US.

U.S. Bankruptcy Judge Michael Wiles, who is assigned to the Southern District Bankruptcy Court in New York, stated that the SEC had essentially asked to “stop everyone in their tracks” during a court hearing on Thursday. 

The regulator’s conviction that “everything other than Bitcoin” is a security is still standing, negatively impacting the industry. In that sense, the SEC claims that the Binance-Voyager deal should be halted because it would allegedly constitute an illegal transaction under current regulations.

The alleged “sale of securities” has recently impacted companies such as the crypto exchange Kraken, which was forced to shut down its staking services in the SEC’s jurisdiction due to the regulator’s recent regulatory approach to the crypto industry.

Will Binance Be Able To Complete The Voyager Deal?  

U.S. Bankruptcy Judge Michael Wiles appeared skeptical of the Securities and Exchange Commission’s attempt to block a potential purchase of defunct crypto lender Voyager Digital by Binance subsidiary BinanceU.S. in a March 2 hearing in the Southern District of New York. 

The SEC’s objection said the deal failed to detail what safeguards were in place to “ensure that customer assets are not transferred off the Binance.US platform,” the SEC said, according to the Reuters report.  

A spokesperson told Reuters that the company would:

(…) work with the relevant parties to provide any requested information, as Binance.US customer assets always remain on the platform and are held on a 1:1 basis, fully reserved.

In addition, the New York Department of Financial Services (NYDFS) has stated that Voyager Digital “illegally” operated a virtual currency business within New York without a license. 

Voyager filed for bankruptcy in July 2022, caught up in the crypto winter and the development of the crypto crisis. Voyager received initial court approval for its acquisition from Binance.US in February. 

The Binance.US and Voyager deal seems to have all the odds against it. The SEC and NYDFS want to prevent the deal between these two companies. The regulators have hinted at the possible intervention by the U.S. national security review, which could delay or completely block the deal for the two crypto firms.

Related Reading: Coinbase Expands Its Forces, Acquires Digital Asset Manager One River
Binance
The total crypto market cap has dropped from the $1 trillion mark. Source: TOTAL TradingView.com

The total crypto market cap has dropped significantly since Thursday to $986 billion. Between the market drop and the possible bankruptcy filing of crypto-friendly bank Silvergate, the market has stumbled and raised investor fears. 

The global cryptocurrency market cap has fallen -4.27% in the last 24 hours and -45.22% over the last year. Bitcoin’s market cap has dropped by $5 billion and now stands at $431 billion, representing a dominance of 40.15% in the sector.

Meanwhile, the stablecoins market cap is at $136 billion, with a share of 12.69% of the total cryptocurrency market capitalization.

Featured image from Unsplash, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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