The US Securities and Exchange Commission (SEC) has suspended plans to sell Voyager Digital’s assets to Binance.US. January 4th.
In its limited objections, the SEC alleged Voyager failed to provide certain information. Specifically, Voyager says Binance.US has not shown that he can execute transactions above $1 billion.
Additionally, the SEC said Voyager did not provide sufficient details about how it protects customer assets from theft or loss. The regulator also said it did not indicate how Voyager would rebalance its cryptocurrency portfolio if the sale transaction was not successfully completed by a specific date.
The SEC said the matter filed today was sent to Voyagers’ attorneys. He also said a revised statement would reportedly be provided.
Voyager Digital has stopped withdrawals and declared bankruptcy in the first week of July 2022. In the months that followed, we began the process of putting the property up for auction. FTX was originally named as the winning bidder in the Voyager auction, but FTX itself went bankrupt in November, forcing the two companies to abandon the deal.
Voyager immediately resumed the auction. His Binance.US, one of the top bidders from the first stage, entered the auction again and made the highest bid. On December 19th, it was announced that Binance.US would purchase Voyager Digital’s assets for her $1.022 billion.
The above transactions will fully distribute the funds to the users. Voyager got permission for certain restarts, but cash withdrawal In August, this does not appear to include all user assets, requiring an auction to complete users.