As Binance.US’ takeover of bankrupt Voyager accelerates, not everyone agrees with this $1 billion (R$5.2 billion) deal. According to William Uptegrove, attorney for the SEC, the “offering and selling VGX tokens has the characteristics of a securities transaction.”
In another document, the SEC points out that Binance.US would not be able to implement Voyager’s restructuring plans without breaking some laws. Therefore, the agency would be interested in avoiding such an agreement.
Binance CEO Changpeng Zhao threatened to pull out of the deal. “Maybe we should get out?”commented the director on his social networks, but continued in the following hours.
SEC not happy with Voyager acquisition by Binance
Attorney William Uptegrove noted that the views of officials of the US Securities and Exchange Commission, the SEC, do not reflect the agency’s view, and fired criticism at Binance.US brokerage.
In addition to comments about the Voyager acquisition, Uptegrove also stated so “The staff also believes that Binance.US operates an unregistered US exchange.”
In a comment to CoinDesk, an exchange spokesperson viewed the accuser’s stance as “unhappy”. As on other occasions, including from other brokers, the SEC has been criticized for its lack of clarity.
Coming back to the Voyager acquisition, Binance.US wants to buy the bankrupt company for US$1.02 billion (R$5.2 billion), to compensate customers affected by the giant’s bankruptcy.
With the recent moves, the Voyager Token (VGX) appreciated 18.7% (4) this Saturday. However, the daily high does not even cover the weekly loss of the Voyager-linked cryptocurrency.
Changpeng Zhao threatens to pull out of the deal
Chanpeng Zhao expressed discomfort with the position of the SEC preventing Binance.US’ acquisition of Voyager and threatened to pull out of the purchase.
“Maybe we should get out?”Binance’s founder commented this Friday (3) in a post pointing out that even the judge responsible for the case questioned the SEC’s arguments.
Hours later, Zhao reversed his words, showing that the purchase would only benefit those harmed by Voyager’s bankruptcy.
“We still support the settlement and help get money back to users as quickly as possible if we have permission to do so.”
We still stand behind the deal and help users refund money as soon as possible, if allowed. 🙏
— CZ 🔶 Binance (@cz_binance) March 3, 2023
Finally, the case is a good example of how Binance, including its US company, is in the crosshairs of US authorities. Likewise, the situation shows that not everyone agrees with the SEC’s stance on the industry.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
