US SEC opposes Binance.US’s acquisition of Voyager with US $1 billion

It is reported that New York and the federal financial regulators opposed Binance. US’s purchase of Voyager for US $1.02 billion and said it was discriminatory and illegal. SEC said that, given that the plan envisaged how to repay the former customers of Voyager, the contents of the proposed transaction between Binance.US and Voyager may also violate the law.

Interpretation of this information:

The recent news that New York state and federal financial regulators have opposed Binance’s purchase of Voyager for $1.02 billion has raised concerns and sparked debates in the cryptocurrency world. The regulators have called Binance’s move “discriminatory and illegal” and warned that the proposed transaction between Binance.US and Voyager may violate the law.

It is believed that the regulators are concerned about the way in which Voyager, which is a company that provides digital asset brokerage services, has been structured. They are reportedly worried that Voyager may not be fully compliant with the SEC’s regulations on broker-dealer registration.

Furthermore, the regulators have also expressed concerns about the way in which the proposed transaction is structured. They fear that it may not adequately protect the rights of former customers of Voyager. The SEC has, in particular, raised concerns about how Binance proposes to repay former customers, and whether this would comply with its regulations.

In response to these concerns, Binance has released a statement clarifying its position. The company has stressed that it is committed to complying with all relevant laws and regulations and that it will work closely with regulators to address any concerns they may have. It has also pledged to take any necessary steps to protect the interests of former customers of Voyager.

Despite the assurances from Binance, the regulators remain unconvinced. They have vowed to continue to scrutinize the proposed transaction and ensure that it complies with all applicable laws and regulations. The outcome of this will likely have significant implications for the cryptocurrency world, as it may set a precedent for how regulators approach potential acquisitions and mergers in the future.