regulators’ opposition
-
Texas opposes the proposed transaction between Binance.US and Voyager due to insufficient disclosure of terms and restructuring plan
On February 27, according to a court document on February 24, the Texas Securities Commission and the banking department opposed the proposed transaction between Binance.US and the bankrupt cryptocurrency lender Voyager Digital. According to the document, Binance.US’s terms of service and restructuring plan contain many “insufficient” disclosures, including the failure to fully inform unsecured creditors. According to the plan, they may only get 24% – 26% of the recovery, rather than 51% of the recovery according to Chapter VII. Interpretation of this information: The Texas Securities Commission and banking department…
