Benzinga -
- A U.S. bankruptcy judge has reportedly criticized the United States Securities & Exchange Commission over its ambiguous reasoning for objecting to Voyager Digital's $1 billion proposed sale to Binance.US, announced in December.
- U.S. bankruptcy judge Michael Wiles said the regulator had essentially asked to "stop everybody in their tracks" without explaining how to address its concerns.
- At a court hearing in New York, Wiles made the remarks to consider Voyager Digital's restructuring plan to sell its assets and transfer its customers to crypto exchange Binance.US, Reuters reported.
- The deal hit the SEC roadblock when the commission said that the company's purchase agreement didn't contain details on its ability to close the deal. The regulator sought more information on the company's business operations.
- The SEC is investigating whether Voyager's crypto lending business involved the sale of unregistered securities.
- In January, Michael Wiles gave Voyager the green light to enter an asset purchase agreement with Binance.US.
- Even if Wiles confirms the plan, the sale cannot close until it gets final approval from the SEC and the Committee on Foreign Investment in the United States (CFIUS), which has also raised doubts about the deal.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.