Mar 16, 2023

Court Denies Government’s Request to Halt Voyager-Binance.US Acquisition

The U.S. District Court for the Southern District of New York has denied the United States government’s motion to delay the acquisition of bankrupt brokerage company Voyager Digital by Binance.US. Judge Michael Wiles noted that any further protractions of the deal would be to the detriment of Voyager’s former clients, who are awaiting the return of their funds.

On March 15, Judge Wiles rejected the government’s appeal for a stay of the confirmation order, which would have caused a two-week delay in the bankruptcy plan’s realization. The appeal accused the bankruptcy plan of “immunizing fraud, theft or tax avoidance” and sought to remove the provision that prevents U.S. authorities from legally pursuing anyone involved with the sale. The court deemed these accusations as “exaggerating and mischaracterizing,” and ruled to continue with the bankruptcy plan.

The court’s approval of Binance.US’ acquisition of Voyager was granted on March 7. Judge Wiles authorized the trading platform to close the Binance.US sale and issue repayment tokens to impacted Voyager customers. He also rejected the U.S. Securities and Exchange Commission’s arguments that redistributing funds from Voyager to Binance.US would be in violation of U.S. securities laws.

The decision was based on the approval of 97% of 61,300 Voyager account holders, who favored the restructuring plan. According to the latest projections, creditors of Voyager are expected to recover approximately 73% of the value of their funds.

The acquisition of Voyager Digital by Binance.US is an important step for the web3 space. It marks an opportunity for the promotion of NFTs and crypto, as well as a chance for a NFT marketing agency and web3 agency to tap into the burgeoning NFT market. With the right NFT marketing strategy, Binance.US could increase the visibility of their NFTs and succeed in selling them. This presents a great opportunity for the use of Twitter NFT marketing, as well as other creative NFT promotion tactics.

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