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The SEC intervenes in a deal between Binance.US and Voyager

3272240b-9de7-49b7-be02-08df3bc2c80a

Written by

Edna Buckley
Published on

January 5, 2023

Key points: 

  • SEC has temporarily halted Voyager Digital's plans to sell its assets to Binance.US.
  • Voyager has not demonstrated that Binance.US will be capable of conducting a transaction that is larger than $1 billion.
  • Additionally, the SEC stated that Voyager has failed to provide sufficient information about how it intends to protect customer assets from theft or loss. 

The U.S. Securities and Exchange Commission (SEC) has temporarily halted Voyager Digital's plans to sell its assets to Binance.US, according to a court filing dated Jan. 4.

The SEC's primary concern was that Voyager failed to provide certain details. Specifically, Voyager has not demonstrated that Binance.US will be capable of conducting a transaction that is larger than $1 billion.

Additionally, the SEC stated that Voyager has failed to provide sufficient information about how it intends to protect customer assets from theft or loss. The commission also stated that Voyager hasn't demonstrated how it would adjust its crypto portfolio if the sale transaction was unsuccessful by a certain date.

The SEC stated that the concerns raised today have been passed on to the counsel of Voyagers. It was also told that a revised statement will be released.

Voyager's problems

Voyager Digital suspended withdrawals and declared bankruptcy during the first week of July 2022. It began the process of selling its assets in the months that followed. FTX was initially named as the successful bidder in Voyager's auction, however, FTX itself went bankrupt in November, which forced both companies to abandon the agreement.

The auction resumed shortly thereafter. Binance.US, one of the top bidders in the first phase, re-entered the auction and placed the highest bid. On December 19th, it was announced that Binance.US would acquire Voyager Digital's assets for $1.022 billion.

This agreement will allow all funds to be distributed to users completely. Voyager was granted permission to resume cash withdrawals again in August, however, this did not include all user funds and a public auction is necessary to make users whole.


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