- This case lasted 8 months.
- Themis found no evidence that Binance.US violates the law
Federal Judge Michael Wiles completed hearings on the bankruptcy case of Voyager crypto lender. He allowed them to change the restructuring plan, which implies a deal on Binance.US for $1 billion.
The plan has been challenged by the US Securities and Exchange Commission (SEC), other regulators and some individual creditors. But it is important that 97% of Voyager customers approved of the Binance deal.
The court acknowledged the parties’ concerns. But noted that they have no real reasons for the refusal of Binance.US.
Here is a quote from Judge Wiles:
“My position is unenviable, as I need to make a decision about a deal, regardless of rumors of possible wrongdoing in the industry. There are other firms in this industry that have committed real crimes.
I have not been given any real evidence that Binance.US plans to misuse client funds or that they should not be trusted.”
It should be noted that the trial lasted from July last year and was not easy. During its consideration, the judge had to hear more than 20 hours of testimony from witnesses and creditors. Wiles thanked everyone involved for the “great amount of energy and work” they put into the investigation process.
Is this a guarantee that the deal will go through?
Voyager’s restructuring plan could still derail the U.S. interagency committee on foreign investment. So it is too early for the parties to celebrate the final victory.