The District Court for the Southern District of New York has rejected the U.S. government’s arguments to terminate the acquisition of bankrupt brokerage Voyager by Binance. US. According to Judge Michael Wiles, any delay in the deal would harm the interests of former Voyager customers who are waiting for their funds to be returned.
The decision to reject the government’s application was made on 15 March. In it, Judge Michael Wiles confirms his preliminary approval of Voyager Digital’s Chapter 11 bankruptcy plan, which proposes to sell Binance. US assets worth billions of dollars in an attempt to restore liquidity to pay. return clients.
Thus, the court rejected the government’s motion to suspend the Approval Order, i.e. an additional delay (in this case by two weeks) of the implementation of the bankruptcy plan. An appeal filed on March 14 charged the bankruptcy plan with “protection against fraud, theft, or tax evasion.” He also demanded the removal of a provision preventing US authorities from legally prosecuting anyone involved in the sale.
Judge Wiles considered these accusations to be an exaggeration and a misdiagnosis” and ordered the bankruptcy plan to go ahead. However, he confirmed the length of the current stay, which ends on March 20.
The court approved the acquisition of Binance. US-Voyager March 7th. Judge Wiles allowed the trading platform to close the Binance sale. US and issue redemption tokens to affected Voyager customers. He rejected a number of arguments from the Securities and Exchange Commission that the transfer of funds from Voyager to Binance. US will violate US securities laws.
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The decision came after it was found that 97% of Voyager’s 61,300 account holders supported the restructuring plan. According to the latest estimates, Voyager’s creditors are expected to return approximately 73% of the value of their funds as a result of this plan.