- This is due to the risk of claims from Alameda
- In general, the regulator considers the deal problematic
- And hinted at the issue with the Binance staking program
The Texas regulator issued its conclusion about a potential $1 billion deal between Voyager and Binance. They believe that the benefit from the purchase will be halved if the Alameda loan claims are upheld by the court.
It would be better for Voyager’s creditors if the company liquidates assets rather than continue through a deal with Binance US.
“If Alameda proves its claims and demands compensation, then the percentage of refunds to creditors may decrease from 51% to 24%-26%. This amount is half what ordinary clients will receive in the event of a Chapter 7 liquidation.”.
They also warned that the crypto exchange may be suspected of trading in unregistered securities. We are talking about the staking program on Binance.
The authorities stressed that the crypto exchange does not have a license in the Texas market, and this could negatively affect customers.
“Binance US has told its customers that it is working on obtaining a license in Texas. But Binance US has never applied for a license from SSB [Совет по ценным бумагам штата] and a year later she refused to apply for a license in DOB [Департамент банковского дела] after failure to provide sufficient financial information” — stated in the statement of claim of the court.
In the meantime, Voyager has begun selling its holdings through Coinbase. In just 3 days, they managed to raise $100 million in USDC.