- The ministry filed an appeal just a day after the process
- Ministry of Justice demands to cancel Voyager deal with Binance
- Like other regulators, they consider the proposed restructuring plan unprofitable for creditors.
- Earlier, the judge in this case said that he would like to speed up payments to the victims as much as possible.
This week, on March 8, the court gave final approval for the sale of Voyager Digital assets to Binance.US. The decision drew criticism from officials, including from the SEC (Securities and Exchange Commission).
Earlier, the regulator joined the official note of protest against the agreement. Both the SEC and the FTC (Federal Trade Commission) have said that Voyager’s management is trying to elude responsibility.
But Judge Michael Wiles sided with the company. The deal with Binance will significantly speed up the restructuring of the organization, therefore, creditors will receive compensation faster.
Just a day later, on March 9, the Ministry of Justice filed appeal to this decision. The department also expressed concerns that Voyager is trying to “hush up” the case. At the same time, the federal authorities called the proposed restructuring plan unprofitable for creditors.
And indeed it is. Voyager was initially considering a deal with FTX. In this case, platform clients would receive compensation of 97% of the invested funds. With an agreement with Binance, the payout is reduced to 73%.
The parties to the deal have yet to comment on the appeal. A trial date has not yet been set for the case.
