Binance US To Buy Voyager Digital Assets for $1 Billion Dollars

The largest cryptocurrency exchange platform, Binance, is reportedly getting closer to acquiring the assets of Voyager Digital, a cryptocurrency broker. This is said to have happened after a bankruptcy judge approved the process today, despite the Securities and Exchange Commission’s objections. According to reports, the now-bankrupt crypto broker had to sell its distressed assets to Binance US, who will now handle returning the money to the company’s customers. Binance US is a digital asset exchange platform created for users in the United States.

This article discusses the acquisition of Voyager Digital Assets by Binance US for $1 billion. The acquisition will help Binance US to expand its digital asset offerings and provide Voyager customers with access to Binance’s global liquidity pool.

The SEC filed an objection to the transaction on early January this year

The Securities and Exchange Commission of the United States allegedly filed an objection to the said transaction in early January of this year. According to reports, the said regulatory agency has requested additional information about the financial viability of Binance US’s business, a request that only they have made. Furthermore, according to reports, the Federal Trade Commission, as well as Texas regulators the Texas State Securities Board and the Texas Department of Banking, have also filed their own objections. Consequently, it remains to be seen whether or not the Binance US transaction will be approved.

The SEC alleges that Voyager’s VGX token may be an unregistered security

The SEC has filed a lawsuit against Voyager Digital, alleging that the company’s VGX token may be an unregistered security.

Voyager is a digital asset broker that allows users to buy, sell, and trade a variety of assets, including cryptocurrencies. The company’s VGX token is used to power its ecosystem and is required to participate in certain tasks, such as voting on platform governance.

The SEC’s complaint alleges that Voyager’s sale of VGX tokens violated federal securities laws, as the tokens may be classified as securities. If true, this would mean that Voyager was offering and selling unregistered securities.

Since then, the company has been working on ways to return assets to investors who have used its services 

Binance US, one of the world’s largest cryptocurrency exchanges, has agreed to buy Voyager Digital Assets for $1 billion. The move will see Binance US become the exclusive provider of Voyager’s crypto trading services in the US.

Voyager is a digital asset broker that allows users to buy, sell, and trade a variety of assets, including cryptocurrencies, on a single platform. The firm has since been working out how to return assets to investors who had its services.

Binance US CEO Brian Shroder said in a statement that the acquisition would help the company expand its “footprint in the U.S. crypto market.”

“The acquisition of Voyager expands our capabilities and provides us with an opportunity to offer a greater selection of products and services to our clients,” she said.

The move comes as Binance US looks to bolster its presence in the US, where it launched in September 2019. The exchange has since been working to expand its offerings in the country.

The Voyager acquisition is the latest in a string of high-profile acquisitions by Binance. In 2018, the company acquired crypto wallet provider Trust Wallet. And in 2019, it bought crypto data startup CoinMarketCap for $400 million.

Reference: https://coinwire.com/binance-us-to-acquire-voyager-digitals-assets/