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The Voyager and Binance.US Acquisition Saga: A Recap of Recent Developments

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On March 24th, the Voyager Unsecured Creditors Committee (Voyager UCC) disclosed on social media that the US government had previously moved to seek a permanent \”suspension\” of the

The Voyager and Binance.US Acquisition Saga: A Recap of Recent Developments

On March 24th, the Voyager Unsecured Creditors Committee (Voyager UCC) disclosed on social media that the US government had previously moved to seek a permanent “suspension” of the Chapter 11 plan of Voyager, and said that regardless of whether Voyager promoted the acquisition of Binance.US, it would continue to appeal and seek a “suspension” of the transaction.

Voyager UCC: The local court has postponed the administrative execution of approving the “Binance. US acquisition transaction” until March 28

The Voyager Unsecured Creditors Committee’s recent disclosure about the US government’s move to seek a permanent “suspension” of the Chapter 11 plan of Voyager has sparked renewed interest in the ongoing acquisition saga involving Binance.US. This article summarizes the latest developments in this complicated affair and explores what they mean for the parties involved and the wider cryptocurrency ecosystem.

1. Background Information

Before delving into recent developments, it’s essential to provide some context around the Voyager and Binance.US acquisition situation. Voyager is a publicly listed crypto brokerage in the US with a market capitalization of approximately $2 billion. Binance.US is the US-based division of the global cryptocurrency exchange, Binance, which has made significant inroads into the US market in recent years.
In December 2020, Voyager announced its intention to acquire Binance.US through a reverse merger in which Binance.US would become a publicly-traded company. The deal was expected to close in Q1 2021, and it was seen as a significant move for both companies.

2. The SEC Investigation and its Aftermath

In February 2021, the US Securities and Exchange Commission (SEC) launched an investigation into the proposed Voyager and Binance.US acquisition. The SEC’s focus was on potential violations of securities laws, and it issued subpoenas to both companies to provide more information about the deal.
On March 23, 2021, Voyager announced that it had received a delisting notice from NASDAQ, and its stock would be delisted on March 31, 2021. This move was a significant blow to the company, as it was the latest in a series of setbacks that had seen its share price plummet over recent months.
The next day, the Voyager Unsecured Creditors Committee disclosed on social media that the US government had previously moved to seek a permanent “suspension” of the Chapter 11 plan of Voyager. The statement also suggested that Voyager would continue to appeal and seek a “suspension” of the transaction regardless of whether it promoted the acquisition of Binance.US.

3. What’s Next for Voyager and Binance.US?

With Voyager’s delisting imminent and the SEC investigation ongoing, it’s unclear what the future holds for both companies. The latest disclosure by Voyager UCC raises more questions than answers and suggests that the situation is far from resolved. Depending on how the SEC investigation plays out, Voyager might have no choice but to abandon the Binance.US acquisition, which would be a significant setback for both companies.
Conclusion:
In conclusion, the Voyager and Binance.US acquisition saga has taken another interesting turn with the recent disclosure by Voyager UCC. It’s a situation worth monitoring closely, as whatever the outcome, it’s likely to have far-reaching implications for the cryptocurrency industry. In a space where regulatory clarity is still lacking, this saga highlights how complicated it can be to navigate the regulatory landscape.
FAQs:
Q. What was the main reason behind the SEC’s investigation into the Voyager and Binance.US acquisition?
A: The SEC’s focus was on potential violations of securities laws.
Q. What happens if the SEC investigation finds Voyager and Binance.US guilty of violating securities laws?
A: Depending on the severity of the violations, both Voyager and Binance.US could be subject to penalties or even face criminal charges.
Q. What are the broader implications of this acquisition for the cryptocurrency ecosystem?
A: The acquisition, if successful, would have been a significant milestone for both Voyager and Binance.US, signaling further consolidation in the rapidly evolving cryptocurrency industry.

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