Mar 28, 2023 08:49 UTC
Mar 28, 2023 at 08:49 UTC
Voyager’s$ 1B trade to Binance.US put on hold by US court
A federal judge has temporarily halted a proposed deal between Voyager andBinance.US in order to give the government further time to pursue prayers that challenge the deal.
Voyager Digital’s $1 billion trade to Binance.US has been temporarily halted by a civil judge after a request by the United States government for an exigency stay.
The request for an exigency stay was granted by Judge Jennifer Rearden of theU.S. District Court in New York on March 27, meaning the implicit deal between Voyager andBinance.US will now need to stay until at least a decision is made on the Department of Justice’s appeal against the ruin plan.
The DOJ filed the emergency operation for a stay on March 17. This stir was instantly challenged by Voyager Digital and the Official Committee of relaxed Creditors on March 20 and responded to again by the DOJ in a final “ reply ” stir on March 21.
In its rearmost order, Judge Rearden epitomized
“ Upon consideration of all parties ’ written cessions, as well as the conferences and oral argument held in this matter, the Government’s exigency stir is hereby GRANTED. ”
The federal judge will soon release an opinion explaining the decision in further depth.
The cryptocurrency trading establishment filed for Chapter 11 ruin on July 5 and has been visionary in coordinating a plan to redistribute finances ever ago.
TheBinance.US accession of Voyager was granted by Judge Wiles on March 7. Part of that blessing involved the allocation of ruin commemoratives to impacted Voyager guests.
However,U.S. controllers have made multiple attempts to halt the deal.
In addition to the DOJ, theU.S. Securities Exchange Commission argued in a March 15 stir that Voyager’s ruin plan would give rise to fraud, theft or duty avoidance. However, this claim was later denied by Judge Michael Wiles.
The Voyager Official Committee of relaxed Creditors said in a March 27 tweet that they “ will continue to aggressively oppose the Government’s actions. ”
Over 97% of 61,300 Voyager account holders favor the restructuring plan, according to a bean released in a Feb 28 court form. The plan is anticipated to pay out 73 of what Voyager guests are owed.