Breaking: Binance-Voyager $1 Billion Deal Foiled By US SEC

Ashish Kumar
February 23, 2023 Updated May 20, 2025
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Breaking: Voyager Creditors To Challenge US DOJ Appeals In Binance.US-Voyager Deal

Crypto News: U.S. Securities and Exchange Commission (SEC) scrutiny over the digital asset industry continues as the watchdog opposes the Binance US and defunct crypto lender Voyager $1 billion deal. Voyager received the initial court approval in January 2023.

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Binance Fails To Provide Required Details

As per the filings, the US SEC is objecting to the final approval of the disclosure statement and the confirmation of the third amended Plan Joint Plan. It mentioned that the plan is unconfirmable under the bankruptcy code.

This move comes after the US SEC recently forced the crypto exchange Kraken to shut down its staking service. The exchange paid $30 million in penalties to settle with the agency. The commission didn’t stop there and went on to serve a notice to Paxos stating that to take an action alleging Binance USD (BUSD) a security.

US SEC mentioned recent news which brought up what can go wrong when platforms fail to ensure adequate measures around user assets. However, for account holders, there is no more important issue than this. Read More Crypto News Here…

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US SEC Scrutiny Continues

It added that the Disclosure Statement and Plan did not hold the necessary details regarding the security of assets on the Binance.US trading platform. Precisely, the firm failed to decline that third parties including Binance.US affiliates or others, will have access to the keys for users’ wallets.

However, it also fails to explain the measure taken to ensure that customer assets are safe and not transferred off the mentioned platform. It further added no declaration has been filed by Binance.US regarding its internal controls and practices relating to safety.

US SEC states that the creditors and stakeholders should know whether the transaction($20 million sale of Voyager’s customer list to Binance) provides them a meaningful economic benefit. However, the commission concluded by stating that it holds all rights to present evidence at any evidentiary hearing over this matter.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.