Voyager announced on March 1 that 97% of its clients have voted in favor of its chapter plan, which incorporates promoting its belongings to Binance.US.
The 97% of voters in favor symbolize roughly 98% of the entire claims — equating to roughly $541.61 million.
Voyager stated additional particulars can be revealed following its upcoming courtroom listening to on March 2.
Voyager stated in December 2022 that after contemplating all choices, it has concluded that Binance.US is the very best and finest bidder for its belongings.
Nonetheless, the U.S. SEC and regulators from New Jersey and Texas oppose the corporate’s plan to promote its remaining belongings to Binance.US to make collectors entire, in accordance with Feb. 24 court filings.
The regulators objected that Voyager owes Alameda a big mortgage which might negate many of the proceeds from promoting its belongings to Binance.US. Moreover, regulators are involved that taking up Voyager’s belongings will give Binance a foothold within the U.S. market with out correct licensing.
The regulators additionally argued that Binance.US’ phrases of use enable it to switch personally delicate knowledge to entities outdoors the U.S. In response to the submitting:
“So, underneath these ToUs, clients’ info will be transferred to nearly any firm or individual that Binance.us wishes, and, if any points come up within the clients’ entry to or use of Binance.us’s Companies, the purchasers have completely no proper to problem the problem.”
The Texas watchdog additionally argued that the deal was “unfair” to Texas residents because the state will not be a part of Binance.US’s jurisdiction. As such, Voyager can be obligated to carry Texans’ belongings for at the least six months underneath the sale.
In the meantime, the FTC has objected to the corporate’s chapter plan as a result of it could assist it dodge accountability for “precise fraud, willful misconduct, or gross negligence.”
The regulator stated that if the plan is authorized, it could now not be capable to take authorized motion or problem fines towards Voyager or its former staff.
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