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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Cryptocurrencies

Cryptocurrencies

SEC, NY regulator oppose Binance. $1 billion Voyager deal

Voyager Digital logo Photo Credit: Dado Ruvic
Voyager Digital logo Photo Credit: Dado Ruvic Voyager Digital logo Photo Credit: Dado Ruvic
Voyager Digital logo Photo Credit: Dado Ruvic
Voyager Digital logo Photo Credit: Dado Ruvic Voyager Digital logo Photo Credit: Dado Ruvic

The SEC and New York’s top financial regulator oppose Binance. U.S.’s $1 billion purchase of insolvent crypto lender Voyager is the latest U.S. regulatory step against crypto businesses.

The SEC I warned Wednesday that the Voyager acquisition might violate securities regulations.

The SEC’s objection also mentioned U.S. investigations into Binance.US and the global Binance crypto exchange, of which Binance.US is a reportedly autonomous partner. “Regulatory measures” might make the merger “difficult to conclude,” it claimed.

Wednesday, papers from New York’s top financial regulator and Attorney General Letitia James opposed the merger. Voyager “illegally ran a virtual currency company within the state without a license,” according to the NYDFS.

“Work with appropriate parties to give any required information, since Binance.US customer assets always stay on the platform, are kept on a 1:1 basis and are completely reserved,” a Binance.US spokesman stated Thursday.

Voyager Digital’s counsel did not immediately react.

Binance’s asset security worried the SEC.

A lawyer for Voyager Digital did not immediately answer requests for comment.

The SEC she expressed worries about the security of the assets at Binance.

The U.S. claimed that the proposed agreement would not provide sufficient information regarding whether outside parties, “including Binance.US affiliates or foreign individuals or entities,” would have access to the keys for clients’ digital wallets.

In addition, the purchase lacked information on the measures taken “to guarantee that customer assets are not transferred off the Binance.US platform,” the SEC objected.

 

 


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