SEC rules against Binance.US’ $1 billion deal to buy assets of bankrupt crypto firm

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The SEC isn’t too fond of that idea, though. He claims that transactions necessary to redistribute assets belonging to Voyager clients may violate agency rules against selling or offering unregistered securities. The agency also cites numerous concerns about the deal and says Binance.US does not “adequately describe whether third parties” will have access to customer wallets.

Meanwhile, the New York Department of Financial Services (NYDFS) has another complaint, alleging that Voyager was operating “illegally” in the state without a license and “depriving” New York customers of consumer protections afforded by the oversight. of State. He also notes that since Binance.US is not authorized or available in New York, Voyager customers based in the state may have to wait longer to access their funds compared to customers in states where the service is available. .

“New York account holders will not have the ability to control their account assets, including whether to sell the cryptocurrency to avoid further risk in the volatile cryptocurrency market,” writes the NYDFS. “In contrast, account holders in jurisdictions other than Unsupported Jurisdictions (“Supported Jurisdictions”) will have the freedom to exchange the cryptocurrency owed to them, defined as “Net Owed Coins” in the APA, once their Binance US accounts are set up and their assets are migrated.

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