Latest News

Voyager receives 'initial approval' for $1bn sale to Binance

By Ross Henry Law

Bankrupt cryptocurrency lender Voyager Digital has received initial US court approval for the $1 billion sale of its assets to Binance.

Voyager filed for bankruptcy in July 2021, just months after the crash of major crypto token TerraLuna, which prompted renewed calls from the UK’s Financial Stability Board for international regulation and supervision of crypto-asset activities.

In a recent court hearing, US bankruptcy judge Michael Wiles in New York allowed Voyager to enter into an asset purchase agreement with Binance’s US division and to solicit creditor votes on the sale, which will not become final until a future court hearing.

The approval follows national security concerns raised by the US Committee on Foreign Investment in the United States (CFIUS), an inter-agency body that vets foreign investments into US companies for national security risks.

Binance is owned by Chinese-born Canadian citizen Changpeng Zhao – better known as CZ. The company has no permanent headquarters and had previously been the subject of a money laundering probe by US prosecutors.

Voyager attorney Joshua Sussberg said Voyager intends to address any issues that could lead the CFIUS to oppose the transaction.

Binance was recently poised to buyout failed crypto rival FTX but pulled out of the transaction.

At the time, Binance said: “As a result of corporate due diligence, as well as the latest news reports regarding mishandled customer funds and alleged US agency investigations, we have decided that we will not pursue the potential acquisition of FTX.com."

    Share Story:

Recent Stories

Man handed 10 month prison sentence in crypto’s first insider trading case

Visa partners with BR-DGE to offer customers more choice

Voyager receives 'initial approval' for $1bn sale to Binance


The human firewall: Activating employees to safeguard financial data
As financial services increasingly embrace SaaS and cloud-based technologies, they face emerging threats to safeguard sensitive customer data. While comprehensive IT security measures are essential, the active involvement of employees across organisations is pivotal in ensuring the protection of sensitive data.

BANNER

BANNER

Building a secure financial future for instant payments: The convergence of ISO 20022 and fraud detection
The financial landscape is rapidly evolving its approach to real-time transactions under the ISO 20022 standard, and financial institutions must take note. With examples such as the accelerated adoption of SEPA Instant Credit Transfers in Europe and proposed New Payment Architecture (NPA) programme in the UK, the need for swift and effective fraud detection is more crucial than ever.

Data Streaming and Consumer Duty: Transforming customer experience in banking
Introduced at the end of July, the Consumer Duty is a game-changing new set of rules and guidance for financial services institutions in the UK, and companies must look to modernise their systems in adherence with it in mind to create the best customer experience possible.

From insight to action: Empowering financial institutions through advanced technology and collaborative information sharing
The use of Information sharing in enhancing financial crime prevention has been universally agreed as being beneficial. However no-one has been able to agree on how information can be shared safely without breaching data protection laws or having the right systems to facilitate this, Information sharing has re-emerged as a major consideration for financial institutions (FIs) ahead of the Economic Crime and Corporate Transparency Bill being made into law in the UK.

© 2019 Perspective Publishing     Privacy & Cookies