• Judge Michael E. Wiles of the New York bankruptcy court has denied the Department of Justice’s request to stop Binance.US from completing its $1 billion acquisition of Voyager Digital.
• The US government requested to pause the deal pending appeal, citing potential absolution of tax or securities laws violations but Judge Wiles noted that this was not included in the agreement.
• The acquisition is now set to be completed on 20 March and the news saw an immediate 6% jump in BNB price.
Binance.US Acquisition of Voyager to Proceed
The United States Bankruptcy Judge at the Southern District of New York court, Michael E. Wiles, has ruled that Binance.US should be allowed to complete its $1 billion acquisition of crypto lender Voyager Digital as per their agreement made in December 2022.
Government Appeal Denied
The Department of Justice had appealed Judge Wiles‘ ruling from 9 March which allowed for Voyager assets to be sold to Binance.US, requesting for a halt in proceedings until legal objections were settled due to possible absolution for tax or securities laws violations by Voyager and its staff. However, Judge Wiles noted that this was not included in their agreement and halting the process would only hurt customers further as withdrawals have been unavailable since July last year.
Deal Execution Date Set
An agreement between Voyager and Binance means that the deal will now proceed on 20 March, having previously been slated for 15 March before stalling due to government appeal.
BNB Price Jumps Following News
Immediately following Wednesday’s ruling allowing for completion of the $1 billion deal between Binance and Voyager Digital, there was a 6% jump seen in BNB price – likely as a result of investors feeling more confident about the future prospects associated with such a high-profile acquisition by one of cryptocurrency’s biggest players.
Conclusion
Judge Michael EWiles ruling allows for completion of Binance’s $1 billion acquisition of crypto lender Voyager Digital as planned on 20thMarch after government appeal was denied due to lack fo exemptions from tax or securities laws violation being included in their agreement and potential harm that could have come from halting proceedings any further for customers who have already experienced delays since July 2022