• The US Department of Justice tried to halt Binance.US from completing its $1 billion deal for Voyager, but a judge has denied the request.
• Judge Michael E. Wiles said that pausing the deal pending government appeal would only hurt Voyager clients.
• Following the news, BNB price jumped 6%.
Binance.US Acquisition of Voyager to Proceed
A judge at the New York bankruptcy court denied the US Department of Justice’s request on Wednesday to pause Binance.US’s $1 billion deal for Voyager Digital, citing the potential harm it would cause to customers of the bankrupt crypto lender.
Judge Rules Deal To Go Ahead
Michael E. Wiles, United States Bankruptcy Judge at the Southern District of New York court, said that halting the process could see Voyager and its staff likely absolved of tax or securities laws violations– something which is not included in their agreement with Binance. He added that doing so will only hurt Voyager customers even further, with people having waited for an opportunity to access their crypto assets since July last year when withdrawals were stopped by the company.
Binance Approved For Acquisition in December 2022
Binance was approved to acquire Voyager for $1 billion in December 2022 as CoinJournal reported and an agreement between them has set 20 March as execution date for completion of this transaction – originally scheduled for 15 March 2021.
BNB Price Jumps 6% After News
Following Judge Wiles’ decision on Wednesday allowing Binance-Voyager deal to proceed, BNB price rose 6%. This reaffirms how much investors are looking forward to this merger and what it could mean for cryptocurrency industry if successful.
This ruling by Judge Michael E Wiles allows Binance’s acquisition of Voyage Digital go ahead despite objections from US government and should come as a relief to customers who have been waiting months since July 2020 when withdrawals were paused by Voyage Digital before filing for bankruptcy protection..