On paper, the favoring of a proposed deal bodes exceptionally well for the VGX crypto and the broader blockchain ecosystem. VGX Crypto Still Has a Challenging Road Ahead In addition, he said the SEC should not have waited until the last minute to raise a concrete concern. However, Wiles did not find the argument persuasive, stating that the regulatory agency failed to present any concrete evidence. Per Reuters, “SEC attorney William Uptegrove told Wiles at a hearing last week that SEC investigators believe Binance.US is operating an unregistered securities exchange.” Securities and Exchange Commission (SEC). Inherently, this development represents a blow to the U.S. Still, he indicated that he was in favor of approving the deal. To be sure, the judge noted that he must work through the confirmation order. Overall, the deal features a value of over $1 billion. At the time, the news agency noted that “rypto lenders such as Voyager boomed in the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks.” Unfortunately, the combination of a sector slump and the implosion of two major tokens hurt the digital asset space.įast forward to March 7, CoinDesk reported that Michael Wiles, a bankruptcy judge in the Southern District of New York, overruled various objections directed against Binance.US’ bid to acquire the bankrupt lender’s assets. However, many challenges remain for both Voyager and the broader blockchain industry.įor context, Reuters reported in July 2022 that Voyager filed for bankruptcy. In turn, this led to a dramatic spike in the price of the VGX ( VGX-USD ) crypto. Binance.US cleared a legal hurdle in its bid to acquire Voyager’s assets. Amid a severe credibility crisis in the cryptocurrency space, bankrupt digital asset lender Voyager Digital (OTCMKTS: VYGVQ) received a critical lifeline.
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