• The US Department of Justice (DOJ) requested a New York bankruptcy court to halt Binance.US’s $1 billion acquisition of Voyager Digital, but the request was denied.
• Judge Michael E. Wiles ruled that pausing the deal pending government appeal would only hurt Voyager clients, and so it should go ahead with completion.
• Following the ruling, an agreement between Voyager and Binance has the deal set for execution on 20 March, and BNB price jumped 6% after the news.
Binance.US Acquisition of Voyager To Proceed
A Judge at the New York bankruptcy court has denied the US Department of Justice’s (DOJ) request to stop Binance.US from completing its $1 billion deal for Voyager Digital. Judge Michael E. Wiles said that pausing the deal pending government appeal would only hurt Voyager clients, and so it should go ahead with completion.
Background on Acquisition
Binance.US was approved to acquire Voyager in December 2022, with an agreement between both parties set for 15 March this year initially before being altered to 20 March following recent developments regarding DOJ’s appeal on 9th March 2021 against Judge Wiles’ ruling allowing for sale of assets to proceed as planned.
Judge Denies DOJ Request
The US government appealed Judge Wiles‘ ruling that allowed Voyager to sell its assets to Binance.US via US Trustee’s Office, requesting for a halt in proceedings until legal objections were settled citing possible absolution from tax or securities laws violations if process proceeded as determined by court originally whilst also noting potential impact such a move will have on customers who had been awaiting access to their crypto assets since withdrawals were halted in July last 2022 had process been paused pending appeal resolution as requested by DOJ . However, Judge Wiles noted that $1 billion deal approved last week does not include such exemptions further adding that halting process will only hurt customers further than they already are & so denying request made by DOJ accordingly allowing acquisition process to continue as planned .
BNB Price Jumps After News
The reaction following news of judge denying DOJ’s request saw BNB price jump 6%. This surge can be attributed partly due to original agreement between both parties having been altered slightly due original issue arising from initial decision by Judge Wiles and now seeing conclusion with latest ruling going in favor of process continuing as initially intended without any stops or delays .
In conclusion, despite initial issues causing slight delay ,the acquisition process is now back on track & set for completion within specified timeline thanks largely in part due to latest court ruling going against initial petition made by The United States Department Of Justice & agreeing instead with opinion put forward earlier by presiding judge Michael E Wiles during his previous hearing & allowing purchase order placed By Binance Us For Voyagers Assets To Proceed As Planned With No Further Delays Or Stops Implemented .