Appeal Filed Against Court Order Opposing Binance US’s $1 Billion Acquisition of Voyager

On April 6th, according to the Voyager Unsecured Creditors Committee’s announcement on social media, an appeal was filed on Monday against a court order opposing Binance. US’s $1 billion acquisition of Voyager. According to the US Administrative Procedures Act, if the transaction is not completed on April 18th, Binance. US can voluntarily terminate the acquisition. To complete the transaction on or before April 18th, certain conditions under the Administrative Litigation Act need to be met before April 13th. Therefore, the Voyager Debt Commission has proposed an urgent motion to request the court to expedite the briefing during the Second Circuit, so that a ruling on the appeal can be made before April 13th and efforts to reach a consensus solution with the US government can continue.

Voyager Debt Committee: If the transaction is not completed by April 18th, Binance. US may voluntarily terminate the acquisition

As per the announcement made by the Voyager Unsecured Creditors Committee on social media, an appeal was filed on April 6th against a court order opposing Binance US’s $1 billion acquisition of Voyager. However, completing the transaction before April 18th seems to be tricky as certain conditions need to be met under the Administrative Litigation Act before April 13th. In this article, we’ll talk about the Binance US and Voyager acquisition, the recent appeal filed by the Voyager Unsecured Creditors Committee, and the conditions that need to be met for the transaction to be completed on time.

The Binance US and Voyager Acquisition

Binance US, a leading cryptocurrency exchange, announced its acquisition of Bank of Digital Commerce, d/b/a Voyager Digital LLC, in February 2021. The acquisition aimed to provide an expanded range of products and services to Binance’s users and also give them access to the U.S. cryptocurrency marketplace. The deal was believed to be worth around $1 billion and was expected to close by the end of Q1 2021.

Appeal Filed Against the Court Order

On March 31st, a U.S. judge blocked Binance US’s acquisition of Voyager after the SEC alleged that some of Voyager’s digital assets violated U.S. securities laws. However, Voyager has denied the allegations and decided to seek a court order to lift the ban on the acquisition. In response, the Voyager Unsecured Creditors Committee has filed an appeal on April 6th against the court order restricting the acquisition. The committee has also proposed an urgent motion demanding that the court expedite the briefing during the Second Circuit.

Conditions That Need to Be Met

To complete the acquisition before April 18th, certain conditions need to be met under the Administrative Litigation Act before April 13th. The Voyager Unsecured Creditors Committee has requested the court to expedite the briefing during the Second Circuit, and if they succeed, it would allow a ruling on the appeal to be made before April 13th. This would give Binance US and Voyager enough time to reach a consensus solution with the US government and complete the transaction by April 18th.

Conclusion

The recent appeal filed by the Voyager Unsecured Creditors Committee against the court order opposing Binance US’s $1 billion acquisition of Voyager has brought the acquisition back into the spotlight. Although completing the transaction before April 18th seems challenging, the Voyager Unsecured Creditors Committee’s urgent motion to expedite the briefing during the Second Circuit suggests that they’re making efforts to overcome the obstacles. In the coming days, Binance US and Voyager’s representatives will have to work towards reaching a consensus solution to ensure that the deal becomes a reality.

FAQs

Q. Why did the U.S. judge block Binance US’s acquisition of Voyager?
A. The U.S. judge blocked Binance US’s acquisition of Voyager after the SEC alleged that some of Voyager’s digital assets violated U.S. securities laws.
Q. When does the transaction need to be completed?
A. The transaction needs to be completed before April 18th.
Q. What happens if the transaction is not completed before April 18th?
A. According to the US Administrative Procedures Act, if the transaction is not completed before April 18th, Binance US can voluntarily terminate the acquisition.