• The US bankruptcy court has ruled that Binance.US should go ahead to complete its $1 billion acquisition of Voyager Digital.
• The ruling from Judge Michael E. Wiles on Wednesday denied the US government’s request to halt the deal.
• The news saw BNB price jump 6% after the announcement of the ruling.
Binance.US Acquisition of Voyager to Proceed, Bankruptcy Judge Rules
The United States Bankruptcy Court at the Southern District of New York ruled on Wednesday, 16 March 2023, that Binance.US should be allowed to proceed with its $1 billion acquisition of crypto lender Voyager Digital despite an appeal by the Department of Justice (DOJ).
Judge Denies DOJ Request to Halt Deal
Judge Michael E. Wiles denied the DOJ’s request to pause the deal pending an appeal due to its potential impact on Voyager clients who have been unable to access their digital assets since July 2022 when withdrawals were stopped. He noted that while his previous ruling did not include any exemptions from tax or securities laws violations, halting the process would only hurt customers further.
Binance Acquires Voyager for $1 Billion
Binance US was approved last December 2022 to acquire Voyager for a total amount of $1 billion, according to CoinJournal’s report at that time. An agreement between Voyager and Binance had originally set 15 March as the date for completion but it was later shifted forward by five days until 20 March this year following Wednesday’s court ruling allowing it to proceed with no restrictions imposed upon it by either side involved in this matter.
BNB Price Jumps 6% After Ruling
The news regarding Judge Wiles‘ decision gave a boost in price for BNB –the native token of world’s largest cryptocurrency exchange by trading volume, Binance– as it gained roughly 6% in value after being announced publicly late Wednesday evening US Eastern Time Zone (ET). It is currently valued at around $565 per token at press time according to data from CoinMarketCap and other sources online tracking market capitalization and live prices for digital currencies across all exchanges worldwide operating 24/7/365 .
Conclusion
South District Court’s decision allows Binance.US and its parent company -Binace-to continue with their development plans without further delays caused by legal issues or requests from third parties such as those previously presented by Department Of Justice (DOJ) during initial phases before approval was granted back in December 2022; thus consolidating their position as one of most successful businesses within crypto-verse both domestically and internationally as well giving a positive outlook towards future prospects within sector overall regardless if they are directly linked or not related with them directly