A federal court has put the brakes on a merger between Voyager and Binance, as the latter faces accusations from the CFTC.
On March 27, Judge Jennifer Rearden of the U.S. district court in New York approved the motion for an emergency stay, hindering the possible agreement between Voyager and Binance.
CFTC causes problems for Binance
On March 17, the U.S. depart of justice (DOJ) submitted an urgent request to provide a stay. Voyager Digital and the official committee of unsecured creditors immediately challenged this move on March 20, and the DOJ filed a final “reply” petition on March 21.
According to a March 27 tweet from the Voyager official committee of unsecured creditors, the group “will continue to actively resist the Government’s initiatives.”
Per a survey in a court filing on Feb 28, 97% of 61,300 Voyager account holders support the restructuring proposal. Around 73% of the debt due to Voyager customers will be settled under the arrangement.
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Judge Rearden summed up the case in his most recent ruling stating that the emergency motion submitted by th
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Author: Brenda Mary
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