The details of the decision have not been made public at the time of the writing, but Rearden’s ruling stated that the U.S. government has a “substantial case on the merits” in its attempts to nullify the sale. The federal judge promised to make a quick decision in order to avoid any delays.

Shortly after the ruling was announced, the Official Committee of Unsecured Creditors of Voyager Digital stated that they “will continue to aggressively oppose the Government’s efforts.”

Voyager Digital folded in July after the company met with financial troubles that were caused by the crash of the crypto market. The company was also affected by the unpaid loan of $650 million it issued to bankrupted crypto fund Three Arrows Capital.

After Voyager filed for Chapter 11, the crypto exchange and crypto hedge fund made a deal to acquire the company. However, FTX itself went bankrupt shortly after, allowing Binance US to step in. U.S. Bankruptcy Judge Michael Wiles already approved Voyager’s sale to Binance US for $1 billion back in March.

The post Binance US’ $1 Billion Takeover of Crypto Lender Voyager Digital Placed on Hold appeared first on theprimarymarket.com.

The suit also called Binance’s efforts to comply with U.S. laws and guidance a “sham.”

“The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” CFTC said in a statement released on Tuesday.

Besides Binance, the suit also named crypto exchange’s CEO Changpeng Zhao and Chief Compliance Officer Samuel Lim as defendants. CFTC alleges that Zhao, Lim, and other company executives didn’t put enough effort into supervising the platform while actively instructing its customers to break U.S. laws.

Zhao issued a statement in which he called the suit and CFTC’s actions “unexpected and disappointing.”

“Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint,” Zhao said.

The suit has caused movement in the crypto market, dropping Bitcoin to $26,694 at one point on Tuesday. Other major cryptocurrencies, like Ethereum, have also seen a loss in value.

The post U.S. Regulators Go After Crypto Exchange Binance, File a Suit appeared first on theprimarymarket.com.

The details of the decision have not been made public at the time of the writing, but Rearden’s ruling stated that the U.S. government has a “substantial case on the merits” in its attempts to nullify the sale. The federal judge promised to make a quick decision in order to avoid any delays.

Shortly after the ruling was announced, the Official Committee of Unsecured Creditors of Voyager Digital stated that they “will continue to aggressively oppose the Government’s efforts.”

Voyager Digital folded in July after the company met with financial troubles that were caused by the crash of the crypto market. The company was also affected by the unpaid loan of $650 million it issued to bankrupted crypto fund Three Arrows Capital.

After Voyager filed for Chapter 11, the crypto exchange and crypto hedge fund made a deal to acquire the company. However, FTX itself went bankrupt shortly after, allowing Binance US to step in. U.S. Bankruptcy Judge Michael Wiles already approved Voyager’s sale to Binance US for $1 billion back in March.

The post Binance US’ $1 Billion Takeover of Crypto Lender Voyager Digital Placed on Hold appeared first on theprimarymarket.com.

The suit also called Binance’s efforts to comply with U.S. laws and guidance a “sham.”

“The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose – over and over – to place profits over following the law,” CFTC said in a statement released on Tuesday.

Besides Binance, the suit also named crypto exchange’s CEO Changpeng Zhao and Chief Compliance Officer Samuel Lim as defendants. CFTC alleges that Zhao, Lim, and other company executives didn’t put enough effort into supervising the platform while actively instructing its customers to break U.S. laws.

Zhao issued a statement in which he called the suit and CFTC’s actions “unexpected and disappointing.”

“Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint,” Zhao said.

The suit has caused movement in the crypto market, dropping Bitcoin to $26,694 at one point on Tuesday. Other major cryptocurrencies, like Ethereum, have also seen a loss in value.

The post U.S. Regulators Go After Crypto Exchange Binance, File a Suit appeared first on theprimarymarket.com.