Voyager Token Rises 11%
• Voyager’s native token VGX rose 11.51% in the last 24 hours to as high as $0.42299.
• The company countered the US Securities and Exchange Commission’s (SEC) claim that VGX was security in a March 5 court filing.
• Voyager said the financial regulator’s objection to Binance.US purchase of its assets were causing delays that were costing it as much as $10 million monthly.
SEC Objects to Binance US Purchase
The US Securities and Exchange Commission (SEC) filed limited objections to Binance.US’s purchase of bankrupt lender Voyager’s assets, saying the firm failed to provide adequate information. The SEC’s stance on VGX is surprising considering the lender had provided information about the token 18 months ago, Voyager said in a court filing on March 5th.
Creditors Voted Overwhelmingly in Favor of Acquisition
Prior to this, creditors voted overwhelmingly in favor of Binance’s acquisition of Voyager’s assets; however, due to SEC’s objections, delays are costing Voyager up to $10 million monthly according to its financial adviser Mark Renzi. To resolve this issue, Voyager is proposing some minor tweaks to the original proposal which will not require creditors vote again on the deal according to Renzi.
Binance CEO Suggested Possible Withdrawal from Acquisition
Despite being committed initially, Binance CEO Changpeng Zhao tweeted on Mar 3rd that his company might pull out of the acquisition although he later clarified they remain committed and would refund users if necessary.
Overall, despite SEC’s objections delaying progress for Binance acquiring Voyager’s assets, Voyager has countered SEC’s securities claim against VGX with supportive legal opinion from a nationally recognized law firm and proposed minor tweaks which may help move forward with resolving these issues quickly without requiring creditors voting again on deal approval