Binance.us Financial News

The case the US Government has made against Binance.US’ plans for an acquisition of bankrupt crypto lender Voyager Digital got a little stronger after a judge decided to halt the merger of the firms pending a government appeal.

Binance is increasingly taking heat from regulators on multiple fronts, with its US business being the most vulnerable to ongoing crackdowns by the Securities and Exchange Commission (SEC).

Plans by Binance.US to acquire the assets of Voyager Digital, a collapsed cryptocurrency brokerage, have hit a snag following a demand by the US government to put the proposed deal on hold. 

Shortly after bankrupt crypto lender Voyager Digital was authorized to sell its assets to crypto exchange Binance.US and transfer its users to the platform, the U.S. Department of Justice (DOJ) made an attempt to block the sale by filing an appeal that could derail it.

Bankrupt crypto lender Voyager Digital is allowed to sell its assets to Binance's American arm, Binance.US, and transfer its customers to the exchange - but this is not the end. 

Binance and its US-based counterpart, Binance.US, which were presented as distinct entities, are said to have been more closely connected than what was previously revealed, purportedly entangling personnel, technical teams, and finances.

Three US senators have asked Binance and its US partner Binance.US to provide detailed information regarding their business operations amid accusations of illegal practices.

Binance.US, the American arm of crypto exchange Binance, has hit yet another roadblock in its attempts to buy the assets of the bankrupt crypto lending firm Voyager Digital: Texas, USA, officials have once again objected to the deal between the exchange and the lender.

Binance Holdings Ltd. is considering ending relationships with US business partners as regulators turn up the heat. The company, which operates the world’s largest crypto exchange, is weighing the retreat after its relationships with a key banking partner and stablecoin issuer ran into trouble amid intense scrutiny from authorities, according to a person familiar with the issue. Binance has been probed by the Securities and Exchange Commission, Commodity Futures Trading Commission, Justice Department and the Internal Revenue Service. Binance Holdings is looking at whether to sever ties with intermediary firms such as banks and services firms and is reassessing venture-capital investments in the US, according to the person, who asked not to be identified discussing details that had not yet been made public. It will consider de-listing tokens from any US-based projects, including Circle’s stablecoin USD Coin, the person said. Binance Holdings isn’t authorized to serve crypto customers in the US. Instead, there’s Binance.US, a far smaller exchange that claims to be independent and said it has no plans to leave the US.

The SEC has objected to an attempt by the American franchise of Binance to buy up assets from the bankrupt crypto lender Voyager Digital, saying more information about the deal is needed.