The U.S. Securities and Exchange Commission (SEC) has filed a limited objection to Binance.US’s proposed $1 billion deal to acquire the assets of Voyager Digital, media reports said. The regulator said that Binance.US has not provided adequate information about its ability to close the deal.
In a filing on Monday, the SEC said that it did not find the proposed acquisition to violate any securities laws. However, it did find that the deal was not in the best interests of investors.
The SEC’s filing does not prevent Binance.US from going through with the acquisition. However, it does highlight the need for Binance.US to provide more information about the deal. The US regulator’s filing is a reminder that the acquisition of Voyager Digital’s assets is a major transaction that should be handled with care. Binance.US needs to provide more information to the SEC and to investors to ensure that the deal is in the best interest of all parties involved.
The SEC said that Binance.US had not provided sufficient information to “fully and fairly evaluate the proposed transaction.” It also noted that Binance.US had not provided adequate disclosure about the risks associated with the deal. The SEC further stated that the proposed deal had not been adequately reviewed by an independent third party. It noted that the deal had been negotiated between Binance.US and Voyager Digital and that there had been no outside review of the proposed transaction.
The filing noted that the SEC had requested additional information from Binance.US about the deal and that Binance.US had not responded to the request.
