However, US judge Readren claimed that she would fast forward the whole matter after looking into the Binance.US actual sale of the Voyager and help them expedite the case results.
Somehow, it's a tricky case. If there was any tax and securities fraud then Zaho would not have been so confident about the counterclaims.
There is a high probability that Binance will win this case and it could push the market to all new levels. We would be able to thank the Government at last, for indirectly making bold moves for us. Lolz.
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District Judge Jennifer Rearden has put the $1 billion deal on hold but said she’d expedite an appeal to avoid too much delay
The U.S. government has a “substantial case on the merits” in its bid to quash a $1 billion deal by Binance.US to buy the assets of bankrupt crypto lender Voyager, a New York judge said Friday.
District Judge Jennifer Rearden said she’d try and move quickly to settle a dispute, given that delays could cost as much as $10 million per month for the estate.
Earlier in March, U.S. Bankruptcy Judge Michael Wiles approved the sale, but this week Rearden said she would put that on hold while she considered objections from the U.S. Attorney that the contract effectively rendered Voyager immune by exculpating it from breaches of tax or securities law.
Government arguments have “gone entirely unrebutted” by Voyager and its creditors, “neither of which has provided any authority for the proposition that a bankruptcy court can release criminal liability,” Rearden said.
In her further reasoning published Friday, Rearden appeared sympathetic to government arguments, saying that “the Exculpation Clause appears to go further than the quasi-judicial immunity doctrine allows.”
Binance's U.S. arm bid for Voyager last year after FTX, the previous bidder, itself collapsed. This week saw Binance’s global entity and its chief executive officer, Changpeng “CZ” Zhao, sued by the Commodity Futures Trading Commission for offering unregistered crypto derivatives. Zhao said the suit is an “incomplete recitation of facts.”
Rearden has set a swift deadline to resolve the Voyager issue, with the government asked to send its brief by April 7 and a response to Voyager due by April 18
The U.S. government has a “substantial case on the merits” in its bid to quash a $1 billion deal by Binance.US to buy the assets of bankrupt crypto lender Voyager, a New York judge said Friday.
District Judge Jennifer Rearden said she’d try and move quickly to settle a dispute, given that delays could cost as much as $10 million per month for the estate.
Earlier in March, U.S. Bankruptcy Judge Michael Wiles approved the sale, but this week Rearden said she would put that on hold while she considered objections from the U.S. Attorney that the contract effectively rendered Voyager immune by exculpating it from breaches of tax or securities law.
Government arguments have “gone entirely unrebutted” by Voyager and its creditors, “neither of which has provided any authority for the proposition that a bankruptcy court can release criminal liability,” Rearden said.
In her further reasoning published Friday, Rearden appeared sympathetic to government arguments, saying that “the Exculpation Clause appears to go further than the quasi-judicial immunity doctrine allows.”
Binance's U.S. arm bid for Voyager last year after FTX, the previous bidder, itself collapsed. This week saw Binance’s global entity and its chief executive officer, Changpeng “CZ” Zhao, sued by the Commodity Futures Trading Commission for offering unregistered crypto derivatives. Zhao said the suit is an “incomplete recitation of facts.”
Rearden has set a swift deadline to resolve the Voyager issue, with the government asked to send its brief by April 7 and a response to Voyager due by April 18
U.S. Government Case Against Voyager-Binance.US Deal Has 'Substantial' Merits, Judge Says