A US federal court has initially stopped the planned sale of the insolvent crypto bank Voyager worth 1.3 billion dollars to the US subsidiary of the trading platform Binance. The stay of the deal is intended to give the US government more time to examine the legality of the deal, US District Judge Jennifer Rearden justified the move.
It dismissed Voyager’s argument that a delay could cause Binance.US to go out of business altogether.
The US Attorney’s Office and the Department of Justice’s bankruptcy commission have appealed the approval of the acquisition because the deal could sanction transactions that may be illegal under US securities laws. Binance.US and Voyager did not immediately respond to requests for comment late Monday.