In the Southern District of New York, a $1 billion deal between Voyager and Binance.US has been the subject of much legal debate.
The US government had originally proposed a hold on the deal, citing concerns that the agreement would indemnify Voyager and its employees from potential tax or securities law violations.
However, a federal judge for the district, Michael Wiles, rejected this proposal, stating that any delay would negatively impact the company’s customers.
The Southern District Attorney, Damian Williams, had also called for the deal to be delayed until higher courts had heard appeals, but Judge Wiles disagreed, saying that the terms of the transaction did not prohibit any regulatory action.
Furthermore, he argued that the US authorities had relied on exaggerations and misleading arguments in their case against the deal.
Voyager had previously filed for bankruptcy in July 2022, and had started selling its assets earlier this year.
Using the Wintermute platform, the company sold 1,449 ETH for USDC, receiving a total of 2.25 million, or $1,553 per ETH, according to analytics portal Lookonchain.
Despite the legal wrangling, the company’s clients have been unable to access their cryptocurrency since the bankruptcy filing, making delays even more problematic for them.