Following a prolonged period of legal disputes, the US government has successfully halted a $1 billion deal between cryptocurrency lender Voyager, which filed for bankruptcy in July 2022, and the Binance.US cryptocurrency exchange.
The decision was made by U.S. District Court Judge Jennifer Rearden after considering arguments and submissions from all parties. However, further details regarding the ruling will be released at a later date.
It is worth noting that earlier in March, a federal judge in the Southern District of New York had previously denied the U.S. government’s proposal to halt the deal, citing potential harm to the company’s customers.
Despite this, Southern District of New York Attorney Damian Williams argued that the deal or parts of it should be postponed until appeals are heard in higher courts.
Notably, Voyager began selling its assets in February of this year, with analytics portal Lookonchain reporting that 1,449 ETH were sold for USDC via Wintermute, with Voyager receiving a total of $2.25 million, or $1,553 per ETH.
Previously, the Commodity Futures Trading Commission (CFTC) had accused Binance of violating federal laws by not registering in the United States and not following regulations regarding commodity markets. However, Binance CEO Changpeng Zhao has denied these allegations.