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As Michael Wiles, a bankruptcy judge in the Southern District of New York, disregarded the different objections to the planned acquisition, Binance.US overcame a significant obstacle in its bid to buy the assets of insolvent crypto lender Voyager Digital in a transaction valued more than $1 billion.
The judge stated that he would continue to work on the confirmation order and suggested that he was in favor of sanctioning the sale. Binance.US may still need to pass certain regulatory barriers before the transaction can be completed. The VGX token of Voyager increased by more than 8% in the minutes following the verdict.
On the fourth day of the hearing on Tuesday, Judge Wiles concluded that the regulators’ objections did not outweigh the necessity to proceed with the Voyager reorganization.
The court heard from a variety of witnesses on complicated issues such as whether personal data will be passed over to Binance.US as part of the arrangement and why the transfer was a better bargain for creditors than rapid liquidation.
Judge Wiles previously had said already that he was absolutely shocked by the SEC’s objections to the deal.