Deal done…or almost – We had been talking about it for some time and things seemed to be over. FTX had filed the best bid with 1.4 billion dollars and Voyager agreed. All that remained was to proceed with the sale but boom, the justice of the Texas came to put her nose in the case and blocked the deal. Why ? Response to follow.
FTX wanted to buy the assets of Voyager…
A little throwback to September 26FTX wins the auction and is about to buy the assets of the company in bankruptcy filing: Voyager. With 1,4 billion dollars, things seem to be settled and the company Sam Bankman-Fried is about to continue harvesting. But the October 14a grain of sand came to disturb the beautiful financial operation.
And the news came from Texas and more particularly of the two instances of regulations of the state: the Texas State Securities Board (SSB) and you Texas Department of Banking. They joined the Bureau of prosecutor of Texas to file a objection to the sale of the assets under the pretext that FTX and Voyager. The latter would not respect the loi of State. Indeed, the two companies would not be registered as “ stockbroker in texas“. And justice is not at its first attempt in this kind of case. Binance has already paid the price of the regulation of the largest American state.
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…but Texas justice disagrees
The problem comes more particularly from the accounts to yield of FTX which could be offers of “ unrecorded titles ». The director of the law enforcement division of the SSB, Joseph Rotundaclarifies things in the American press:
“The performance program appears to be an investment contract. FTX US should not be permitted to purchase the debtor’s assets unless – or until – the securities commissioner has the opportunity to determine whether FTX US is in compliance with the law.”
For their part, the teams of FTX made a short statement in an attempt to defuse the situation:
“We have an active license application that is pending and we believe we are fully operating within the limits of what we can do in the interim.”
In this case, the Bankruptcy Court of New York – southern district – will have the last word. He will have to decide on the admissibility of the objection. As well as on theissue of the sale that engages FTX et Voyager. Sam Bankman-Fried is also named in the filing, as is FTX co-founder and chief technology officer, Gary Wang. But also the engineering director of the company, Nishad Singh.
All these little people are therefore awaiting the conclusions of the Tribunal new york on decision will thus clearly go beyond the scope of this case. Indeed, the policeman of the American stock market – the SEC – already has chave tested certain financial products high yield crypto platforms. Its future decisions and more generally those of the American justice will be observed with the magnifying glass by the professionals of the sector. They are evaluating what direction Uncle Sam will take on this.
It is now the entire so-called “traditional” economy that is getting into battle order. The goal? enjoyr the potential of Bitcoin and cryptocurrencies. And you? Don’t wait any longer for subscribe son the benchmark crypto exchange FTX. A lifetime reduction in your trading fees awaits you there thanks to the JDC trade link.
