• Voyager’s native token VGX rose 11.51% in the last 24 hours.
• Voyager countered the US Securities and Exchange Commission’s (SEC) claim that VGX was security in a March 5 court filing.
• SEC’s objection to Binance.US purchase of its assets was causing delays that were costing it as much as $10 million monthly.
Voyager Token Rises 11%
Voyager’s native token, VGX, rose 11.51% in the last 24 hours to as high as $0.42299 according to CryptoSlate’s data. The token’s value had retraced to $0.3955 at the time of writing.
Voyager Counters SEC Claim
The bankrupt lender counters the US Securities and Exchange Commission’s (SEC) claim that VGX was security in a March 5 court filing by providing a legal opinion from a nationally recognized law firm supporting its view on VGX status being non-security token.
Delays Costing Voyager Millions Monthly
The financial regulator’s objection to Binance.US purchase of its assets was causing delays that were costing it as much as $10 million monthly according to Mark Renzi, Voyager’s financial adviser . The Gary Gensler-led regulator had filed limited objections to Binance.US’s purchase of the bankrupt lender assets, saying the firm failed to provide adequate information about it .
Proposed Changes To Deal
Voyager is now proposing some minor tweaks to the original proposal with no need for creditors vote again on the deal , though Binance CEO Changpeng Zhao tweeted on Mar 3 that his company might pull out of the acquisition but later said they remain committed .
Conclusion
Despite SEC’s initial claim against VGX being classified as security and delay caused by this resulting into loss of millions per month , Voyager have found an escape route through making minor changes which will be accepted without further voting from creditors thus allowing completion of asset purchase by Binance US