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Based on a courtroom doc filed just lately within the Voyager Digital chapter case, the U.S. Federal Commerce Fee (FTC) is investigating the advertising and marketing of the crypto agency. Just like the U.S. Securities and Trade Fee (SEC), the FTC has objected to Binance US buying Voyager’s belongings.
FTC’s Objection to Voyager’s Proposed Sale Plan Might Affect Chapter
In a submitting in chapter courtroom registered on Feb. 22, 2023, the U.S. Federal Commerce Fee (FTC) detailed that it’s investigating the advertising and marketing schemes of the crypto agency Voyager Digital. “The FTC has commenced an investigation into sure acts and practices of [Voyager] and [the] debtors’ staff, administrators, and officers, for his or her misleading and unfair advertising and marketing of cryptocurrency to the general public,” the grievance explains.
The FTC submitting says the proposed sale of the debtor’s belongings would intervene with the present probe, which may primarily discharge Voyager and particular workers members from alleged “fraud-related money owed held by a governmental unit.” The FTC isn’t the one authorities company investigating Voyager. Texas’s securities regulator and legal professional basic objected to FTX buying Voyager previous to FTX’s collapse.
The Securities and Trade Fee (SEC) objected to the proposed acquisition by Binance US. Regardless of the objection, Voyager obtained courtroom approval to proceed with the sale. Voyager’s authorized illustration, Allyson Smith of Kirkland & Ellis, instructed the courtroom the sale is “on monitor” to proceed. “We’re on monitor and don’t anticipate any obstacles,” Voyager’s lawyer confused. Nevertheless, the newest submitting by the FTC insists that the debtors are “not entitled to a discharge right here.”
“Additional, even when debtors had been entitled to a discharge (via operation of consensual releases, for instance), the code particularly precludes the discharge of fraud-related money owed held by a governmental unit,” the FTC’s objection concludes. “Wherefore, for the foregoing causes, the FTC respectfully requests the courtroom deny affirmation of the debtors’ proposed plan; strike Part VIII.B and D of the proposed plan; or grant some other reduction the Courtroom deems simply and correct.”
What do you concentrate on the Federal Commerce Fee saying it’s investigating Voyager Digital’s advertising and marketing practices? Tell us what you concentrate on this topic within the feedback part under.
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