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Submitted by ckanon@abi.org on
The U.S. Government's case against Binance.US’s proposed acquisition of bankrupt crypto lender Voyager Digital gained further strength as a judge ordered the firms to halt their merger, pending a government appeal, Cryptonews reported. The new ruling marks a turn of events after another judge earlier this year allowed the acquisition of Voyager by Binance’s American branch to proceed, despite government’s opposition to it. At the time, the government’s opposition to the merger was described as “vague” by Hon. Michael Wiles, but with the latest ruling from U.S. District Judge Jennifer Rearden, the two firms will still need to wait for the government to prepare and file its appeal. “Upon consideration of all parties’ written submissions, as well as the conferences and oral argument held in this matter, the Government’s emergency motion is hereby granted,” Judge Rearden wrote in the court order. In the past, a court filing in the case has shown that a large majority of Voyager Digital’s account holders support an acquisition by Binance. According to the filing, 97% of account-holders supported Binance’s plan, while just 3% were opposed to it. However, that has not stopped various U.S. regulators from opposing the deal.