A $1 billion offer by BinanceUS to buy investvoyager will reduce benefits to creditors if a parallel claim by FTX_Official's Alameda Research succeeds, Texas regulators have said. jackschickler reports.
The Binance US deal, worth $1.02 billion, should also be quashed because customers weren’t warned personal data could be transferred to underregulated overseas jurisdictions, said the filing.The document, filed in a bankruptcy court in the southern district of New York, also detailed concerns over Binance’s business model.
"Binance US’ staking program differs from traditional crypto staking and appears to constitute an illegal securities offering,” Joe Rotunda, Director of Enforcement at the Texas Securities Board, said in a statement. Those comments follow enforcement action against crypto exchange Kraken, which had to pay a multi-million dollar fine to the U.S.
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