SEC Challenges Binance U.S. Acquisition, FTX and Genesis Updates

SEC Challenges Binance U.S. Acquisition Deal

The Securities and Exchange Commission (SEC) has raised objections to Binance U.S.'s $1.022 billion acquisition proposal for Voyager Digital. Concerns focus on the adequacy of Binance's disclosure statement, its capacity to manage the transaction, and the protection of customer assets. Additionally, Texas regulators have opposed the deal due to non-compliance with state laws by both companies. Despite these challenges, a bankruptcy court decision on the approval of the acquisition is pending.

Robinhood Shares Seized in FTX Investigation

U.S. prosecutors are seizing $465 million worth of Robinhood Markets shares purchased by Sam Bankman-Fried, the founder of FTX, as part of a fraud investigation. This action, led by the Department of Justice, is separate from the FTX bankruptcy proceedings. Charges against Bankman-Fried include wire fraud and securities violations.

Genesis Requests More Time for Financial Restructuring

Genesis Global Capital's interim CEO, Derar Islim, has informed investors of the need for additional time to address the company's financial issues, exacerbated by the FTX collapse. The cryptocurrency lending firm halted withdrawals in November and is seeking viable solutions to preserve client assets and continue operations.

Celsius Network Gains Ownership of Users' Funds

A federal bankruptcy judge has ruled that Celsius Network owns the cryptocurrencies deposited in its interest-bearing accounts, granting the firm control over $4.2 billion in assets. Celsius is also authorized to sell $18 million worth of stablecoins for administrative expenses. This decision underscores the importance of understanding the terms and conditions associated with crypto deposits.

Hong Kong's Digital Currency Initiative

Hong Kong lawmakers propose the issuance of a digital Hong Kong dollar as a stablecoin, aiming to attract Web3 startups and enhance the region's digital asset ecosystem. This initiative seeks to integrate the stablecoin with decentralized finance (DeFi) platforms, fostering a regulated environment for crypto asset development.