The war on Voyager’s assets is finally over. Binance and FTX had eyes on the assets, with both companies receiving a rejection. Voyager declined FTX’s proposal, but the United States government limited Binance. In July, Voyager called FTX’s joint offer with Alameda offers a low-bid ball that disrupts the bankruptcy process. ‘
FTX Finally Wins the Bid
FTX did not give up but gave another proposition worth $1.4 billion. Voyager accepted the offer and announced in a press conference that FTX won the bid. It seems like Voyager assets are precious because the bidding war was intense, and it involved top companies in the cryptocurrency industry. FTX was up against Wave Financial, another digital investment firm. Following the buy, Voyager’s token ($VGX) rose by 3.76%.
“Today, after a competitive auction to return maximum value to customers, @FTX_Official U.S. was selected as the highest and best bidder. The press release is linked below. More information about what this agreement means for customers to follow.”
Voyager, the cryptocurrency lending platform, filed for Bankruptcy in July. Cryptocurrency analysts have been looking into the possible reasons for this occurrence, with the main one being using illegal practices in business. According to analysts, the former Canadian-listed firm said issuing unregistered EIPs was a key reason for this collapse.
Regulators and Crypto Lending Platforms
Digital lending platforms are under scrutiny by security regulators. 2022 has not been a good year for crypto lending platforms. Nexo is under scrutiny by regulators. More than eight states in America have filed lawsuits against Nexo for issuing unregistered EIPs. Several firms have been under scrutiny. Celsius, which filed for bankruptcy in July, was under scrutiny by the SEC. Both BlockFi and Celsius offered users unregistered EIPs, violating United States law. Interpol is now after Do Kwon. According to The Block,
“UPDATE: New York and other state regulators have announced enforcement actions against Nexo. Story updated with quotes and documentation.”
The crypto market is slowly adjusting to crypto regulation. Following scams and schemes that cause people to lose life savings, firms like Binance now support crypto regulation. The firm aims to stabilize the markets by partnering with lawmakers in the United States. It wants to help investors by shutting money-laundering schemes posing as cryptocurrency firms. According to Binance official Twitter page,
“#Binance applauds the efforts of the United States Department of Justice (DOJ) in compensating 170,000 victims of the 2017-18 Centra Tech fraud. The U.S. has recovered 100,000 $ETH, which will be used to fund the remission pool.”
Wildwest Crypto Markets
Cryptocurrency regulation firms want to help stabilize the volatile cryptocurrency markets. Top institutions, according to Binance, are not advocating for the centralization of crypto but are looking to protect their names and innocent traders. Small firms that scam people tarnish the reputations of big firms like Binance. The companies are simply advocating for a stable market with blue chip projects.
