Lots of will-it-won’t-it happening with the approved buy pending sale of Voyager ($VGX) to Binance.US.
The Texas Department of Banking and the Texas State Securities Board filed an objective with the New York court handling the Voyager bankruptcy.
Long story short: according to Texas, Binance.US isn’t as independent as Binance’s founder and CEO, Changpeng Zhao (CZ), claims.
CZ owns CPZ Holdings. CPZ Holdings owns BAM Trading and BAM Management – which runs Binance.US.
In effect, CZ owns and controls both Binance and Binance.US, so not as independent and separate as it appears.
Additionally, New Jersey backed Texas’ filing citing Voyagers creditors were not sufficiently alerted to the risks of a $445 million loan from Alameda Research.
Essentially, the recovery of 51% could be cut in half to 24% – 26% if Alameda gets its way.
With U.S. regulators going after Binance’s stablecoin $BUSD, you’d think things couldn’t get worse – until they do. On-chain analytics show BUSD’s supply on exchanges has dropped from $22 billion to slightly under $10 billion.
The digital equivalent of kicking someone already down happened last night when the $BNB-based DeFi protocol LaunchZone was hacked for $700,000.
We’ll keep you updated as Binance’s woes continue to mount.