The Texas Securities Commission opposes the proposed transaction between Binance.US and Voyager, stating that the terms and restructuring plan are inadequately disclosed

ChainCatcher news, according to a court document dated February 24, the Texas State Securities Board and Banking Department oppose the proposed transaction between Binance.US and the bankrupt cryptocurrency lender Voyager Digital. According to the document, Binance.US's terms of service and restructuring plan contain many "inadequate" disclosures, including failing to adequately inform unsecured creditors that under the plan, they may only recover 24%-26%, instead of the 51% recovery available under Chapter 7.

The document also notes that the company's disclosure statement did not inform account holders that they must allow "the transfer of personal sensitive information at Binance's request, thereby depriving account holders of any legal recourse for any issues that may arise." Furthermore, the document claims that the plan "unfairly discriminates against Texas consumers." Since Texas is not a jurisdiction supported by Binance.US, after the agreement is signed, the digital assets of customers in the state will be held by Voyager for 6 months, during which time Binance.US will seek licensing in the state.

According to ChainCatcher previous reports, on February 23, the U.S. SEC opposed Binance.US's $1 billion Voyager deal and accused it of selling unregistered securities. (Cointelegraph)