Key Points:
The disclosure statement also fails to provide adequate information regarding the transfer, use, and indemnity requirements that account holders must agree to when using Binance.us services. Under Binance.us’s terms of use, customers’ information can be transferred to almost any company or person that Binance.us desires, and if any issues arise, customers have no right to challenge them.
The plan also discriminates unfairly against Texas consumers by holding their assets for six months post-confirmation. Texas argues that holding the assets serves no purpose as it will be almost impossible for Binance.us to be licensed by the Texas SSB and the DOB within six months.
Finally, Texas argues that the releases and injunctions provided for in the plan are nothing more than a disguised discharge, something that the Debtors are not allowed under 11 U.S.C. § 1141(d)(3) of the Bankruptcy Code and should not be approved.
The objection by Texas to the proposed deal between Voyager Digital Ltd. and Binance.us raises significant concerns about the adequacy of information provided to creditors and the potential risks associated with using Binance.us services. The objection also highlights the unfair treatment of Texas consumers under the proposed plan and the potential for Binance.us to gain access to their personal information without adequate regulatory oversight.
Texas has argued that holding the assets serves no purpose and that the releases and injunctions provided for in the plan are nothing more than a disguised discharge, which is not allowed under the Bankruptcy Code.
These objections raise serious questions about the viability of the proposed deal and the potential risks to creditors and consumers. As the case progresses, it will be interesting to see how these objections are addressed and whether the proposed deal can be approved.
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