The SEC isn’t too eager on this concept, nonetheless. It claims the transactions essential to redistribute the belongings belonging to Voyager clients might violate the company’s guidelines towards promoting or providing unregistered securities. The company additionally cites quite a few considerations in regards to the deal and says Binance.US doesn’t “adequately describe whether or not third events” can have entry to buyer wallets.
In the meantime, the New York Division of Monetary Companies (NYDFS) has one other criticism, alleging Voyager operated “illegally” within the state with out a license and “disadvantaged” New York clients of the patron protections granted by the state’s supervision. It additionally notes that as a result of Binance.US isn’t licensed or accessible in New York, Voyager clients primarily based within the state might have to attend longer to achieve entry to their funds when in comparison with clients in states the place the service is out there.
“New York Account Holders can have no means to regulate the belongings of their accounts, together with whether or not to promote the cryptocurrency to keep away from additional threat within the unstable cryptocurrency market,” the NYDFS writes. “In distinction, Account Holders in jurisdictions apart from Unsupported Jurisdictions (‘Supported Jurisdictions’) can have the liberty to commerce the cryptocurrency owed to them, outlined as ‘Internet Owed Cash’ within the APA, as soon as their Binance US accounts are arrange and their belongings are migrated.”
