A U.S. judge has declined to delay the sale of Voyager Digital to Binance Holdings while the Department of Justice (DOJ) appeals the proposed deal. The ruling is a setback for the DOJ, which is seeking to block the acquisition of Voyager, a crypto trading firm, by Binance, a major player in the crypto exchange market.
The DOJ has argued that the proposed acquisition would result in a “substantial lessening” of competition in the crypto exchange market, and has filed a lawsuit to block the deal. However, the judge in the case has ruled that the DOJ failed to provide enough evidence to support their claims.
As a result of the ruling, the sale of Voyager to Binance is set to proceed as planned, pending regulatory approval. The two firms announced the deal in January, with Binance set to acquire Voyager for $500 million in cash and stock.
The proposed acquisition has been controversial, with some industry insiders expressing concerns about the impact it could have on competition in the crypto exchange market. However, both Voyager and Binance have defended the deal, saying it will allow them to offer better services to customers and expand their market reach.
The ruling is a victory for Binance, which has been facing increased regulatory scrutiny in recent months. The company has been the subject of investigations and regulatory actions in several countries, including the United States, the United Kingdom, and Japan.
The DOJ has not yet indicated whether it plans to appeal the judge’s decision. However, the ruling could have implications for other pending cases involving mergers and acquisitions in the crypto industry, as regulators seek to balance the need for competition with the desire for innovation and growth.