Sam Bankman-Fried’s lawyers request extension for bail condition proposal

© Reuters.

Texas’ State Securities Board and the Department of Banking are objecting to a proposed deal between Binance.US and bankrupted crypto lender Voyager Digital, shows a court filing from Feb. 24.

According to the document, Binance.US’s terms of service and restructuring plan contain a number of “inadequate” disclosures, including not informing unsecured creditors adequately that under the plan they may only get 24%-26% recovery, rather than the 51% they would receive under Chapter 7. Binance.US disclosed in December an agreement to buy Voyage’s assets for $1.022 billion.