However, the SEC isn’t too keen on this idea. It alleges that the transactions required to redistribute Voyager clients’ assets may violate the agency’s rules against selling or offering unregistered securities. The agency also cites numerous concerns about the deal, saying that Binance.US is not “adequately describing whether third parties” will have access to customer wallets.
Meanwhile, the New York Department of Financial Services (NYDFS) has filed another complaint, alleging Voyager was operating “illegally” in the state without a license and “deprived” New York customers of the consumer protections provided by state oversight. It also notes that because Binance.US is not licensed or available in New York, Voyager customers in the state may have to wait longer to access their funds compared to customers in states where the service is available.
“New York account holders will not be able to monitor the assets in their accounts, including whether they need to sell the cryptocurrency to avoid further risk in the volatile cryptocurrency market,” writes the NYDFS. “Account holders in jurisdictions other than non-assisted jurisdictions (“assisted jurisdictions”), on the other hand, have the freedom to trade the cryptocurrency owed to them, defined as “Net Owed Coins” in the APA, once their Binance US accounts have been set up and their assets are migrated.”