Texas’ State Securities Board and the Department of Banking are objecting to a proposed deal between Binance.US and bankrupted crypto lender Voyager Digital, according to a Feb. 24 court filing 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 Voyager’s assets for $1.022 billion.

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