Voyager Digital, a cryptocurrency exchange, has reportedly sent $150 million worth of USDC stablecoin to Circle as part of its strategy to offload its crypto assets. The transfer was made to eventually redeem for US dollars, according to on-chain data. This move comes despite objections from regulators who believe that Voyager's plan to sell its crypto may violate securities law.
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The transaction was made from Voyager Digital's Ethereum wallet, "Voyager 1," and sent to Centre, a joint venture between Coinbase and Circle, at 4 p.m. EDT. This transfer is part of a larger effort by Voyager Digital to offload its crypto assets. In February, the exchange transferred around $154.4 million in USDC off Coinbase to its publicly tagged "Voyager 1" Ethereum wallet. The latest transfer indicates that Voyager Digital is trying to convert those funds into US dollars.
However, regulators have expressed concerns over Voyager Digital's plans to sell its crypto assets. The Securities and Exchange Commission, the New York Department of Financial Services, and the Attorney General of the State of New York have all objected to Binance.US's amended plan to acquire crypto lender Voyager, citing concerns that Voyager's attempt to sell its crypto may violate securities laws.
Despite the regulatory opposition, Voyager Digital has continued with its asset offloading strategy. The exchange has not commented on the recent transfer. It remains to be seen how the regulators will respond to Voyager Digital's actions and whether the exchange's plans to sell its crypto assets will ultimately be successful.
