The SEC has objected to an attempt by the American franchise of Binance to buy up assets from the bankrupt crypto lender Voyager Digital, saying more information about the deal is needed.

The “limited objection” from the SEC came in a court filing on Wednesday, where the SEC said Binance. US in its disclosure statement had failed to provide sufficient details on its ability to close the deal, Reuters reported.

In addition to requesting more details about the deal, the SEC also said it needed more information about the nature of the planned business operations after Voyager assets have been taken over by Binance.US.

Binance. US has previously announced the takeover of distressed assets from Voyager Digital in a deal that valued Voyager at about $1bn. Under the deal, Binance. US was to make a deposit of $10m, and reimburse Voyager for certain expenses up to $15 million. In total, the purchase price is $20 million, in addition to repayments to Voyager's customers. Voyager Digital filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in July last year, saying at the time that it seeks to implement a reorganization plan and "maximize value for all stakeholders."

Binance. US is led by Brian Shroder, and the company insists it is a fully independent entity that is operated separately from Binance’s global exchange business.