Media: Binance prepares for criminal prosecution and hires the best lawyers
The US arm of major cryptocurrency exchange Binance has bolstered its legal team by hiring four attorneys from international law firm Milbank LLP, including George Canellos, former co-director of the Securities and Exchange Commission (SEC) enforcement department. This is reported Bloomberg.
Canellos previously led SEC attorneys in the investigative division. Prior to that, he was chief of the Major Crimes Division at the Attorney’s Office for the Southern District of New York. Canellos left the SEC in 2014.
“Canellos has a rare combination of skills – he has worked as an attorney for the SEC and as an attorney for the Department of Justice,” tweeted John Reed Stark, former head of the SEC’s Internet Enforcement Division.
Stark suggested that in this way the exchange is preparing for criminal prosecution. But only a miracle can save her. Yes, and a miracle, most likely, will not help here:
Binance is clearly preparing for criminal prosecution and continues to hire the best world-class lawyers. But not even Iron Man, Captain America, and the Hulk seem to be able to pull Binance out of their legal quagmire.
Three more attorneys from Milbank have joined the Binance.US team. Adam Fee spent more than five years as an Assistant Criminal Attorney for the Southern District of New York, where he was a member of the terrorism and international drug trafficking unit. Matthew Laroche worked for seven years as an assistant prosecutor in the same unit. He has investigated cases related to cybercrime, espionage, financial corruption, money laundering, the Foreign Corrupt Practices Act and the Foreign Agents Registration Act. The team will also include Andrew LeBlanc, who specializes in disputes arising from corporate bankruptcy.
Last week, the SEC accused Coinbase and Binance of violating federal securities laws. SEC filed a lawsuit against Binance and the head of the company, Changpeng Zhao, for illegal activities in the United States. The regulator also demanded to freeze assets on Binance.US. The exchange denies all allegations.
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