Firm handling FTX’s bankruptcy set to be appointed as Binance’s watchdog

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New York-based regulation agency Sullivan & Cromwell could also be appointed as an unbiased monitor for Binance Holdings Ltd.

In accordance with a Bloomberg report, Sullivan & Cromwell is the main contender for the coveted observer place, possible beating out a crowded discipline of legal professionals and consultants vying for what’s seen as a profitable observer function.

The outlet’s sources imagine former federal prosecutor and agency associate Sharon Cohen Levine will possible lead the surveillance workforce, based on an nameless insider cited by Bloomberg.

Though the appointment has but to be formally signed, Sullivan & Cromwell is on the high of the record, and the Justice Division is near confirming the agency, one of many folks stated.

Sullivan & Cromwell can be concerned in the bankruptcy process of the FTX cryptocurrency trade. From November 2022 to November 2023, Sullivan & Cromwell billed greater than $153 million on this case. Within the FTX chapter case, Sullivan & Cromwell earned a median of $11.8 million month-to-month.

In November, Binance Holdings Restricted pleaded responsible and agreed to pay $4.3 billion to resolve the U.S. Division of Justice’s investigation into the trade. U.S. authorities stated Binance deliberately withheld a license to stop regulators from discovering that the corporate was facilitating “billions of {dollars} in cryptocurrency transactions on behalf of its clients, together with U.S. clients, with out implementing applicable KYC procedures and conducting satisfactory transaction monitoring.”

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