- According to a recently released court filing, Binance Holdings Ltd., the biggest cryptocurrency exchange globally, has enlisted the expertise of a former white-collar prosecutor from the Department of Justice to act as its legal representative in the Securities and Exchange Commission (SEC) lawsuit.
- Binance has retaliated against the SEC by filing a lawsuit to counter the misleading accusations.
According to a recently released court filing, Binance Holdings Ltd., the biggest cryptocurrency exchange globally, has enlisted the expertise of a former white-collar prosecutor from the Department of Justice to act as its legal representative in the Securities and Exchange Commission (SEC) lawsuit. Binance has retaliated against the SEC by filing a lawsuit to counter the misleading accusations.
Binance Enlists Former Department of Justice Prosecutor for SEC Lawsuit Defense
According to Bloomberg, a filing reveals that M. Kendall Day will serve as legal counsel for Binance in the SEC case. Currently a partner at Gibson Dunn & Crutcher’s Washington DC office, Day brings extensive experience to the role, having previously served as the acting deputy assistant attorney general at the Criminal Division of the Department of Justice for 15 years, as stated in his biography on the Gibson Dunn website.
During his tenure at the Department of Justice, Day held the position of chief of the Money Laundering and Asset Recovery Section, where he had nationwide oversight over the department’s efforts to combat money laundering. This included handling charges related to money laundering, as well as negotiating deferred prosecution and non-prosecution agreements with financial institutions, as outlined on the Gibson Dunn website.
In recent weeks, both Binance and Binance.US have been strengthening their legal team in preparation for the SEC case. The company has also brought on board George Canellos, a former co-director of enforcement at the SEC.
Binance Bolsters Legal Team to Battle SEC Allegations
Binance, along with its CEO Changpeng Zhao, and Binance.US, a related exchange, have recently faced charges from the SEC. These charges include allegations of mishandling customer funds, providing misleading information to investors and regulators, and violating securities regulations. Additionally, the SEC is seeking the return of cryptocurrency owned by customers in the United States.
Binance has been under scrutiny from multiple US agencies, including the Department of Justice, as part of ongoing investigations. Recently, Binance.US reached an agreement with the SEC, which imposes restrictions on Binance Global officials from accessing customer funds. Changpeng Zhao, commonly known as CZ, expressed relief regarding this development through a tweet on June 17.
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