New York Law Firm Set to Become Binance Compliance After US Settlement

Binance and Sullivan Cromwell banners

New York law firm Sullivan & Cromwell, renowned for its involvement in FTX’s bankruptcy case, is poised to undertake a pivotal role as Binance’s independent monitor. Following Binance Holdings Ltd.’s substantial multibillion-dollar settlement with the US government, Sullivan & Cromwell emerges as the leading contender for overseeing Binance’s compliance with its plea agreement.

In The Wake of Binance Settlement

A Bloomberg report said that, tasked with rectifying deficiencies in anti-money laundering and sanctions programs, the firm’s potential appointment underscores Binance’s commitment to regulatory adherence and industry integrity. Sharon Cohen Levin, a former federal prosecutor and partner at Sullivan & Cromwell, is anticipated to lead the monitorship team, according to undisclosed sources familiar with the matter.

New York-based law firm Sullivan & Cromwell, already deeply involved in handling FTX’s bankruptcy case, is poised to take on a pivotal role as Binance’s independent monitor. The move comes in the wake of Binance Holdings Ltd.’s landmark multibillion-dollar settlement with the US government.

Ahead of The Competition

Tasked with overseeing Binance’s adherence to its plea agreement and rectifying deficiencies within its anti-money laundering and sanctions protocols, Sullivan & Cromwell emerges as a leading contender for the highly sought-after monitorship. Individuals familiar with the selection process reveal that the white-shoe firm stands ahead of a competitive pool of legal practitioners and consultants angling for this lucrative supervisory position.

Sources close to the matter suggest that former federal prosecutor and Sullivan & Cromwell partner Sharon Cohen Levin is poised to spearhead the monitorship team. However, owing to the sensitive nature of the issue, the identity of the sources remains undisclosed, emphasizing the confidential nature of the discussions surrounding Binance’s compliance measures.

Navigating The Complex Compliance Landscape

Sullivan & Cromwell’s potential appointment underscores the gravity of Binance’s commitment to addressing regulatory concerns and fortifying its standing within the cryptocurrency industry. With an experienced legal team at the helm, Binance aims to navigate the complex landscape of compliance with precision and integrity, charting a course towards sustainable growth and regulatory compliance in the evolving digital financial ecosystem.

Author: Candace

Candace loves the arts. She holds some bitcoins.