An Upcoming Appointment
Sullivan & Cromwell, the New York law firm renowned for handling the FTX bankruptcy, is on the brink of securing a new high-profile role as an independent monitor for Binance Holdings Ltd. As reported by Bloomberg, the firm stands as the frontrunner in a competitive race to become the trusted observer for the world’s leading cryptocurrency exchange.
Leadership and Expertise
Sharon Cohen Levine, a former federal prosecutor and a partner at Sullivan & Cromwell, is rumored to be the lead of the potential surveillance team. Her involvement would bring significant legal acumen to the position, leveraging her extensive experience in the field.
Impending Confirmation
While the final agreement has not been officially inked, indications from the Justice Department suggest that Sullivan & Cromwell’s appointment is imminent, with the firm already singled out as the top choice for this role.
A Record of Involvement
The law firm is no stranger to high-stakes financial oversight, having billed over $153 million for their services in the FTX bankruptcy case from November 2022 to November 2023, translating to an impressive monthly average of $11.8 million.
Settlement and Responsibilities
In a recent turn of events, Binance Holdings Limited acknowledged guilt and consented to a staggering $4.3 billion settlement to resolve the U.S. Department of Justice’s investigation into the exchange’s operations. The allegations pointed to intentional omissions in obtaining a license, which purportedly allowed Binance to facilitate multibillion-dollar cryptocurrency transactions without adequate Know Your Customer (KYC) and transaction monitoring protocols, particularly concerning U.S. customers.
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