Binance hires former U.S. Justice Department prosecutor to sue SEC
Crypto exchange Binance has hired former U.S. Justice Department prosecutor M. Kendall Day as an attorney to litigate with the SEC
Crypto-exchange strengthens legal team as it prepares to defend its interests in litigation with U.S. regulator
Binance has hired a former U.S. Justice Department attorney to sue the U.S. Securities and Exchange Commission (SEC), Bloomberg writes, citing court documents. They say that former Deputy Assistant Attorney General M. Kendall Day will act as an attorney for the defendants in the litigation.
In early June, the SEC accused Binance, it's head Changpeng Zhao and Binance.US of violating securities regulations as well as mismanaging customer funds. In response, the exchange has been busy bolstering its legal staff.
"The trend is to tighten the screws. What will the conflict between the SEC and Binance lead to?
М. Kendall Day specialized in criminal matters and also headed the anti-money laundering and asset recovery division, according to Gibson Dunn's website.
Binance also hired four lawyers from the Milbank firm. One of them is George Canellos, who has worked for both the SEC and the U.S. Department of Justice. He has supervised some 1,300 SEC attorneys as part of its investigations.
Cryptoblogger Ben Armstrong, known by his nickname BitBoy Crypto, reports that the crypto exchange is willing to shell out $1 billion in legal expenses related to the SEC proceedings.
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