Business News Report
June 23, 2023

Binance Beefs Up Legal Team with Former DOJ Prosecutor as it Battles SEC Lawsuit

In Brief

Binance has hired former U.S. Department of Justice Attorney General, M. Kendall Day, to represent the company in its ongoing lawsuit with the SEC.

M. Kendall Day was previously chief of the money laundering and asset recovery section at the DOJ.

Binance has hired former U.S. Department of Justice (DOJ) Attorney General, M. Kendall Day, as it prepares for a criminal prosecution amidst an ongoing lawsuit with the SEC, per a Bloomberg report

Binance Beefs Up Legal Team with Former DOJ Prosecutor as it Battles SEC Lawsuit

According to a filing released on Thursday, Day will serve as Binance’s counsel. Day has been a partner at Gibson, Dunn & Crutcher LLP for the past five years. Prior to that, he worked at the U.S. DOJ for 15 years, where he held various roles across different departments. From 2013 to 2014, Day was chief of the money laundering and asset recovery section at the DOJ and deputy assistant attorney general from 2017 to 2018.

This new hire comes after John Reed Stark, a former official at the US Securities and Exchange Commission (SEC) Office of Internet Enforcement, tweeted that the SEC is likely to file a criminal indictment against Binance.

Stark suggested that the DOJ is likely collaborating with the SEC, the Commodity Futures Trading Commission (CFTC), and multiple informants or whistleblowers. While the CFTC and SEC cases focus primarily on regulatory violations and fraud, Stark believes that money laundering is the prosecutorial territory reserved for the DOJ.

Prior to engaging Day’s legal services, Binance recently added four lawyers from Milbank LLP to its legal team. One of the four lawyers from Milbank LLOP is George Canellos, former chief of the major crimes unit in the U.S. Attorney’s Office for the Southern District of New York and former head of the SEC’s New York Office and former co-director of the SEC enforcement division.

On Jun 18, Binance reached an agreement with the SEC to keep customer assets in the US in order to avoid a full asset freeze. This agreement ensures that customer’s funds cannot be moved offshore. A US district judge has approved the consent order, which was filed last Saturday.

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About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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