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Highlights
- Sullivan & Cromwell has emerged as the forerunner in the prestigious monitorship role for Binance.
- The primary responsibility will be to Binance's adherence to its plea agreement.
- Binance chief CZ faces criminal sentencing this year in April.
New York-based prominent law firm Sullivan & Cromwell is set to be designated as the independent monitor for Binance Holdings Ltd. This decision comes in the wake of the crypto giant’s multibillion-dollar settlement with the US government.
Sullivan & Cromwell Emerges as Top Contender for Binance Monitorship
Sources familiar with the matter told Bloomberg that Sullivan & Cromwell has emerged as the frontrunner for the prestigious monitorship role. This is a lucrative opportunity for the law firm within the legal domain. The firm’s partner and former federal prosecutor, Sharon Cohen Levin, will spearhead the monitorship team, providing formidable expertise to the task at hand.
Although the appointment has yet to receive official confirmation, Sullivan & Cromwell is reportedly at the forefront of considerations. However, the Department of Justice (DOJ) needs to approve the firm for the crucial role, as disclosed by one of the sources familiar with the matter.
Monitorships present lucrative prospects for firms selected for such roles, particularly considering the substantial workload involved in overseeing a company as expansive as Binance. In recent months, numerous consulting and law firms have been competing for this opportunity.
The primary responsibility of the monitor is to verify Binance’s adherence to its plea agreement and to oversee the implementation of measures aimed at rectifying deficiencies in its anti-money laundering and sanctions protocols. The monitor will have access to a wide array of information, including the company’s records, facilities, and personnel. Furthermore, it will use this data to conduct assessments and provide periodic reports to the government.
The $4.3 Billion Settlement
Late last year, Binance pleaded guilty to charges related to anti-money laundering and sanctions violations. As a result, the crypto giant agreed to pay $4.3 billion to resolve a lengthy investigation led by federal prosecutors and regulators. As part of this settlement, both the Justice Department and the Treasury’s Financial Crimes Enforcement Network imposed monitorships, spanning three and five years, respectively.
Binance now faces the significant task of enhancing its compliance program, which includes the meticulous identification and reporting of tens of thousands of suspicious transactions. Additionally, Binance’s founder, Changpeng Zhao, pleaded guilty to violating banking regulations and is facing a sentence, recently delayed to April.
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