FTX bankruptcy firm Sullivan & Cromwell tipped for Binance monitor role
Sullivan & Cromwell, the law firm involved with the ongoing FTX bankruptcy case, is reportedly set to be appointed as Binance’s independent monitor, following its $4.3 billion settlement with the US government.
As reported by Bloomberg, anonymous sources close to the matter claim that Sullivan & Cromwell is the US Justice Department’s number-one pick, and its approval is close.
Sullivan & Cromwell reportedly beat out an array of rival legal firms for the position and firm partner Sharon Cohen Levin is likely to lead the monitorship team.
The role will give Sullivan & Cromwell access to Binance records, including details on past and present employers, and its facilities. The firm will then update the government at least six times over the coming years on any potential misconduct from Binance.
Read more: Did Binance ex-chief CZ really come to the US voluntarily?
If there’s misconduct involving senior management, threats to national security, or obstruction of justice, the law firm isn’t obliged to inform Binance and can report it directly to US authorities. Binance agreed to the probe as part of its plea agreement and will have to fix its compliance and anti-money laundering programs.
Sullivan & Cromwell handled FTX’s bankruptcy case, receiving $110 million in legal fees. Sam Bankman-Fried’s lawyers reportedly blamed the firm for setting him up as the fall guy following FTX’s collapse.
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