While the Securities and Exchange Commission (SEC) reinforces its regulation against the platform of Changpeng Zhao (CZ), Binance US did not sit back and implement a bold defense strategy. To protect its interests, Binance.US has recently recruited George Canellos, former co-director of the SEC’s enforcement division.
Former SEC director George Canellos joins BINANCE.US to defend against fraud charges
Accusations of SEC against Binance.US surprised both the crypto community and the platform itself. The latter had recently declared that it had been actively cooperating with the regulator for the past two years.
In response to SEC, Binance.US has decided to strengthen its defense by recruiting George Canellos, former director of the SEC, and four lawyers from Milbank LLP.
The arrival of Canellos, the current global head of the litigation and arbitration group at Milbank, is a major asset for Binance. His solid experience in supervising over 1,300 lawyers at the SEC, in the context of numerous investigations, reinforces his added value.
John Reed Stark, former head of the SEC’s Office of Internet Enforcement commented on the hire, calling Canellos “an individual with a rare combination of skills.”
Canellos possesses a rare and remarkably special combination of skills – having served as both an SEC prosecutor and a Department of Justice prosecutor. Imagine a cross between Liam Neeson and Perry Mason.Statement by John Reed Stark
Industry experts also see this decision as strategic, given the experience of Canellos as a prosecutor at the SEC and the Department of Justice.
Following the SEC’s actions, several banks severed their ties with Binance.US, resulting in the suspension of USD deposits on the platform. In addition, it is believed that the US Department of Justice may have filed or be in the process of filing under seal a criminal indictment related to Binance. The recent decision to hire experienced lawyers could increase Binance’s chances of success against U.S. regulators.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.