In preparation for the ongoing lawsuit with the US Securities and Exchange Commission (SEC), Binance.US has hired former SEC enforcement division co-director, George Canellos, to its legal staff. Moreover, the company hired four lawyers from Milbank LLP as it prepared for legal action.
The SEC introduced a host of charges against Binance last week. Specifically, the regulatory agency cited SU securities law violations in the more than 13 charges filed. Subsequently, Binance.US is gearing up to defend itself from the agency.
Binance.US Bolsters Legal Team with Former SEC Director
The entire cryptocurrency industry was shaken by the action taken by the SEC last week. Specifically, two of the most prominent exchanges on the market had been targeted in recent enforcement action taken by the agency. Now, one of the exchanges targeted is preparing to defend itself.
Binance.US has hired former SEC enforcement division co-director George Canellos to its legal staff. Moreover, the hiring coincides with three other lawyers the company has employed since the charges were filed. Ultimately, the collective additions bolster experience in various criminal cases and bankruptcy proceedings.
Bloomberg initially reported the hiring as Binance.US is seemingly preparing for prosecution. Alternatively, Canellos is the head of the litigation and arbitration group at Milbank, the report states. However, he previously oversaw nearly 1,300 attorneys at the SEC regarding the agency’s investigative actions.
Before his stint with the SEC, Canellos was the Chief of Major Crimes at a US Attorney’s Office. Subsequently, Binance.US is undoubtedly adding a legal team member with a plethora of experience on the other side of the aisle. Conversely, it all but assures that the exchange is expecting tough litigation in its ongoing fight with the US regulator.