DOJ Refuses NY Law Firm for Binance Oversight Due to FTX Links  

Due to its work for rival exchange FTX, the Department of Justice (DOJ) is reviewing a famous New York legal firm for a crucial Binance assignment.  

The DOJ and FinCEN imposed Binance's court-ordered oversight as part of a plea agreement for anti-money laundering and sanctions offenses.  

Monitorship would last three to five years.Sullivan & Cromwell, FTX's bankruptcy law firm, was Binance's inaugural independent monitor.   

This appointment was required under the $4.3b agreement in which Binance admitted to violating US money-laundering and trade restrictions.  

Sharon Cohen Levin, a former federal prosecutor and firm partner, was to oversee the monitorship team.  

Conflicts Spark DOJ Binance Monitor Review. However, Bloomberg reported Tuesday that DOJ officials are concerned about the legal firm's criticism for its work for FTX, a Binance competitor.  

Due to these concerns, the department is considering other monitorship applicants.  

FinCEN still wants Sullivan & Cromwell, sources told the newspaper.Cryptonews received no response from Sullivan & Cromwell, the DOJ, or FinCEN by press time.  

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