This top lawyer is tasked with saving the crypto exchange from the SEC

There are countless allegations against Binance: from violations of US law, to money laundering, to the misappropriation of customer funds. In the USA they want to put the largest crypto exchange on trial. The CFTC and SEC have already started their lawsuits. observer believe it is only a matter of time before the US Department of Justice (DOJ) follows suit.

Binance is preparing for this scenario, hiring top lawyers who are estimated to cost $1 million a day. One of them is M. Kendall Day. Loud Bloomberg he is said to represent CZ’s crypto empire as legal counsel in court, initially only against the SEC. If you look at his resume LinkedInbut a long-term plan is revealed.

This is the new Binance chief attorney

Day is a partner at Gibson, Dunn & Crutscher, an internationally renowned law firm that has represented clients such as former President George W. Bush, Meta founder Mark Zuckerberg and the tech giant Apple.

Before that, Day held various positions at the DOJ over a 15-year period, but left the department in February 2018. Before leaving, he may have seen the investigation into Binance begin. Among other things, he headed the “Money Laundering and Asset Recovery” department at the Ministry of Justice for more than two years. His knowledge is likely to be one of the main reasons for his signing by Binance.

When is the DOJ hammer coming?

However, it is still unclear whether and, above all, when the Ministry of Justice will bring charges. The evidence is growing, also because the top law enforcement agency has declared war on illegal activities on crypto exchanges. According to Reuters, however, the ministry is currently divided on whether charges should be brought. We want to gather more evidence.

Phil Hamacher comes to this conclusion. The lawyer for the law firm ATN explains in an interview with BTC-ECHO: “We will wait and see how Binance behaves towards the SEC.” The DOJ will then use the results of the proceedings in its own investigations, the lawyer continued.

The DOJ is therefore following the processes of the SEC and the CFTC with eagle eyes. The evidence is overwhelming in places, also because former employees seem to be cooperating with the authorities. So far, the SEC has not been able to provide real evidence of misappropriation of customer funds. These could be delivered later if you look at the Binance.US books. A court approved the agreement on Monday. The SEC also wanted to look at the balance sheet of the main platform. However, Binance refused.