Binance US has made a remarkable hire to deal with the SEC lawsuit.
Binance’s US arm has made a notable recruitment in its legal battle for the SEC’s lawsuit. Binance US has hired the SEC’s former executive director.
Binance US Gets Notable Hiring From SEC
Binance US has hired former SEC Executive Co-Director George Canellos as it battles the charges. George Canellos joined the defense of Binance US along with four attorneys from Milbank LLP. Canellos has previously supervised nearly 1,300 attorneys in investigations with the SEC and has been involved in a variety of cases, including insider trading cases. The SEC has sued Binance US and its owner, Changpeng Zhao, for securities violations.
The SEC alleges violations of U.S. securities laws, including misuse of client funds and providing misleading information, in the lawsuit. Last week, the SEC requested a temporary restraining order to freeze the assets of Binance.US to protect client funds. Binance, on the other hand, denied the allegations.
George Canellos’ team includes three other attorneys who have joined Binance US’s defense team. These lawyers have experience dealing with a variety of criminal litigation, bankruptcy litigation and other controversial issues.
Binance US also announced its payment and banking partners’ intent to discontinue support for dollar channels on the platform. This shows that users will not be able to make deposits and withdrawals in dollars and will only focus on cryptocurrency transactions.
