Renowned New York law firm Sullivan & Cromwell is positioned to be the forthcoming independent monitor for Binance Holdings Ltd in the aftermath of the cryptocurrency firm’s multibillion-dollar settlement with the U.S. government. This follows Binance’s agreement to a monitorship condition as part of a plea deal with the Department of Justice (DOJ).
According to those close to the selection process, the esteemed Sullivan & Cromwell is presumed to excel among contenders vying for the essential watchdog role. This prospective appointment, rich in benefits, is expected to be led by Sharon Cohen Levin, a former federal prosecutor and partner at the law firm, stated an anonymous source familiar with the matter.
Binance pled guilty to criminal charges the previous year, thus highlighting the need for a trustworthy monitor to ensure compliance with the stipulations of the DOJ deal. Nevertheless, it’s noteworthy that the appointment of Sullivan & Cromwell is not yet formally pronounced and the situation could change pending final decisions.
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