Sullivan & Cromwell to monitor Binance compliance

Following Binance Holdings Ltd.’s historic $4.3 billion settlement with US authorities, Sullivan & Cromwell, a leading law firm headquartered in New York, is positioned to assume the crucial role of an independent monitor. This development comes amid heightened scrutiny surrounding Binance’s compliance with anti-money laundering (AML) and sanctions regulations, marking a significant step toward restoring trust in the cryptocurrency giant.

Seasoned prosecutor to lead oversight team

Heading the monitorship team is Sharon Cohen Levin, a partner at Sullivan & Cromwell renowned for her expertise in financial crimes. With her extensive background as a former federal prosecutor, Levin is poised to provide strong leadership in ensuring Binance’s compliance with the terms of its plea agreement. While official confirmation of the appointment is pending, Sullivan & Cromwell stands as the frontrunner, pending approval from the Department of Justice (DOJ), according to sources familiar with the matter.

Monitorships present lucrative opportunities for law firms, given the significant workload involved in overseeing companies like Binance. The primary responsibility of the monitor will be to verify Binance’s compliance with its plea agreement and oversee the implementation of measures aimed at rectifying deficiencies in its AML and sanctions protocols. This will involve comprehensive assessments and periodic reporting to the government, leveraging access to Binance’s records, facilities, and personnel.

Restoring trust through legal oversight

The selection of Sullivan & Cromwell underscores the seriousness of Binance’s compliance obligations. With seasoned professionals like Sharon Cohen Levin leading the charge, the monitorship team is set to take a rigorous approach to overseeing Binance’s efforts to address regulatory concerns. This appointment marks a pivotal step in Binance’s journey toward rebuilding trust and credibility after regulatory challenges.

In conclusion, the appointment of Sullivan & Cromwell as the independent monitor for Binance Holdings Ltd. represents a significant milestone following the crypto giant’s multibillion-dollar settlement with US authorities. With Sharon Cohen Levin at the helm, the monitorship team is poised to ensure Binance’s adherence to regulatory mandates, fostering transparency and accountability within the cryptocurrency industry.

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