Media: Binance.US hires former SEC enforcement official

The U.S. arm of the bitcoin exchange Binance hired a former enforcement official from the SEC, George Canellos. Bloomberg reports.

According to reporters, he moved to the unit from Milbank LLP alongside three lawyers. The specialist left the Commission in 2014 after more than four years in various leadership roles, and also headed the Major Crimes Unit at the U.S. Attorney’s Office for the Southern District of New York.

According to John Reed Stark, the former head of the SEC’s Office of Internet Enforcement, Binance “is clearly preparing for criminal prosecution.”

Binance/DOJ Newsflash:

Binance and CZ just added a uniquely qualified criminal defense all-star lawyer to their legal team: George Canellos, former Chief of the Major Crimes Unit in the U.S. Attorney’s Office for the Southern District of New York and former head of the SEC’s New… pic.twitter.com/lQlkZ6oxYc

— John Reed Stark (@JohnReedStark) June 12, 2023

“But I doubt that even Iron Man, Captain America, and the Hulk could pull Binance out of its current dangerous legal quagmire,” the expert added.

On June 5, 2023, the SEC filed a lawsuit against the bitcoin exchange and its CEO Changpeng Zhao. The regulator brought 13 charges, including the sale of unregistered securities. Later, the Commission filed a similar suit against Coinbase.

In response, Binance issued a statement in which it said it would vigorously defend itself.

Earlier, the U.S. arm of the exchange challenged the SEC’s emergency motion to freeze assets, calling it “draconian and overly burdensome”.