Binance.US, the U.S. entity of crypto exchange Binance, has added four lawyers from Milbank LLP to its legal team including George Canellos, a former co-director of the Security and Exchange Commission's enforcement division.
Canellos oversaw about 1,300 attorneys at the SEC and was also chief of the major crimes unit at the U.S. Attorney’s Office in the Southern District of New York, Bloomberg News reported. The move came as the crypto exchange faces a lawsuit filed against it last week by the regulator.
"Binance is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world," John Reed Stark, a former SEC Office of Internet Enforcement Chief, said on Twitter.
Other Milbank lawyers added to the team include Adam Fee, Matthew Laroche and Andrew LeBlanc. The firm didn't immediately respond to a request for comment from The Block.
In a June 5 lawsuit, the SEC alleged major malfeasance and legal violations that it argues should result in prohibiting the company from doing further business in the country.
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