SEC vs Binance : Former SEC official says “Binance is Clearly Preparing for a Criminal Prosecution” – Coinpedia Fintech News

The U.S. Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance, along with its CEO Changpeng Zhao (CZ). According to John Reed Stark, a former high-ranking official in the U.S. Securities and Exchange Commission (SEC), he believes that Binance maybe getting ready for a potential criminal prosecution in the United States. 


Stark took to his Twitter handle and highlighted the addition of George Canellos, a former government prosecutor, to Binance’s legal defense team as an indication of the exchange’s anticipation of facing legal action.

“Canellos possesses a rare and remarkably special combination of skill sets — having served as both an SEC prosecutor and a Department of Justice (DOJ) prosecutor. Think Liam Neeson meets Perry Mason,” he said. 

Stark points out that Binance has recently added George Canellos, a former government prosecutor and current partner at the law firm Milbank LLP, to its legal defense team.

Canellos has extensive experience in prosecuting and defending white-collar criminal cases and civil actions related to securities laws, with over two decades of experience in the field, he said.

He added, “Binance is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world. But I doubt even Ironman, Captain America and the Hulk could get Binance out from their current perilous legal quagmire.”

He previously worked at the SEC, including serving as the co-director of its enforcement division, and as an assistant US attorney at the Southern District of New York US Attorney’s Office. Given the seriousness of the fraud allegations made by the SEC and the Commodity Futures Trading Commission (CFTC) against Binance, Stark predicts that if individuals are convicted of crimes related to Binance, the U.S. Department of Justice (DOJ) may ‘seek prison times’.

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