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According to the sources, the Department of Justice (DoJ) in the United States has an intention of selecting Sullivan &amp; Cromwell as an independent monitor for<a href="https://www.cryptopolitan.com/could-nigerias-bullying-of-binance-ruin-web3/" rel="noopener noreferrer nofollow"> Binance</a>. This change of perception happened as a result of the filing of cooperation with FTX, which is a very acerbating competitor of Binance.
This kind of monitoring became a way of solving the crimes carried out by Binance, which included violating anti-money laundering laws and sanctions laws. These considerations are given a choice, and the time range may vary between three and five years.
A Bloomberg News release highlights the DOJ’s caution about possible personal conflicts arising from S&amp;C’s position as the bankruptcy attorney for FTX. The credibility of the company, losing control over <a href="https://www.cryptopolitan.com/ftx-bankruptcy-estate-sets-repayment-target/" rel="noopener noreferrer nofollow">FTX’s Chapter 11 bankruptcy</a> case and massive financial transactions, builds the suspicion. This review occurred at a time of critical importance when the Group had the responsibility of ensuring that Binance met with requirements in the U.S.
<h2 class="wp-block-heading" id="strong-sharon-cohen-levin-to-lead-binance-monitoring-strong">Sharon Cohen Levin to lead Binance monitoring</h2>
Although DOJ does not make up its mind at all, FinCEN continues to back Cramer &amp; Sullivan. The law firm’s background in difficult financial litigations and prior experience in monitoring entities are the reasons for its suitability for the proposed monitorship role. An active partner at the firm and a former federal prosecutor, Sharon Cohen Levin was picked out of the members to lead the team that was monitoring Binance.
This problem is further exacerbated by a class-action lawsuit that was filed in February against S&amp;C by investors of FTX, which also alleges the firm’s gross negligence. Plaintiff’s lawsuit alleges that the business was part of FTX’s $8 billion fraud, defrauding investors. The fact is that these legal challenges make it questionable, as the firm has a biased legal nature in terms of impartial management of the oversight of Binance, given its previous client relationships and the information obtained from there.
<h2 class="wp-block-heading" id="strong-doj-fincen-to-address-crypto-regulatory-concerns-strong">DOJ, FinCEN to address crypto regulatory concerns</h2>
However, things are getting difficult for them as the U.S. bankruptcy judge approved a probe into the potential conflict of interest regarding the representations at Sullivan &amp; Cromwell. Prosecutor Robert J. Cleary is running this inquiry to guarantee transparency and ensure honest legal practices in the company’s banking cases.
 The dispute has now become an issue of interest in the public eye as well as for the industry as a whole, so it is clear that the cryptocurrency sector requires transparent and strict control by regulatory authorities. Consequently, the<a href="https://www.bloomberg.com/news/articles/2024-04-15/ftx-controversy-derails-top-law-firm-s-bid-for-binance-role" rel="noopener noreferrer nofollow" target="_blank"> DOJ and FinCEN</a> will need to address these concerns as their acts define the regulatory approach on crypto exchanges and a legal framework of financial transactions in the digital economy in the future.
The final call on the appointment is in limbo since the DOJ is tackling the task of examining other candidates for the significant monitoring function, considering the enforcement procedure’s uprightness.

DOJ reevaluates Sullivan & Cromwell as Binance monitor amid FTX ties

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