- A seasoned lawyer has analyzed the substance of the SEC charges
- They go beyond simple fines
- And foreshadow criminal cases with real terms
Lawyer and former SEC head John Reed Stark predicts that the U.S. Justice Department will open a criminal case against Binance. They may have already done so under a seal of secrecy.
The expert has worked for the SEC Enforcement Division and the DOJ for nearly 20 years. He knows this “kitchen” from the inside. So sees a number of indications that authorities are already preparing a criminal case against Binance.
“The wording of the CFTC and SEC complaints looks more like criminal charges. It identifies articles on fraud, deceit, obstruction of justice and money laundering.”
John Reed-Stark pointed out that today’s lawsuits are just the tip of the iceberg. Given the seriousness of the CFTC and SEC charges, the DOJ will pursue a criminal case. And anyone found guilty of crimes related to the Binance exchange will receive prison sentences.
The exchange is probably considering such a scenario as well. So Binance decided not to skimp on lawyers and hired four leading experts from Milbank LLP. One of them is George Canellos, who has been nicknamed “Rambo in the Law World.”
Today will be a big day, as the court decides on the possible freezing of Binance.US assets. The Exchange has filed a petition and asks that such a decision not be taken because it threatens liquidation of the company.
The Exchange has filed a petition and asks that such a decision not be taken because it threatens liquidation of the company.