Who is Binance’s New Department of Justice Lawyer M. Kendall Day and Can he Beat the SEC?
Will Binance have enough legal firepower? | Credit: Shutterstock
Key Takeaways
- Binance hired another former DOJ prosecutor
- What Kendall Day brings to the table
- Potential outcomes of a federal case against Binance
Binance has hired Kendall Day, a former DOJ prosecutor. Binance’s legal team now includes two former DOJ prosecutors and two former SEC Enforcement department heads. Day is a white-collar legal expert with more than 15 years as a prosecutor with the Department of Justice (DOJ), formerly leading the DOJ’s Criminal Division as an Acting Deputy Assistant Attorney General (DAAG).
The world’s biggest crypto exchange is now facing multiple lawsuits filed by the SEC. Binance and CZ are also expecting a potential federal case filed by the DOJ, following the SEC lawsuits.
But, who is Kendall Day? How can influence Binance’s case?
Binance Legal Firepower
The world’s biggest exchange has reportedly added Kendall Day to its legal team, joining the likes of William McLucas and George Canellos, in preparation for a potential federal case.
George Cannelos is a former deputy director of the SEC’s Enforcement Department and a former prosecutor. McLucas also led the SEC Division’s Staff where he oversaw countless high-profile investigations and landmark enforcement actions.
Now, Binance’s team welcomes Kendall Day. Day is currently a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher where he co-leads the firm’s Anti-Money Laundering practice. In 2003, he joined the Attorney General’s Honors Program as a prosecutor in the DOJ’s Tax Division. Day also worked for the DOJ in Serbia within the Anti-Corruption as Resident Legal Advisor.
Kendall Day’s career includes the Attorney General’s Award for Distinguished Service, the second highest award for employee performance; the Assistant Attorney General’s Award for Exceptional Service; and the Assistant Attorney General’s Award for Ensuring the Integrity of Government.
On top of all that, worked for the Chief United States District Court Judge Benson E. Legg of the District of Maryland. After leaving the public sector, Day continued to work on distinguished cases in the financial sector, including:
- Representing global financial institutions in anti-money-laundering cases
- Representing employees within a publicly traded financial institution in investigations conducted by the SEC
- Conducting anti-money-laundering compliance reviews for publicly traded financial institutions
- Joining a legal team to represent a tobacco company in a case filed by the DOJ
Binance’s Legal Predicament
The global exchange is facing numerous charges filed by the SEC, including serious allegations such as wash trading, commingling customer funds, and evasion of US regulators. The SEC has been particularly headstrong in their legal pursuit of Binance, pushing them to halt key services in their platform, including halting all USD transactions and suspension of all Over-The-Counter trades.
Crypto legal experts have been predicting a federal case to be filed against Binance and CZ, as the SEC has been relentless in shutting down the business of most major exchanges in the country, including Coinbase.
However, Binance has been carefully recruiting legal personnel that not only know SEC regulations and laws but also understand the practices conducted by the commission, as well as ones conducted by the US Department of Justice.
As the exchange is now working to keep its business afloat, especially with its European division suffering, a federal case could potentially signal the end of its reign and the threat of a federal sentence against its founder CZ.
