The independent auditor of Binance, which reached a multibillion-dollar settlement with the US government, may be New York-based law firm Sullivan & Cromwell.
According to information provided by Bloomberg, Sullivan & Cromwell is ahead of other candidates to become Binance’s controller.
Although the company has not yet been officially appointed to this position, the Ministry of Justice is expected to make it official soon. In that case, Sharon Cohen Levin, a former federal judge, could lead the audit team.
Binance settled with the US government last year and agreed to pay $4.3 billion for violating money laundering and sanctions laws. As part of this settlement, the government requested that the company be audited for several years.
The auditor’s role will be to ensure Binance complies with settlement rules and strengthens its anti-money laundering and sanctions programs. The auditor will be able to access company records, facilities and employees.
The name Sullivan & Cromwell is not unfamiliar to cryptocurrency followers. The firm was appointed last year to manage the bankruptcy process of the bankrupt cryptocurrency exchange FTX.