On Monday, the CFTC charged Binance and its founder Changpeng Zhao with willful evasion of US laws for operating an 'illegal' exchange and a 'sham' compliance programme.
Catherine Coley, who launched Binance.US in 2019 and left suddenly two years later, is being advised by James McDonald, now a partner at New York law firm Sullivan & Cromwell, the person said. It's unclear when McDonald began representing Coley in the U.S. investigations, though he appeared as her attorney of record in separate civil litigation against Binance.US in January 2022, court records show. His representation of Coley has not been previously reported.
McDonald declined to comment and Coley did not respond to multiple messages. She has not made any public comments since leaving Binance.US or ever addressed her exit. The CFTC, DOJ and SEC declined to comment. Contacted by Reuters, Binance and Binance.US didn't comment on Coley's representation. Coley, a former Morgan Stanley trader, left Binance.US in mid-2021 after clashing with Zhao over his control of the American exchange, which was set up to serve U.S. customers in compliance with U.S. laws, Reuters reported last October, citing people familiar with her exit.
The CFTC's complaint said that Binance personnel, including Zhao, have"dictated Binance.US's corporate strategy, launch, and early operations." Without naming Coley, the CFTC said that when Zhao hired the first chief executive of Binance.US's operating company, BAM Trading, he described the global Binance.com exchange as a"pirate ship" and explained"he wished for Binance.US to be a navy boat.
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