Former CEO of Binance US, Catherine Coley, has hired an attorney to advise her regarding the Commodities Futures Trading Commission's (CFTC) lawsuit against Binance, according to an anonymous source. Coley is said to have hired James McDonald, a partner at Sullivan & Cromwell who previously worked as the director of enforcement at the CFTC.

The CFTC filed the lawsuit against Binance on Monday, accusing the exchange of multiple violations related to trading derivatives, inadequate supervision, insufficient AML and KYC controls, and trading against its own clients.