Eleanor Hughes, Binance’s General Counsel, is navigating numerous challenges from disputes with Nigerian officials to intense scrutiny by US authorities following a significant legal agreement.

This landmark settlement with the US Justice Department and regulators resulted in a hefty $4.3 billion corporate fine and imprisonment of Binance co-founder Changpeng “CZ” Zhao. Zhao’s incarceration stems from the exchange’s lapses that enabled its use by criminals and terrorist organizations.

Hughes finds her role at the world’s largest cryptocurrency trading platform to be one of the most dynamic in the legal field, bringing new challenges daily. Despite recent hurdles, she believes Binance has demonstrated remarkable resilience.

US Oversight

Since joining Binance in 2021 and leading a team of 80 lawyers, Hughes worked under Zhao until he resigned as CEO last November, handing leadership to Richard Teng as part of the US settlement. The exchange is now under continuous compliance monitoring by the Justice Department and the US Treasury’s Financial Crimes Enforcement Network. The monitoring process, initiated by Forensic Risk Alliance and Sullivan & Cromwell, is already underway.

To manage compliance, Binance has formed an in-house team headed by Sally Molloy, a former deputy chief of the Justice Department’s Fraud Section, to coordinate with the monitors.

Nigeria Dispute

In Nigeria, tensions escalated in February when two Binance employees were detained, sparking international controversy. Though charges against one have been dropped, US lawmakers have criticized Nigeria, accusing it of unjustly holding the employee.

Amid these challenges, CEO Teng is steering Binance through significant operational changes, including modifying collaborations with prime brokers, enhancing token listing criteria, and spinning off its venture arm. However, the company has not yet established a global headquarters or released a fully audited financial statement.

Hughes mentioned difficulties in engaging third-party auditors, as many refuse to work with crypto firms, causing delays in Binance’s audit processes.

Globally, Binance is making strides in markets previously hindered by regulatory issues. In India, it registered with the Financial Intelligence Unit, moving towards resuming operations, despite a recent penalty for non-compliance with anti-money laundering standards. In Thailand, through a joint venture, Binance launched the Gulf Binance Co. platform after obtaining the necessary permits, marking progress in resolving past regulatory challenges.