New York-based law firm Sullivan & Cromwell may be appointed as an independent monitor for Binance Holdings Ltd.

According to a Bloomberg report, Sullivan & Cromwell is the leading contender for the coveted observer position, likely beating out a crowded field of lawyers and consultants vying for what is seen as a lucrative observer role.

The outlet’s sources believe former federal prosecutor and firm partner Sharon Cohen Levine will likely lead the surveillance team, according to an anonymous insider cited by Bloomberg.

Although the appointment has yet to be formally signed, Sullivan & Cromwell is at the top of the list, and the Justice Department is close to confirming the firm, one of the people said.

Sullivan & Cromwell is also involved in the bankruptcy process of the FTX cryptocurrency exchange. From November 2022 to November 2023, Sullivan & Cromwell billed more than $153 million in this case. In the FTX bankruptcy case, Sullivan & Cromwell earned an average of $11.8 million monthly.

In November, Binance Holdings Limited pleaded guilty and agreed to pay $4.3 billion to resolve the U.S. Department of Justice’s investigation into the exchange. U.S. authorities said Binance intentionally withheld a license to prevent regulators from discovering that the company was facilitating “billions of dollars in cryptocurrency transactions on behalf of its customers, including U.S. customers, without implementing appropriate KYC procedures and conducting adequate transaction monitoring.”