HomeBinanceDOJ Selects Binance for Monitoring: Implications for the Exchange

DOJ Selects Binance for Monitoring: Implications for the Exchange

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DOJ Appoints Monitor for Binance: What This Means for the Crypto Exchange’s Future

The Department of Justice (DOJ) has reportedly appointed a monitor for Binance, the world’s largest crypto exchange, as part of its $4 billion settlement agreement. Despite previous speculation, the federal agency has chosen the London-based Forensic Risk Alliance (FRA) over Sullivan & Cromwell, a Wall Street law firm with ties to FTX.

The decision to appoint FRA as Binance’s compliance monitor is expected to have significant impacts on the exchange’s operations. The firm, known for its work in high-profile cases such as the Volkswagen emissions scandal and the Teva Pharmaceuticals bribery case, will oversee Binance’s compliance with U.S. money laundering rules for the next three years.

This move by the DOJ could potentially slow down Binance’s operations and require the exchange to allocate significant resources to work with the monitor. However, by implementing stricter compliance standards, Binance may be able to improve its relationship with regulators and expand its global footprint in the long run.

It is still unclear when FRA will begin its monitorship of Binance, but the exchange also faces a separate five-year monitorship arrangement with the U.S. Treasury. Sullivan & Cromwell is still considered a leading contender for this role.

Overall, the DOJ’s decision to appoint a monitor for Binance is a significant development that could shape the future of the exchange and its interactions with regulators worldwide. Stay tuned for more updates on this evolving story.

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