DOJ Grants Three-Year Monitorship of Binance to Forensic Risk Alliance

The United States Department of Justice (DOJ) has appointed consulting firm Forensic Risk Alliance (FRA) as the three-year monitor for Binance, as part of the exchange’s plea deal with the Justice Department last year. This decision comes after Binance entered into a plea deal in November 2023, agreeing to pay $4.3 billion in fines and appoint an independent compliance monitor.

Forensic Risk Alliance was chosen over Wall Street law firm Sullivan & Cromwell to act as an independent monitor for Binance Holdings Ltd. The monitor will evaluate the company’s practices to eliminate misconduct and establish an effective ethics and compliance program over the next three years.

In addition to the monitorship, Binance has been facing regulatory pressure in other countries. Most recently, the exchange was fined $4.4 million (C$6 million) by Canada’s financial regulator, FINTRAC, for failure to comply with money-laundering protections. Despite these challenges, Binance has expressed its commitment to increasing compliance, including the establishment of the company’s first-ever board of directors.

As Binance navigates these regulatory hurdles, the cryptocurrency market continues to thrive, with the total market cap currently at $2.194 trillion. Stay tuned for more updates on this developing story.