HomeBinanceFRA to Handle Binance's 3-Year Monitorship - All You Need to Know

FRA to Handle Binance’s 3-Year Monitorship – All You Need to Know

-


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.

LATEST POSTS

Investors May Need to Pay Taxes in Bitcoin Sooner Than Expected

Crypto Payments for Taxes: A Closer Look at the Potential Changes Ahead The possibility of paying taxes with cryptocurrency, specifically bitcoin, is gaining traction in...

Pepe Unchained: Layer 2 Blockchain Drives Meme Coin Surge Through Successful Presale

Pepe Unchained: Revolutionizing the Meme Coin Market with Layer 2 Blockchain Technology The Pepe meme is back in the spotlight with the launch of Pepe...

SEC files lawsuit against Binance staking, BNB price rises despite legal challenges

Federal Judge Allows Majority of SEC Lawsuit Against Binance to Proceed In a recent court ruling, Judge Amy Berman Jackson of the District Court for...

Today’s Crypto Market Update: TradingView News

SEC Sues Consensys Over MetaMask, Bitcoin Price Could Wake Up, and Crypto Industry Analyzes Biden-Trump Debate The United States Securities and Exchange Commission (SEC) has...

Most Popular