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

This Is How Much $100 In Bitcoin Could Be Worth If Cathie Wood’s BTC Prediction Comes True

Predicting Bitcoin's Future Value: How Much Will $100 Be Worth If Cathie Wood's BTC Prediction Is Correct? ARK Invest, led by the renowned Cathie Wood,...

StarkWare to Introduce ZK Scaling to Bitcoin in Addition to Ethereum

StarkWare Announces Plans to Build Bitcoin Scaling Solution Using Zero-Knowledge Technology StarkWare, a leading blockchain developer, has made a groundbreaking announcement that is set to...

The most significant cryptocurrency news from the previous week

Notable News in the Crypto Ecosystem: Bitcoin, Ethereum, Binance, and Solana The past week in the crypto world has been filled with groundbreaking news and...

Binance Launches USDT Locked Products with 6% APR

Binance Introduces 6% APR USDT Locked Products: Earn Stable Returns on Your USDT Deposits Binance Introduces 6% APR USDT Locked Products Binance, one of the leading...

Most Popular