FX.co ★ Binance to come under three-year monitoring

Tough times are ahead for Binance. The world’s largest cryptocurrency exchange will come under the scrutiny of US regulatory authorities within the next three years.

The US Department of Justice has appointed international consulting firm Forensic Risk Alliance to oversee Binance. FRA experts are assigned to conduct thorough oversight of the exchange's internal operations to ensure compliance with the US watchdog's regulatory requirements.

This marks a turning point in the deal reached between Binance and the US government in November 2023. At that time, the cryptocurrency exchange admitted to engaging in anti-money laundering and financial asset manipulation activities. As part of the plea agreement, the company's management agreed to pay a hefty fine of $4.3 billion.

Previously, the US Department of Justice had chosen law firm Sullivan & Cromwell to oversee the exchange's activities. However, concerns about the firm's involvement with bankrupt crypto exchange FTX prompted the department to revise its decision and opt for FRA. Now this company will gain full access to Binance's internal records and personnel data needed to provide the US Department of Justice with regular reports on the crypto exchange’s operations over the next three years.