DOJ Appoints FRA Over Sullivan & Cromwell as Binance's Monitor for Three Years

May 10, 2024, 07:15 PM

The U.S. Department of Justice (DOJ) has appointed Forensic Risk Alliance (FRA) over elite Wall Street law firm Sullivan & Cromwell as the external compliance monitor for Binance, a major cryptocurrency exchange. This decision comes after Binance pleaded guilty to violations of U.S. money-laundering regulations and trade sanctions. FRA will oversee Binance's adherence to the plea agreement over a three-year period, gaining access to the company's internal records, facilities, and employees to ensure compliance.