The Department of Justice has selected the consulting firm Forensic Risk Alliance as an external observer for #Binance Holdings Ltd., which has admitted guilt in violating U.S. anti-money laundering rules and trading sanctions.

FRA was chosen over the elite Wall Street law firm Sullivan & Cromwell, the initial favorite for the role, and several other top contenders, according to people familiar with the matter who requested anonymity as the case is confidential.

The Department of Justice declined to comment. Representatives of Sullivan & Cromwell and FRA did not immediately respond to requests for comment.

The appointment of the observer was a condition of Binance's November plea deal. The world's largest cryptocurrency exchange also agreed to pay fines totaling $4.3 billion. Binance founder Changpeng Zhao also pleaded guilty and agreed to step down as CEO. On April 30th, he was sentenced to four months in prison.

As the observer, FRA will be tasked with ensuring Binance's compliance with the plea agreement. It will have access to internal records, facilities, and employees to report on the company's activities to the government.