Golden Finance reported that according to people familiar with the matter, the U.S. Department of Justice (DOJ) has selected consulting firm Forensic Risk Alliance (FRA) as Binance's external regulator. Wall Street law firm Sullivan & Cromwell was initially considered the best choice for this role. The U.S. Department of Justice declined to comment on the matter, and spokespersons for Sullivan & Cromwell and FRA did not immediately respond to requests for comment.