Binance📶 will be under surveillance for the next three years.
The US Department of Justice selected the international consulting firm Forensic Risk Alliance 🛂 (FRA) to monitor the work of Binance. FRA analysts will monitor the extent to which the activities of the crypto exchange comply with the regulatory requirements of the American authorities. This step became a key requirement of the deal between Binance and the US government, which was concluded in November 2023. Then the largest crypto exchange pleaded guilty to money laundering and asset manipulation, and also agreed to pay a record fine of $4.3 billion. It is known that at first the US Department of Justice considered the law firm Sullivan & Cromwell as an observer over Binance. However, the company’s connection with the bankrupt exchange FTX forced the department to give preference to FRA. The FRA will now have access to Binance's internal records, premises and employee data in order to be able to provide regular reports to the US Department of Justice over the next three years. Let us recall that the founder and ex-head of Binance Changpeng Zhao was sentenced to four months in prison on April 30, 2024 for failure to maintain effective leadership yours and control the fight against money laundering. Initially, prosecutors demanded three years in prison for Zhao, but the judge did not find evidence.
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