The U.S. Department of Justice (DOJ) has appointed its London-based external watchdog to Binance after the world's largest cryptocurrency exchange pleaded guilty to violating U.S. anti-money laundering (AML) regulations and sanctions laws. It is reported that a consulting firm has been appointed to conduct the project.
The Justice Department has given Binance a three-year surveillance target over the previous top choice, New York-based law firm Sullivan & Cromwell, according to people familiar with the matter who requested anonymity.・Bloomberg reported that it chose Risk Alliance (FRA).
One of the conditions of Binance's plea deal in November was the appointment of an independent company to monitor compliance. The newly appointed supervisor will have access to Binance's internal records, facilities, and employees in order to report the cryptocurrency exchange's activities to the government.
Sullivan & Cromwell was once a leading candidate for the lucrative position, but due to its ties to defunct cryptocurrency exchange FTX and the firm's convicted co-founder Sam Bankman Freed. The controversy surrounding the alleged failure to uncover fraud reportedly prompted the attorney general's decision. Department to consider other options.
However, Messrs. Sullivan and Cromwell will still serve on behalf of the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) on a separate five-year mandate to monitor Binance.
FRA, which specializes in forensic accounting, data governance and compliance consulting services, previously worked with Switzerland-based trading firm Gambar SA to settle a $661 million lawsuit with the Department of Justice over a bribery case involving Ecuadorian officials. conducted settlement negotiations.
Never miss a beat – Subscribe to get email alerts delivered straight to your inbox
Check price action
follow me XFacebook and Telegram
Surf the Daily Hoddle Mix
 
Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/WhiteBarbie/ittoilmatar
