Binance Under New Scrutiny: FRA to Monitor Compliance Post Deal

Following a major plea deal with the DOJ, Binance enters a new phase of regulatory oversight under Forensic Risk Alliance's watchful eye
Binance Under New Scrutiny: FRA to Monitor Compliance Post Deal
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Binance, one of the largest cryptocurrency exchanges, has entered into a new compliance oversight period under the Forensic Risk Alliance (FRA) for the next three years. This development follows a significant plea agreement with the U.S. Department of Justice (DOJ), where Binance pleaded guilty to charges including money laundering, resulting in a hefty $4.3 billion fine.

The FRA's role will involve rigorous monitoring of Binance's operations to ensure adherence to regulatory requirements. This oversight includes accessing internal records and premises, and evaluating the exchange's adherence to compliance protocols. This shift comes after Sullivan & Cromwell was considered for the role but was later bypassed due to potential conflicts of interest stemming from previous work with FTX.

The scrutiny under FRA is expected to reshape Binance's operational strategies significantly, focusing on transparency and regulatory compliance. This period of oversight is crucial for Binance as it aims to restore trust and stabilize its position in the cryptocurrency market amidst increasing regulatory pressures globally.

Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.

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