Forensic Risk Alliance Will Oversee Binance

The US Department of Justice (DOJ) has appointed Forensic Risk Alliance (FRA), an international consulting firm, to monitor cryptocurrency exchange Binance’s compliance with regulations for the next three years.

This decision comes after Binance pleaded guilty to money laundering charges and agreed to a $4.3 billion fine in November 2023.

The appointment of a third-party monitor was a key requirement of the plea deal. FRA will have access to Binance’s internal records, facilities, and employees to provide regular updates on the company’s activities to the DOJ.

Initially, law firm Sullivan & Cromwell was considered for the monitoring role. However, the DOJ reportedly opted for FRA due to Sullivan & Cromwell’s prior work for FTX, a rival crypto exchange that went bankrupt.