• May 21, 2024


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The US Department of Justice Appoints Observer to Oversee Binance

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The US Department of Justice has chosen Forensic Risk Alliance (FRA) as the official monitor for Binance for a period of three years.

This decision comes as part of Binance’s plea deal with the Department of Justice, in which the company agreed to pay a $4.3 billion fine and its CEO resigned from his position.

FRA, a consulting firm specializing in corruption and fraud investigations, will be responsible for ensuring that Binance complies with the terms of the agreement.

This includes providing the Department of Justice with updates on the company’s operations and conducting rigorous monitoring of its internal records, premises, and employees.

According to Bloomberg, the Department of Justice initially considered the law firm Sullivan & Cromwell (S&C) to serve as the observer, as they had previously worked with the now-defunct trading platform FTX. However, FRA was ultimately chosen for the role.