The Justice Department has designated Forensic Risk Alliance (FRA) as the external monitor for Binance Holdings Ltd. This decision comes in the wake of Binance’s acknowledgment of breaching U.S. anti-money laundering regulations and sanctions. Bloomberg’s Ava Benny-Morison and Chris Strohm were the first to report this development. Known for its expertise in fraud investigations and compliance, FRA secured the monitoring role over other prominent contenders including Sullivan & Cromwell. As stipulated in Binance’s November plea agreement, the appointment includes overseeing the company’s adherence to the settlement terms, which comprise a hefty $4.3 billion fine and the resignation and subsequent sentencing of its founder, Changpeng Zhao. FRA is tasked with inspecting company records and updating the government on its findings. This three-year mandate highlights the significant demand and heavy responsibilities inherent in such monitoring roles.
US Justice Department Chooses FRA Over Sullivan & Cromwell for Binance Oversight
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