EddieJayonCrypto
13 May 24
The U.S. Department of Justice has appointed a London-based consulting firm, Forensic Risk Alliance (FRA), as an outside monitor for Binance following the crypto exchange's guilty plea for violating US anti-money laundering regulations and sanctions laws. This three-year monitorship will grant FRA a...
The U.S. Department of Justice has selected London-based consulting firm, Forensic Risk Alliance (FRA), to act as an outside monitor for Binance, in response to the crypto exchange's admission of violating US anti-money laundering (AML) regulations and sanctions laws. FRA's three-year monitorship will involve access to Binance's internal records, facilities, and employees, enabling them to report on the exchange's activities to the government. The decision to choose FRA over New York-based law firm Sullivan & Cromwell was influenced by controversies surrounding Sullivan & Cromwell's connections with defunct crypto exchange FTX and its alleged failure to detect fraud. However, Sullivan & Cromwell is still expected to be appointed for a separate, five-year Binance monitorship on behalf of the U.S. Department of the Treasury’s Financial Crimes Enforcement Network. FRA's expertise in forensic accounting and compliance consulting, showcased in their previous work with Gunvor SA, has contributed to their selection for this crucial role.
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