The Justice Department (DOJ) has chosen consulting firm Forensic Risk Alliance (FRA) to oversee Binance Holdings Ltd., which pleaded guilty to violating US money-laundering laws and trade sanctions. 
FRA specializes in fraud investigations and compliance and will be granted access to Binance’s internal records, facilities, and employees.&nbsp; Their role is to ensure Binance adheres to the terms of the plea deal. 
This selection comes after the DOJ rejected Sullivan &amp; Cromwell, a prominent Wall Street law firm initially favored for the monitorship role.&nbsp; Sources claim Sullivan &amp; Cromwell’s prior work for&nbsp; 
FTX, a rival cryptocurrency exchange that collapsed in November 2022, may have influenced the decision. FTX’s new management has defended Sullivan &amp; Cromwell against accusations of failing to detect fraud by FTX co-founder Sam Bankman-Fried. 
While FRA takes over the DOJ monitorship, Sullivan &amp; Cromwell remains a potential candidate for a separate five-year monitorship on behalf of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This monitorship would focus on identifying and reporting suspicious activity transactions allegedly ignored by Binance in the past. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/10/binance-kucoin-back-in-india-with-fiu-registration/" target="_blank" rel="noreferrer noopener">Binance &amp; KuCoin back in India with FIU Registration</a> 
</blockquote>

Justice Department Selects Forensic Risk Alliance to Monitor Binance

The Crypto Times

Other articles published on May 11, 2024

Introducing GoguCoin: The Galactic Game-Changer in Cryptocurrency

Galaxis Gears up for Token Launch: Announces $1,000,000 Creator and Community Member Grants & Byb...

Important Grok Warning Issued as Scammers Begin Leveraging Elon Musk's AI Bot

Attention! 🛑 Top 5 Crypto Altcoins For MAX Gains in 2024

Crypto Veteran with $15,000,000 Dogwifhat (WIF) Portfolio Diversifies, Sells Off Fraction to Secu...

Toncoin surges by +17% – Is it time for TON holders to cash out?

Join our free newsletter for daily crypto updates!