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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-agrees-to-pay-billion-dollar-fine-and-implements-new-oversight/" data-wpel-link="internal">Binance Agrees to Pay Billion-Dollar Fine and Implements New Oversight</a><br></p>
<p style="text-align: justify">The U.S. Department of Justice and the <strong>CFTC</strong> reached a settlement with <a href="https://en.coin-turk.com/breaking-news-statement-from-binance-ceo/" data-wpel-link="internal">Binance</a> last year, where Binance agreed to pay a billion-dollar fine. This was one of the key triggers for the 5-6 month rise in activity. One of the terms of the agreement was the appointment of an external observer to the Binance company. Today, a decision was made regarding this, and it was clarified who would be the observer.</p> 
<h2 style="text-align: justify" id="the-department-of-justice-and-binance">The Department of Justice and Binance</h2> 
<p style="text-align: justify"><strong>Binance</strong>, like many other cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">companies</a>, benefited from the gray areas of crypto regulation. It grew much faster and paid less attention to global regulations. Indeed, comprehensive rules had not been established during its growth period. However, the U.S. declared it would not overlook past mistakes due to operations in the gray area. Indeed, what was done was done.</p> 
<p style="text-align: justify">Binance has now turned a new leaf and, according to the new CEO, will soon acquire a real headquarters. As the largest cryptocurrency exchange by volume, Binance has undergone some changes in this new era. For example, CZ is no longer in charge, and the company must facilitate the external observer.</p> 
<p style="text-align: justify"><img decoding="async" class="size-full wp-image-350093 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/FRA.png" alt="" width="601" height="161"></p> 
<p style="text-align: justify">For three years, the company’s compliance with the rules will be monitored by Forensic Risk Alliance (FRA). According to Bloomberg, which bases its report on people familiar with the matter, this company has been appointed as the external observer.</p> 
<h2 style="text-align: justify" id="binance-s-observer">Binance’s Observer</h2> 
<p style="text-align: justify">London-based forensic accounting and compliance consultancy FRA was in competition with Sullivan &amp; Cromwell for this role. Due to an agreement with the Department of Justice concerning violations of anti-money laundering laws, Binance will work with FRA for three years. The supervision was a precautionary measure taken to support transparency and adherence to regulations by a third party.</p> 
<p style="text-align: justify">During this period, the constant monitoring of the Binance exchange by an external eye is a very positive development for <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>. This can make investors feel more secure. At least the possibility of new lawsuits opening decreases. You tend to make fewer mistakes when someone is watching.</p> 
<p style="text-align: justify">Changpeng ‘CZ’ Zhao resigned from his position as CEO and was recently found guilty of violating the Bank Secrecy Act and conducting unlicensed money transfer operations, receiving a four-year prison sentence.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/binance-agrees-to-pay-billion-dollar-fine-and-implements-new-oversight/" data-wpel-link="internal">Binance Agrees to Pay Billion-Dollar Fine and Implements New Oversight</a></h5>

Binance Agrees to Pay Billion-Dollar Fine and Implements New Oversight

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