Binance to be under FRA surveillance for next 3 years: Report
International consultancy firm Forensic Risk Alliance will reportedly closely oversee all compliance activities of cryptocurrency exchange Binance for the next three years.
The United States Department of Justice (DOJ) has reportedly appointed international consultancy firm Forensic Risk Alliance (FRA) to ensure cryptocurrency exchange Binance complies with regulatory requirements over the next three years, according to sources familiar with the matter.
Appointing a third-party firm to monitor the exchange’s compliance over the next three years was a key requirement of Binance’s plea deal in November 2023, where it pleaded guilty to money laundering and other federal charges, along with receiving a $4.3 billion fine.
FRA will have access to internal records, premises, and employees to provide the DOJ with updates on the company’s activities, according to a May 10 Bloomberg report.
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Author: Ciaran Lyons
