After Binance admitted to breaking U.S. anti-money laundering rules and was fined $4.3 billion, the DOJ appointed Forensic Risk Alliance (FRA) to supervise it.
FRA beat Sullivan & Cromwell because of FTX’s failure. In the legal and crypto worlds, Sullivan & Cromwell was condemned for failing to discover serious fraud at FTX.
FRA closely monitors Binance’s internal activities to comply with U.S. laws. They must report directly to the U.S. government and have full access to the company’s data, facilities, and staff.
Sullivan & Cromwell may assist with the Financial Crimes Enforcement Network to monitor Binance’s transaction reporting compliance notwithstanding this DOJ setback. Binance was fined $4.4 million in Canada and India for violating anti-money laundering laws.
