The post Binance Strikes Deal with U.S. Government, Appoints Top Law Firm as Watchdog appeared first on Coinpedia Fintech News
Binance, one of the world’s largest cryptocurrency networks, will be monitored independently by the well-known law firm Sullivan and Cromwell, based in New York. This move comes after the crypto giant had a deal with the U.S. government with its allegations.
Knowing the massive volume of Binance and its operations, many legal and law firms were competing for this position. But Sullivan and Cromwell won the race and will closely surveil their activities.
The Authority Vetted the Law Firm
The U.S. Justice Department had proposed over $4 billion in penalties to resolve an investigation spanned several years. Binance has been under investigation since 2018 for its compliance with anti-money laundering regulations and 2023 pleaded guilty to charges of sanction violations.
After years of watching its conformity over the deal, Sullivan and Cromwell supervise its exe
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