In recent developments, the US Department of Justice (DOJ) has been reevaluating its choice of law firm to oversee the cryptocurrency exchange Binance as an independent monitor.
The decision concerns the firm’s previous work for the now-bankrupt FTX exchange. The monitorships were part of the $4.3 billion deal in which Binance pleaded guilty to violating US money-laundering regulations and trade sanctions.
This development has prompted the DOJ to explore alternative options for the monitorship, while the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) intends to continue engaging with the law firm.
Binance Monitorship In Question
According to a Bloomberg report, Sullivan & Cromwell was close to winning approval as an independent Binance monitor on behalf of the DOJ and FinCEN in February. However, subsequent criticism of the firm’s association with FTX raised concerns within the DOJ.
According to insiders familiar with the matter, the
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