- The Binance exchange is negotiating the early termination of external monitoring.
- The regulator may replace it with stricter reporting requirements.
The cryptocurrency exchange Binance is discussing with the U.S. Department of Justice (DOJ) the possibility of ending the external monitoring imposed under a plea agreement. This was reported by Bloomberg, citing informed sources.
According to journalists, the U.S. Department of Justice is considering the option of lifting the requirement that Binance will be subject to strict monitoring for AML compliance and sanctions that have been imposed on it for three years.
It should be noted that the requirement became part of the $4.3 billion agreement made in 2023 after Binance pleaded guilty to violations of U.S. anti-money laundering laws.
A final decision has not yet been made. However, as an alternative to external control, the DOJ may impose stricter internal reporting requirements on Binance, according to the statement.
Bloomberg also added that Binance is still under the supervision of FinCEN. The monitoring by this agency operates independently of the representative of the Department of Justice and remains active.
In addition, journalists citing a WSJ report in April 2024 noted that Binance has attempted to convince the U.S. Treasury to lift the monitoring imposed by FinCEN.
Recall that earlier CryptoQuant stated that the spot trading volume on Binance exceeded the total volume of all exchanges.