DOJ Said to Snub Sullivan & Cromwell, Appoint Competitor to Coveted Binance Monitorship: Bloomberg

The Department of Justice (DOJ) has chosen a London-based consulting firm for a coveted three-year monitorship of Binance, according to a Friday report from Bloomberg citing anonymous sources.

As part of Binance’s plea deal with the DOJ earlier this year, the crypto exchange agreed to pay $4.3 billion in fines and appoint an independent compliance monitor. The firm’s CEO and co-founder Changpeng “CZ” Zhao also agreed to step down as part of the agreement, and was sentenced to four months in prison.

According to the report, Forensic Risk Alliance (FRA) was chosen to monitor Binance over the previous frontrunner, Sullivan & Cromwell, due to the white-shoe law firm’s controversial handling of the FTX bankruptcy.

Source: DOJ Said to Snub Sullivan & Cromwell, Appoint Competitor to Coveted Binance Monitorship: Bloomberg