Binance in talks with DOJ to drop oversight requirement in settlement

Investing.com -- Binance Holdings Ltd. is in discussions with the U.S. Justice Department to potentially eliminate a key oversight requirement from its $4.3 billion settlement agreement, according to a Bloomberg report on Tuesday.

The world’s largest cryptocurrency exchange is seeking to drop the requirement for an outside compliance monitor that was part of its 2023 settlement over allegations that the company failed to implement adequate money laundering prevention measures. As a result, Binance agreed to pay one of the largest corporate fines in U.S. history.

Federal prosecutors are considering the request, though no final decision has been made on the three-year monitorship. If approved, Binance would likely need to adopt enhanced compliance reporting requirements to satisfy the Justice Department.

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