New Details of Binance’s Compliance Requirements Emerge in Unsealed Court Docs
New details have emerged surrounding Binance’s compliance requirements in the wake of the crypto exchange’s plea deal with the U.S. government, according to recently unsealed court documents.
According to the court documents, Binance will be mandated to conduct period-risk based reviews, internal reporting and investigation, implement anti-circumvention controls, and “develop, enhance, and promulgate a clearly articulate and visible corporate policy against violations” regarding U.S. sanctions and anti-money laundering laws.
Furthermore, Binance must provide training and guidance to ensure all those involved in the company accurately and efficiently follow compliance commitments.
Equally important, Binance has agreed to retain an “independent compliance monitor” for a minimum period of three years.
“The monitor’s primary responsibility is to assess and monitor the company’s compliance with the terms of the agreement, including the company’s compliance programs, policies, procedures, codes of conduct, systems and internal controls,” reads a recently unsealed court document.
“What’s most incredible about the DOJ monitorships and oversight is that DOJ is not the only infrastructure of US governmental oversight thrust upon Binance,” stated John Reed Stark, former chief of the SEC Office of Internet Enforcement. “There are also the FinCEN monitorships, which are equally extensive, forceful and titanic.”
Consequently, Binance will face five years of aggressive oversight from the Financial Crimes Enforcement Network.
“The stark reality is that neither Binance nor any other mega-crypto firm (or any financial firm in the world for that matter) has ever been party to a DOJ/FinCEN plea agreement commanding governmental oversight as
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