Binance Holdings Ltd., the largest cryptocurrency exchange globally by daily traded volume and registered users, is nearing a major deal with the United States Department of Justice (DOJ). According to a report by Bloomberg, Binance is on the cusp of ending the three-year compliance monitoring if a deal is completed with the DoJ.
At the time of this publication, there was no official confirmation but the report noted that Binance would have to set up proper compliance reporting first. The three year monitoring deal was signed during the plea deal in 2023, whereby the DOJ appointed Frances McLeod of Forensic Risk Alliance to facilitate the monitoring process.
Why Binance Could Get Free Pass in the U.S.
Under the Donald Trump administration, different regulators have worked together to welcome back international crypto firms that were chased during the Biden administration. Binance is well positioned to benefit from the SEC’s ‘Crypto Project’ and CFTC’s ‘Crypto Sprint’ initiatives.
The potential closure of the DoJ’s compliance monitoring on Binance is likely to be influenced by the SEC and CFTC’s crypto initiative. Furthermore, Binance has to be a responsible actor in the web3 space with several multinational operating licenses.
For instance, Binance announced on Tuesday that it helped fight international cybercrime across several nations in Africa via Operation Serengeti 2.0.
Why is BNB Going Up?
The Binance Coin (BNB)