The U.S. Department of Justice has appointed consulting firm FRA as Binance's external regulatory body, and Binance will undergo a three-year regulatory oversight

ChainCatcher news, citing sources from Bloomberg, reports that the U.S. Department of Justice (DOJ) has appointed the consulting firm Forensic Risk Alliance (FRA) as the external regulator for Binance. Wall Street law firm Sullivan & Cromwell was considered the best choice for this role. Currently, the U.S. Department of Justice has declined to comment on the matter, and spokespeople for Sullivan & Cromwell and FRA did not immediately respond to requests for comment.

It is reported that as part of the plea agreement reached with the U.S. Department of Justice, Binance must undergo three years of regulation.