Summary
- Binance said it is close to an agreement with the U.S. Department of Justice to lift the external monitoring requirement.
- The measure could significantly ease regulatory burden.
- Experts said this is linked to the U.S. Department of Justice's shift toward scaling back the independent monitor program.
According to Bloomberg on the 16th (local time), the world's largest crypto exchange Binance is said to be close to an agreement with the U.S. Department of Justice that would release it from the external monitoring obligation, which was one of the conditions of the existing agreement.
Last year, Binance entered a $4.3 billion (about 5.9 trillion won) settlement over alleged shortcomings in anti-money laundering (AML) regulations and was required to appoint an external monitor. However, as the Department of Justice is reportedly considering an early termination of that requirement, there is a possibility that Binance's regulatory burden could be significantly eased.
Experts analyzed that this discussion is linked to a change in the DOJ's stance toward scaling back the independent monitor program that was strengthened during the Biden administration.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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