Binance Nears Deal to Escape Compliance Monitor Imposed by DOJ
Binance, the world's largest cryptocurrency exchange, is nearing a deal with the US Justice Department to remove a compliance monitor imposed as part of a $4.3 billion settlement. The settlement was related to allegations that Binance did not do enough to prevent money laundering on its platform. Under the potential deal, Binance would be able to avoid the requirement of having an independent monitor oversee its compliance with anti-money laundering and counter-terrorism financing regulations. The negotiations are ongoing, and the final agreement is yet to be finalized. The removal of the compliance monitor would be a significant development for Binance, as it aims to strengthen its position in the global cryptocurrency market and address regulatory concerns. The company has been working to enhance its compliance practices and improve its relationship with authorities in various jurisdictions.
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