Why Binance Might Not Need its DOJ Compliance Regulator Soon
Rumors claim that Binance is nearing an agreement with the DOJ. This settlement would reportedly free Binance from requirements that it maintain a third-party compliance monitor.
The compliance monitor is part of a 2023 settlement intended to last for three years. An early release from this restriction could be part of Trump’s war on crypto enforcement.
Binance’s DOJ Compliance Regulator
Sponsored
Sponsored
Binance, the world’s largest crypto exchange, has been in a lot of legal incidents over the last few years. The firm’s founder even served a prison sentence over Bank Secrecy Act violations. As part of a previous DOJ settlement, Binance was obligated to maintain a third-party compliance monitor for three years, but this may be ending:
Unsubstantiated rumors claim that Binance has nearly reached an agreement with the DOJ to rid itself of this compliance monitor. Although the details haven’t fully surfaced yet, this certainly seems plausible: President Trump’s ongoing war on crypto enforcement has touched many similar cases.
Just a few months ago, for example, the SEC moved to drop a lawsuit against Binance, and the DOJ is also interested in loosening past enforcement. It’s very easy to imagine that Binance could get its compliance monitor removed, too.
Still, this incident may contribute to a growing culture of impunity in the Web3 community. “Crime is legal now,” the common refrain goes, and today’s incident could constitute further evidence.
