According to reports, Binance is negotiating with the U.S. Department of Justice (DOJ) to remove a key oversight measure from its 2023 settlement agreement—if approved, this change could alleviate the regulatory and compliance pressures facing the cryptocurrency exchange.
According to Bloomberg, citing informed sources, the DOJ is weighing whether to eliminate the requirement for Binance to accept oversight from an independent compliance monitor.
This monitor was implemented as part of Binance's $4.3 billion settlement agreement with the DOJ in 2023, which lasts for three years, following allegations of multiple compliance failures, including insufficient safeguards against money laundering activities.
The 2023 DOJ settlement agreement applies to Binance's global operations, rather than its U.S. branch, Binance.US, which operates as an independent legal entity.
Bloomberg also reported that this potential move appears to be part of an emerging trend by the DOJ to reduce or terminate external oversight in certain cases, although it is currently unclear how widespread this trend is. Companies often criticize the use of external monitors, claiming they are costly and disruptive.
While the DOJ's review has not been confirmed, Bloomberg reported that at least three other companies have successfully avoided extended oversight by compliance monitors: mining giant Glencore Plc, and the UK’s NatWest Group Plc and Australia’s Austal Ltd., which operate in the banking and naval shipbuilding sectors, respectively.
Reports indicate that Binance's efforts to ease compliance obligations with the DOJ come as the cryptocurrency industry is experiencing a clearer and more favorable regulatory wave under President Donald Trump.
The administration has advanced several significant initiatives, including signing the GENIUS stablecoin bill and the House passing market structure legislation and anti-central bank digital currency (CBDC) legislation.
Regulators have also begun to clarify their stance on digital assets. Securities and Exchange Commission (SEC) Chairman Paul Atkins recently announced an end to the practice of "regulating by enforcement," committing to provide clearer guidance on issues such as tokenization. The SEC subsequently clarified its position on liquid staking tokens, determining that they primarily do not fall under the scope of securities legislation.
Both the SEC and the Commodity Futures Trading Commission (CFTC) are taking action to align with the government's broader digital economy framework. This includes the CFTC's recent announcement of creating a pathway for foreign cryptocurrency exchanges to serve specific U.S. customers under the Foreign Trade Commission program.
Related: EU Crypto Regulation Faces Test — France Considers Blocking "Passporting" Mechanism
Original text: “Binance Negotiates with DOJ to Terminate Compliance Monitor in $4.3 Billion Settlement”
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