The U.S. Department of Justice (DOJ) intends to closely monitor the operations of the Binance cryptocurrency exchange. The new commitments made by the company include cooperation with the American authorities and providing them with access to all documents, records and resources upon request.

A document published by the US Department of Justice on December 8, 2023, announced the intentions of the US authorities to conduct strict control over Binance's financial activities and business operations. John Reed Stark, a former employee of the U.S. Securities and Exchange Commission (SEC), notes that this document resembles a "list of recommendations from a consulting firm."

In particular, among the new obligations of the exchange is cooperation with the authorities, providing them with access to documents, records and resources upon request. In addition, Binance must do everything possible to provide information about former employees, agents, intermediaries, consultants, licenses, suppliers and joint venture partners.

According to the document, several departments will monitor the exchange's activities, including the anti-money laundering and Asset Recovery Division, the National Security Division, the Counterintelligence and Export Control division, as well as the office of the U.S. Attorney for the Western District of Washington. In addition, the plea agreement includes five years of supervision by the Financial Crimes Enforcement Agency (FinCEN).

Interestingly, the Department of Justice has the right not to inform Binance of its findings, but to immediately inform the US government of possible violations.

Experts note that other government agencies, including the SEC, may also contact the Department of Justice for more information about Binance. This data can be used by regulators to challenge the exchange's requests to dismiss the SEC's lawsuit, emphasizes John Reed Stark.

The U.S. Securities and Exchange Commission has repeatedly tried to freeze Binance's crypto assets.US due to the alleged inappropriate expenditure of client funds, but the court rejected this claim. Due to pressure from the SEC, Binance has cut about 30% of its staff, including CEO Brian Schroeder. In November, Binance.The US has asked the court to dismiss the lawsuit filed by the SEC.

As previously reported, Binance Holdings Limited has pleaded guilty and agreed to pay more than $4 billion to complete the investigation by the U.S. Department of Justice into the exchange. After that, Changpeng Zhao resigned as CEO of Binance, and Richard Teng took his place.