According to reports, Binance will be under surveillance by Forensic Risk Alliance (FRA) for the next three years as part of a requirement from a plea deal made in November 2023. This follows Binance pleading guilty to money laundering and other charges, resulting in a $4.3 billion fine. FRA will monitor Binance's compliance with regulatory requirements and will have access to internal records, premises, and employees to provide updates to the Department of Justice. The appointment of FRA came after law firm Sullivan & Cromwell, initially considered for the role, was bypassed due to its previous work with a rival crypto exchange, FTX, which faced allegations of fraud. While Sullivan & Cromwell may still be selected for a separate five-year monitoring role representing the Treasury Department’s Financial Crimes Enforcement Network, the immediate oversight of Binance will be carried out by FRA.