Binance is negotiating with the U.S. Department of Justice to abandon its independent compliance oversight body

ChainCatcher news, according to Bloomberg, informed sources revealed that the cryptocurrency exchange Binance is negotiating with the U.S. Department of Justice over a potential agreement that would allow Binance to waive a key oversight requirement while paying $4.3 billion to settle allegations of "failing to take adequate measures to prevent money laundering."

Federal prosecutors are discussing the requirement for Binance to set up an external compliance monitor. Any changes to this requirement would mark the latest softening trend by the U.S. Department of Justice in employing independent oversight measures, following the department's removal of several monitors appointed by the Biden administration. The Department of Justice has not yet made a final decision on whether to eliminate the three-year monitoring system. Before the Department of Justice's approval, Binance may still need to comply with stricter reporting requirements.