The United States Department of Justice (DOJ) appointed Forensic Risk Alliance (FRA) to serve as the outside monitor over the crypto exchange Binance, reports Bloomberg citing people familiar with the matter. 

FRA, a London-based providing services in forensic accounting and compliance consulting services, beat out Sullivan & Cromwell to take on the position, Bloomberg adds. Binance must undergo a monitorship of three years as part of its plea deal with the DOJ related to money laundering violations. 

A monitorship involves a third party ensuring legal compliance for its appointee in an effort to bolster transparency and regulatory adherence. Analysts have previously commented that Binance's monitorship will be "hard" on the firm, taking up much of its internal resources, …