Binance Monitor Must Build an ‘Army’ for Unique Compliance Role

Big Law attorneys, forensic accountants, and crypto consultants began positioning themselves months ahead of a plea deal by Binance Holdings Ltd. to land a lucrative monitorship that’s rife with pitfalls.

The individual chosen after the world’s largest crypto exchange submits its top three preferences to the Justice and Treasury departments this month must build a global operation to inspect Binance’s compliance with anti-money laundering and sanctions laws.

Arguably the closest parallel in scale and cross-border reach—a multi-agency monitorship of European banking behemoth HSBC for laundering Mexican drug cartel money—exposed numerous failings that prolonged its term to nearly a decade. And ...