Binance COO Noah Perlman discusses the challenges posed by the monitoring agreement with U.S. regulators, despite seeing it as an opportunity for improvement. The plea agreement with the U.S. Department of Justice includes an independent compliance monitor for three years, making the U.S. an “authorized referee” for Binance.

Perlman, speaking at the Token2049 conference, emphasized the importance of constructive dialogue with regulators for effective regulation. He stated that being open to collaboration is key to achieving great regulation.

Following Binance’s settlement with the DOJ, the exchange must now adhere to enhanced requirements, as the U.S. government oversees compliance as an “imposed-and-authorized referee.” Perlman acknowledged the challenges but sees it as an opportunity to improve their programs and procedures.

“Not thrilled to have it, but [we’re] doing it as an opportunity to continue to enhance the programs, procedures we have.” – Noah Perlman, COO Binance

In November 2023, Binance pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges. As part of the agreement, founder and CEO Changpeng Zhao also pleaded guilty and stepped down. Binance will retain an independent compliance monitor for three years and enhance its anti-money laundering and sanctions compliance programs.

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