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b"Unchained is running its annual survey to better serve you. \\nPlease answer our annual survey here.\\n\\nThe record $4.3 billion settlement reached between Binance and the U.S. government over charges of money laundering and sanctions violations calls for the world's largest crypto exchange to maintain an independent compliance monitor for the next five years. Michael Dawson, a partner at WilmerHale, and Dorothy DeWitt, founder and CEO of Tolt Strategies, a former director at the CFTC and former general counsel at Coinbase, dissect the intricacies of this arrangement, delving into the roles and responsibilities of the compliance monitor, the potential impact on Binance's operations and the broader implications for the crypto industry.\\nListen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.\\nShow highlights:\\n\\nwhat exactly is a compliance monitor, and why it's essential in the Binance settlement\\xa0\\n\\nwhich regulatory agencies the monitors report to and their significance\\n\\nwhy the DOJ insisted on including a compliance monitor in its settlement with Binance\\n\\nhow Binance\\u2019s compliance monitor is expected to create a \\u201cripple effect across the industry,\\u201d according to Michael\\n\\nwhy Binance, despite being a non-U.S. entity, is subject to a U.S.-appointed monitor\\n\\nDorothy's perspective on why more monitorships might be appointed in the crypto industry going forward\\n\\nhow much the monitorship will cost Binance and the factors influencing their choice of monitor\\n\\nwhether the government will be able to discover other crimes with all this new information, which will be used by other agencies such as the IRS and the FBI\\n\\nwho might be appointed as the compliance monitor for Binance and why Michael favors Patrick McHenry\\n\\nwhat constitutes the SAR lookback and AML program consultancy\\n\\nwhat could happen when the government gets to look at all past transactions\\n\\nwhat happens if the monitor discovers any wrongdoing within Binance\\n\\nwhether the monitorship is likely to impact Binance's business operations\\n\\nadvice from Dorothy and Michael for Binance's new CEO on navigating these challenges\\n\\nwhy predicting the future of Changpeng Zhao, Binance's ex-CEO, is complex, according to Dorothy\\n\\n\\nThank you to our sponsors!\\n\\nLayerZero\\n\\nPopcorn Network\\n\\nArbitrum Foundation\\n\\nGuests:\\n\\n\\nMichael Dawson, partner, Financial Institutions Group at WilmerHale\\n\\n\\nDorothy DeWitt,\\xa0founder and CEO of Tolt Strategies and former Director of the Division of Market Oversight at the CFTC\\n\\nLinks\\nSettlement\\n\\nDOJ Settlement Text\\n\\nFINCEN Settlement Text\\n\\nCFTC Settlement Text\\n\\nOFAC Settlement Text\\n\\nWSJ: Binance Penalties Include a Number of Crypto Industry Firsts: The Treasury Department\\u2019s FinCEN is imposing its first-ever monitorship on the cryptocurrency exchange\\n\\n\\nCoinDesk: Binance's Future and Other Questions Post-Settlement\\xa0\\n\\nUnchained: Binance to Pay $4.3B Penalty to Resolve U.S. DOJ Criminal Investigation; Changpeng Zhao Resigns, Pleads Guilty to Money Laundering Charges\\n\\n\\nLaw360: Binance's Compliance Chief Is Optimistic About Monitorship\\n\\n\\n\\nThe CFTC\\u2019s guidance on monitorships\\nCFTC Releases Enforcement Advisory on Penalties, Monitors and Admissions\\n\\nOther monitors at crypto companies\\xa0\\n\\nCoinbase (independent monitor):\\xa0Press Release- January 3, 2023: Superintendent Adrienne A. Harris Announces $100 Million Settlement with Coinbase, Inc. after DFS Investigation Finds Significant Failings in the Company\\u2019s Compliance Program | Department of Financial Services\\n\\n\\nRobinhood Crypto (independent compliance consultant):\\xa0Press Release- August 2, 2022: DFS Superintendent Harris Announces $30 Million Penalty on Robinhood Crypto for Significant Anti-Money Laundering, Cybersecurity & Consumer Protection Violations | Department of Financial Services (ny.gov)\\n\\n\\n\\nLearn more about your ad choices. Visit megaphone.fm/adchoices"