In a surprise move, the Department of Justice (DOJ) has selected Forensic Risk Alliance (FRA), a London-based consulting firm, to oversee Binance's compliance for the next three years. This decision comes as part of Binance's plea deal with the DOJ, which included a $4.3 billion fine and the appointment of an independent monitor.

According to a Bloomberg report, FRA was chosen over Sullivan & Cromwell, a top law firm that had been the frontrunner for the position. The decision is believed to be related to Sullivan & Cromwell's controversial handling of the FTX bankruptcy case, which has been marred by allegations of widespread fraud and negligence.

FTX investors have filed a lawsuit against Sullivan & Cromwell, accusing the firm of failing to detect and even participating in the fraud. Despite denying the allegations, Sullivan & Cromwell's reputation has taken a hit, leading to the DOJ's decision to overlook them for the Binance monitorship.

Interestingly, Sullivan & Cromwell is still expected to be appointed by the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) to a five-year monitorship of Binance, highlighting the complexities and nuances of the situation.

The DOJ's decision marks a significant development in the ongoing efforts to regulate and monitor the crypto industry, and it will be interesting to see how this plays out in the coming months.