Binance Sought Reduced Oversight in Talks with US Treasury
Last month, Binance executives reportedly met with officials from the US Treasury Department to discuss easing government oversight. The cryptocurrency giant also explored a potential partnership with World Liberty Financial, a crypto venture linked to former President Donald Trump, according to the Wall Street Journal.
Binance Aims to End Monitoring Agreement
Executives from Binance, the world’s largest cryptocurrency exchange, are said to have requested the removal of a US-appointed monitor. This monitor was put in place to ensure Binance complies with anti-money laundering laws.
During the meeting, CEO Richard Teng and Chief Legal Officer Eleanor Hughes asked officials to either end the monitorship or reduce its scope and duration. These details were shared by people familiar with the discussions, as cited by the Journal.
The monitorship was part of a major legal settlement that followed a long investigation into Binance’s operations in the US.
Potential Deal with Trump-Linked Crypto Firm
The talks also included discussions around a possible business deal. Binance is said to be in negotiations to list a new dollar-pegged cryptocurrency issued by World Liberty Financial, a company connected to Trump’s crypto interests.
Neither Binance, the Treasury Department, nor World Liberty Financial responded to requests for comment on the matter, Reuters reported.
This potential collaboration follows a broader effort by Binance to rebuild its standing in the US market after recent legal troubles.
Binance’s Legal Troubles and Leadership Change
In November 2023, Binance’s founder, Changpeng Zhao, stepped down as CEO. He also pleaded guilty to violating US anti-money laundering laws. This was part of a $4.3 billion settlement with US authorities, resolving a multi-year investigation.
The Journal previously reported that Zhao had been seeking a presidential pardon from the current administration.
These developments come as Binance looks to navigate its future while easing regulatory pressure and seeking strategic partnerships.
“with inputs from Reuters”
