Binance Seeks Looser Oversight as It Explores Deal with Trump’s Crypto Venture
Binance executives recently met with US Treasury officials to discuss reducing government oversight of the company while exploring a potential business deal with World Liberty Financial, a cryptocurrency venture backed by former President Donald Trump, according to a report by the Wall Street Journal.
The world’s largest cryptocurrency exchange, Binance, requested that Treasury officials remove or reduce the scope of a US monitor overseeing its compliance with anti-money laundering laws, the Journal reported on Friday, citing sources familiar with the discussions.
Binance CEO Richard Teng and Chief Legal Officer Eleanor Hughes led the request for the monitorship reduction during the meeting last month. The company has also been in talks to list a new dollar-pegged cryptocurrency from World Liberty Financial, the Journal added.
Binance, the Treasury Department, and World Liberty Financial have not responded to Reuters’ requests for comment. The development comes after Binance’s founder, Changpeng Zhao, stepped down as CEO in November 2023 and pleaded guilty to violating US anti-money laundering laws as part of a $4.3 billion settlement.
The meeting and discussions highlight the ongoing efforts by Binance to navigate its regulatory environment in the US while exploring new business opportunities in the cryptocurrency sector.
