Binance, the world’s largest cryptocurrency exchange, is reportedly attempting to reduce U.S. government scrutiny while exploring a potential partnership with a new crypto venture linked to former President Donald Trump. According to the Wall Street Journal, senior executives from Binance recently met with U.S. Treasury officials in a bid to ease regulatory restrictions imposed on the platform.
During the meeting, Binance’s CEO Richard Teng and Chief Legal Officer Eleanor Hughes reportedly requested the removal or at least a reduction in the scope and duration of a U.S. monitorship. This monitor had been overseeing Binance’s compliance with anti-money laundering (AML) regulations following a multi-billion dollar settlement in 2023.
The push to scale back oversight comes as Binance is in discussions to list a new stablecoin backed by the U.S. dollar. The coin is being developed by World Liberty Financial, a crypto initiative associated with Trump. The details of this partnership are still under wraps, but the strategic alignment could significantly reshape the political and financial landscape of crypto in the U.S.
This isn’t the first time Binance has been linked with Trump-affiliated entities. Last month, reports suggested that Changpeng Zhao, the platform’s billionaire founder, had been seeking a presidential pardon related to his legal troubles. In late 2023, Zhao stepped down as CEO after pleading guilty to violating U.S. anti-money laundering laws. That plea was part of a historic $4.3 billion settlement with federal authorities that marked the end of a long-running investigation.
While the Treasury Department, Binance, and World Liberty Financial have not commented publicly on the reported meeting, the developments suggest a bold move by Binance to regain its footing in the U.S. crypto market. The request to remove the government monitor raises eyebrows, especially given the platform’s recent legal issues and Zhao’s criminal plea.
If the collaboration between Binance and Trump’s crypto venture proceeds, it could inject new energy into digital asset markets that have been grappling with heightened regulatory scrutiny. At the same time, it raises questions about how political influence might be leveraged to alter the course of crypto regulation.
It remains to be seen whether the U.S. Treasury will consider loosening restrictions on Binance, especially at a time when regulators have been cracking down on crypto platforms globally. However, the company’s efforts highlight a larger trend of crypto firms aligning with political figures and lobbying for favorable conditions amid an uncertain regulatory environment.
As the world of digital assets continues to evolve, the outcome of these discussions could play a pivotal role in shaping the future of crypto compliance and corporate partnerships in the United States.
