The media published information according to which Binance executives met with US Treasury officials last month and discussed loosening government oversight of the company.
It was also noted that Binance is currently exploring a business deal with the United States President Donald Trump’s crypto venture, World Liberty Financial.
The media, citing insiders, published information according to which the executives of the world’s largest cryptocurrency exchange asked US Treasury officials to remove a US monitor overseeing its compliance with anti-money-laundering laws.
Journalists’ informants also claim that Binance is in talks to list a new dollar-pegged cryptocurrency from World Liberty.
Moreover, the media released information according to which at the meeting Binance chief executive officer Richard Teng and chief legal officer Eleanor Hughes asked for the removal of monitorship or reduction of its duration and scope.
Binance, the Treasury Department, and World Liberty Financial have not yet responded to a media request for comment on insider data.
It is worth mentioning that last month, journalists published information according to which Binance’s billionaire founder Changpeng Zhao had been pushing for a pardon from the administration. In November 2023, Mr. Zhao stepped down from his chief executive officer role and pleaded guilty to violating US anti-money laundering laws as part of a $4.3 billion settlement that resolved a years-long investigation.
As noted by the media, for World Liberty, Binance’s market power will help turn it into a serious player in the cryptocurrency industry. The cryptocurrency exchange has more than 250 million users and processes about $65 billion in trades per day.
The media also noted that the more USD1 stablecoins in circulation, the more the Donald Trump family will be able to profit from assets underpinning the token’s value. Tether, the largest issuer of stablecoins, recorded a profit of $13 billion last year.
The media claims that for Binance, the presidential power of Donald Trump could free the company from its legal woes. The firm’s agreement with the United States authorities in 2023 imposed onerous restrictions on the once-freewheeling cryptocurrency exchange. In this case, Binance faced requirements to report all previous suspicious transactions, to remove all its American users, and to cooperate with two independent monitors appointed by the Treasury and Justice departments last May to serve for five and three years, respectfully.
Moreover, last month, the media reported that representatives of the Donald Trump family held talks with the cryptocurrency exchange about taking a stake in Binance.US. It is worth clarifying that in this case, it means the unit, which is currently going through difficult times and operates separately from the larger exchange. A Treasury official stated that the meeting with Binance was one of dozens of meetings that the agency held with representatives of the crypto industry.
A World Liberty spokeswoman noted that the company’s goal is to make USD1 accessible to millions of people around the world.
As we have reported earlier, Binance Ends Tether USDT Trading in Europe.
