Binance is seeking to loosen the grip of U.S. regulators, according to a new Wall Street Journal report.
The crypto exchange’s top leadership, including CEO Richard Teng and Chief Legal Officer Eleanor Hughes, recently met with U.S. Treasury officials to request scaled-back compliance monitoring—and floated the possibility of a partnership with World Liberty Financial (WLF), a crypto company reportedly backed by the Trump family.
Push to End Government Watchdog Oversight
At the meeting, Binance executives reportedly asked for the removal or reduction of an independent monitor appointed to oversee the company’s compliance with anti-money laundering (AML) laws. The watchdog was installed as part of Binance’s $4.3 billion settlement in 2023, which followed a years-long federal investigation.
Sources say Binance is also considering listing a new dollar-pegged stablecoin issued by WLF, potentially aligning itself more closely with Trump-aligned crypto interests ahead of the 2024 election cycle.
CZ’s Quiet Push for a Presidential Pardon
The latest development comes on the heels of reports that Changpeng Zhao (CZ), Binance’s former CEO, has been seeking a presidential pardon from the Trump administration. Zhao stepped down in November 2023 after pleading guilty to AML violations, as part of the record-breaking settlement with U.S. authorities.
According to the WSJ, CZ had been exploring potential deals with the Trump family that included a stake in Binance’s U.S. arm, which could help re-establish the company’s domestic legitimacy under a crypto-friendly administration.
SEC and Binance Agree to Extend Legal Pause
Meanwhile, Binance’s legal battle with the Securities and Exchange Commission (SEC) remains on hold. The agency and Binance have mutually agreed to extend a legal pause until mid-June, citing “productive discussions” between their teams. The SEC first filed its lawsuit in 2023, accusing Binance of operating without proper registrations and violating securities laws.
With the SEC’s new crypto task force now overseeing enforcement, the outcome of these negotiations—and Binance’s regulatory future—remains uncertain.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/binance-execs-request-reduced-oversight-explore-trump-linked-crypto-partnership/