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Last month, top executives from crypto exchange giant Binance allegedly met with U.S. Treasury Department officials to request a relaxation of oversight on the company. During these discussions, plans for potential collaboration with World Liberty Financial, a cryptocurrency firm supported by former President Donald Trump, were also reported. According to The Wall Street Journal, Binance is considering listing a dollar-pegged cryptocurrency to be issued by this venture. The meeting also touched on the removal of a government officer responsible for monitoring compliance with U.S. anti-money laundering laws, a request made by Binance’s CEO Richard Teng and Legal Director Eleanor Hughes for either a complete termination or a reduction of this oversight.
Binance’s Aim for Unsupervised Expansion
Binance’s contact with the Treasury reflects the company’s desire to operate more freely in the U.S. Reports indicate that the primary focus of the meeting was to shorten or entirely lift the term of the independent observer assigned to Binance. It is worth recalling that U.S. authorities appointed an observer due to the company’s inadequate measures against money laundering.
The company’s growing relationship with World Liberty Financial is noteworthy in this context. Established during the Trump era and adopting a crypto-friendly stance, this initiative may assist Binance in gaining a stronger footing in the U.S. According to The Wall Street Journal, discussions also covered the listing of a new dollar-pegged cryptocurrency planned to be released by World Liberty Financial.
These contacts come after Trump’s presidential campaign, where he garnered support from the cryptocurrency industry, indicating Binance’s efforts to establish a position in the reshaping political landscape. However, given the company’s previous significant legal challenges, the reception of these moves in Washington remains uncertain.
Changpeng Zhao’s Pardon Under Discussion
According to The Wall Street Journal, Binance’s founder and former CEO, Changpeng Zhao’s pardon was indirectly brought up during the meetings. Zhao resigned from his CEO position in November 2023, admitting to violations of U.S. laws, and signed a $4.3 billion settlement following years of investigation.
The report also suggested that Zhao is seeking support from the Trump administration for his pardon. Although Zhao currently has no official application for pardon, it is indicated that his close circle is evaluating this possibility.
