Binance executives met with U.S. Treasury officials last month to push for the removal or reduction of federal oversight, while also exploring a potential partnership with former President Donald Trump's cryptocurrency venture, according to a report by The Wall Street Journal citing sources familiar with the discussions.
At the March meeting, Binance CEO Richard Teng and Chief Legal Officer Eleanor Hughes asked Treasury officials to eliminate or scale back the duration and scope of a U.S. monitorship established as part of a $4.3 billion settlement with the Justice Department. The agreement, reached in November 2023, required Binance to accept a government-appointed monitor and resulted in the resignation of founder Changpeng Zhao, who pleaded guilty to violating U.S. anti-money-laundering laws.
The Journal reported that in addition to seeking leniency on compliance monitoring, Binance is in talks to list a new dollar-pegged cryptocurrency issued by Trump's firm, World Liberty Financial. The company, linked to the former president, is part of a broader effort by Trump allies to expand his influence in the digital asset market ahead of the 2024 election.
None of the parties-Binance, the Treasury Department, or World Liberty Financial-immediately responded to requests for comment, according to Reuters.
The meeting underscores Binance's effort to rehabilitate its standing with U.S. regulators after years of scrutiny. The company's legal entanglements culminated in one of the largest corporate settlements in crypto history. As part of that deal, Zhao agreed to pay a $50 million personal fine and relinquished his CEO position.
Last month, The Wall Street Journal also reported that Zhao had been quietly seeking a presidential pardon, a move that has gained new relevance amid Binance's overtures toward the Trump-linked crypto project.
Binance remains the largest cryptocurrency exchange in the world, but its U.S. operations have been under sustained pressure. The addition of a new crypto asset associated with Trump's political network could position Binance to regain influence in American markets-if federal restrictions ease.
