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Binance Looks to Reduce U.S. Oversight During Talks with Trump-Linked Crypto Firm
Binance Wants to Ease U.S. Scrutiny as It Eyes a New Deal:
Binance, the world’s largest cryptocurrency exchange, is reportedly trying to reduce the amount of U.S. government oversight placed on it. This move comes while the company is negotiating a potential deal with World Liberty Financial—a crypto firm backed by former U.S. President Donald Trump.
The Wall Street Journal revealed that Binance executives recently met with officials from the U.S. Treasury Department. During these meetings, they reportedly asked to either remove or limit the role of a government-appointed watchdog who is overseeing the company’s activities.
Government Monitor Installed After Binance’s $4.3 Billion Settlement
This request stems from a previous agreement. In November 2023, Binance agreed to pay $4.3 billion to U.S. regulators. The massive settlement resolved a long-running investigation into the exchange’s involvement in illegal financial activities, including allowing criminals to move money through its platform.
As part of the deal, the U.S. government installed an independent monitor to track Binance’s compliance with anti-money laundering laws. Now, the company is pushing back against that level of oversight.
A Potential Stablecoin Partnership with Trump’s Crypto Venture
In addition to seeking less government involvement, Binance is reportedly in talks to list a new stablecoin created by World Liberty Financial. This digital currency, known as USD1, is pegged to the U.S. dollar and would function much like existing stablecoins such as USDT or USDC.
The deal could be financially beneficial for the Trump family. Analysts say it may mirror the success seen by Tether, which has earned billions in profits from its stablecoin operations.
Trump’s Influence on Crypto Regulation
These discussions are happening at a time when the Trump campaign is showing strong support for the crypto industry. Reports suggest that if Trump wins the presidency again, his administration might reduce crypto-related regulations. Some proposals include dismantling a Justice Department unit focused on crypto crimes.
This changing environment could work in Binance’s favor, especially as it continues to recover from its legal troubles in the U.S.
Changpeng Zhao May Be Seeking a Presidential Pardon
Another interesting development is that Binance founder Changpeng Zhao, also known as “CZ,” may be seeking a presidential pardon. He recently pleaded guilty to violating U.S. anti-money laundering rules and served a four-month prison sentence. Sources say the pardon request was part of ongoing conversations between Binance and Trump’s team.
No Official Comments Yet
So far, none of the involved parties—Binance, the U.S. Treasury Department, or World Liberty Financial—have made any public comments regarding the talks. The story continues to unfold, and the crypto world is watching closely.
