Binance Pushes to Ease U.S. Oversight, Eyes Stablecoin Deal Backed by Trump Allies

Binance executives reportedly met with Treasury Department officials in March in an effort to reduce federal oversight of the crypto exchange, according to sources cited by the Wall Street Journal.

Binance is seeking to ease U.S. oversight and is in talks to list a stablecoin backed by Trump allies, reports the Wall Street Journal.

March saw executives from Binance engage with Treasury Department officials, aiming to reduce federal scrutiny over the crypto exchange’s activities.

Sources familiar with the matter told the Journal that Binance requested the removal, or at least scaling back, of a compliance monitor assigned after Binance disclosed serious regulatory violations.

Following a guilty plea by Binance in 2022 for unlicensed money transmission, breaches of U.S. sanctions, and failures in anti-money laundering protocols, authorities placed monitors to oversee the exchange’s operations.

While one of those monitors remains in place, Binance leadership maintains that the arrangement is causing significant financial strain and inefficiencies.

During the recent meeting, CEO Richard Teng and Chief Legal Officer Eleanor Hughes made a case for shortening or eliminating the monitorship.

This push is said to come as Binance is feeling more optimistic with the Trump administration in place, and those in the new political landscape may be more inclined to grant Binance’s request.

The Journal also reports that the recent meeting follows earlier conversations between Binance and World Liberty Financial—a crypto venture backed by members of the Trump family—over listing the group’s planned USD1 stablecoin.

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