Binance Seeks to Ease U.S. Scrutiny While Exploring Business Deal with Trump-Linked Crypto Venture
- Binance seeks reduced U.S. oversight while exploring a deal with Trump-linked World Liberty Financial.
- Binance’s partnership with World Liberty could boost USD1’s adoption, benefiting the Trump family.
The world’s largest crypto exchange, Binance, executives recently met with U.S. Treasury officials to discuss reducing the government’s oversight of the cryptocurrency exchange. At the meeting, Binance CEO Richard Teng and Chief Legal Officer Eleanor Hughes requested the removal or reduction of a U.S. monitor overseeing compliance with anti-money laundering laws, as per Wall Street Journal report.
In addition to this request, Binance executives explored a potential business deal with World Liberty Financial, a crypto venture linked to former U.S. President Donald Trump. Sources familiar with the discussions revealed the details on Friday, although Binance, the U.S. The Treasury Department, and World Liberty Financial didn’t confirm anything officially.
According to the report, Binance has reportedly been in talks to list USD1, a new dollar-pegged stablecoin launched by World Liberty Financial. This partnership would potentially benefit the Trump family financially as the stablecoin’s circulation increases. Stablecoin issuers like Tether have profited significantly in recent years, earning over $13 billion last year, primarily from interest income on reserves.
By supporting USD1, Binance could help World Liberty Financial gain substantial revenue, due to the exchange’s extensive global reach and a daily trading volume of $65 billion.
Binance Strengthens Ties with Trump Figures Amid Regulatory Moves
The alliance between Binance and Trump-affiliated figures was solidified during a high-level crypto conference in Abu Dhabi last December. At the event, Binance founder Changpeng Zhao met with Eric Trump and other Trump associates, including Steve Witkoff, a special envoy to the Middle East.
During their discussions, Eric Trump emphasized the potential of World Liberty and expressed optimism about a new “digital-currency golden age” under his father’s leadership. Since then, business talks have accelerated, with Binance reportedly refining its anti-money-laundering controls to comply with regulatory standards. However, some insiders claim these adjustments might weaken checks on high-risk users, a point Binance has denied.
Binance built internal teams to develop strategies for returning to the U.S. market after a second term by Donald Trump. The efforts to petition for Zhao’s pardon increased as he stepped down from his CEO position in November 2023 due to U.S. anti-money laundering violations. As a component of Binance’s $4.3-billion settlement, the company concluded its investigation durations on its operations Zhao entered his plea. Binance faces increased scrutiny because of past ties to investor Justin Sun, who co-founded Tron, following reports that show Tron is carrying out the most illicit crypto transactions.
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Binance Seeks to Ease U.S. Scrutiny While Exploring Business Deal with Trump-Linked Crypto Venture
- Binance seeks reduced U.S. oversight while exploring a deal with Trump-linked World Liberty Financial.
- Binance’s partnership with World Liberty could boost USD1’s adoption, benefiting the Trump family.
The world’s largest crypto exchange, Binance, executives recently met with U.S. Treasury officials to discuss reducing the government’s oversight of the cryptocurrency exchange. At the meeting, Binance CEO Richard Teng and Chief Legal Officer Eleanor Hughes requested the removal or reduction of a U.S. monitor overseeing compliance with anti-money laundering laws, as per Wall Street Journal report.
In addition to this request, Binance executives explored a potential business deal with World Liberty Financial, a crypto venture linked to former U.S. President Donald Trump. Sources familiar with the discussions revealed the details on Friday, although Binance, the U.S. The Treasury Department, and World Liberty Financial didn’t confirm anything officially.
According to the report, Binance has reportedly been in talks to list USD1, a new dollar-pegged stablecoin launched by World Liberty Financial. This partnership would potentially benefit the Trump family financially as the stablecoin’s circulation increases. Stablecoin issuers like Tether have profited significantly in recent years, earning over $13 billion last year, primarily from interest income on reserves.
By supporting USD1, Binance could help World Liberty Financial gain substantial revenue, due to the exchange’s extensive global reach and a daily trading volume of $65 billion.
Binance Strengthens Ties with Trump Figures Amid Regulatory Moves
The alliance between Binance and Trump-affiliated figures was solidified during a high-level crypto conference in Abu Dhabi last December. At the event, Binance founder Changpeng Zhao met with Eric Trump and other Trump associates, including Steve Witkoff, a special envoy to the Middle East.
During their discussions, Eric Trump emphasized the potential of World Liberty and expressed optimism about a new “digital-currency golden age” under his father’s leadership. Since then, business talks have accelerated, with Binance reportedly refining its anti-money-laundering controls to comply with regulatory standards. However, some insiders claim these adjustments might weaken checks on high-risk users, a point Binance has denied.
Binance built internal teams to develop strategies for returning to the U.S. market after a second term by Donald Trump. The efforts to petition for Zhao’s pardon increased as he stepped down from his CEO position in November 2023 due to U.S. anti-money laundering violations. As a component of Binance’s $4.3-billion settlement, the company concluded its investigation durations on its operations Zhao entered his plea. Binance faces increased scrutiny because of past ties to investor Justin Sun, who co-founded Tron, following reports that show Tron is carrying out the most illicit crypto transactions.
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