Binance Seeks US Approval To Scale Back Federal Oversight

Binance’s top leadership recently met with officials from the US Treasury Department in an effort to ease regulatory pressure on the crypto exchange. The Wall Street Journal, citing sources familiar with the matter, revealed that Binance wants to reduce or remove one of the monitors appointed by the government to oversee the platform.

As scrutiny from regulators continues, Binance’s effort to reduce oversight and expand its token offerings shows how the exchange is trying to reposition itself, especially ahead of potential political changes in Washington.

The US imposed tighter controls on Binance after the exchange admitted to violating anti-money laundering rules, operating without a license, and breaching sanctions. As part of the settlement, the Treasury installed a compliance monitor to supervise Binance’s adherence to financial laws.

However, Binance now says the monitorship is draining resources and causing inefficiencies. During a meeting in March, CEO Richard Teng and Chief Legal Officer Eleanor Hughes pushed for either the removal of the monitor or a limitation on its authority and timeline.

Binance appears hopeful that the incoming Trump administration might take a softer approach. That optimism comes amid broader engagement between Binance and Trump-linked crypto players.

The same report notes that Binance previously held talks with World Liberty Financial, a crypto project backed by the Trump family. Discussions focused on listing the group’s USD-pegged stablecoin, USD1, on the Binance platform.

A representative from World Liberty Financial said their goal is to make USD1 widely accessible, stating that the token is designed to reach “millions globally.”