Binance is trying to regain its footing in the US by working with World Liberty Financial (WLFI), a crypto project linked to Donald Trump’s former presidency. People familiar with the development have revealed that Binance executives reportedly met with U.S. Treasury Department officials last month to try to have a federal monitorship imposed on the company in the past scaled back or removed.
The monitorship has greatly impacted Binance's operations. It started when Binance reached a 2023 settlement with a $4.3 billion fine for failing to enforce anti-money laundering laws.
Binance’s ongoing efforts to reduce government scrutiny come when the exchange still works to resolve regulatory challenges. Binance representatives, including CEO Richard Teng and Chief Legal Officer Eleanor Hughes, initiated requests with Treasury officials to end the independent oversight of their anti-money laundering compliance measures.
The company seeks relief from its ongoing efforts to build a better image and improve operational systems within the United States market. Binance continues discussions with the U.S. Treasury but has not achieved any immediate changes. It has shown its commitment to minimize regulatory oversight to gain better positioning during the current administration.
The successful completion of these initiatives will establish a foundation for Binance to operate in the U.S. despite market competition and legal hurdles.
In parallel to its discussions with the U.S. government, Binance is exploring a business collaboration with World Liberty Financial (WLFI), a crypto project affiliated with Donald Trump’s post-presidential business ventures. The Trump family maintains ownership of more than 60% of WLFI while their company prepares to introduce a dollar-pegged stablecoin called USD1.
According to recent reports, USD1's potential listing on the Binance exchange could significantly boost the Trump family's crypto plans. WLFI will obtain Binance's worldwide market presence through this partnership, integrating over 250 million users and $65 billion worth of daily trading transactions.
Through this collaboration, Binance will gain an advantageous position in its U.S. market expansion efforts. The listing of USD1 would position Binance to support Trump-related projects while strengthening its political relationships with United States regulators. The proposed cooperative deal is expected to assist WLFI in recovering its financial losses.
Discussions between the U.S. Treasury Department and Binance show the wider trend in the cryptocurrency market as regulators and politicians become more influential players. Donald Trump and his family's growing crypto involvement alongside Binance’s actions indicates a potential transformation in political relationships between crypto projects and political figures.