Binance Executives Meet US Treasury Officials To Talk Trump’s Crypto Venture, Says Report

Executives from Binance, the world’s largest cryptocurrency exchange, reportedly met US Treasury officials last month to discuss removing or reducing the scope of a government-appointed monitoring of the exchange while simultaneously considering a possible business partnership with World Liberty Financial, the cryptocurrency venture of US President Donald Trump.

Binance CEO Richard Teng and Chief Legal Officer Eleanor Hughes also requested the removal of the monitorship or a reduction in its duration and scope, Reuters reported citing a Wall Street Journal report.

Binance and its former CEO, Changpeng Zhao, have been under investigation for money-laundering since 2018. Following the initial investigations, the US Department of Justice officially announced criminal charges against Zhao in November 2023. Zhao pleaded guilty to money-laundering charges in a $4.3 billion settlement and agreed to pay a $50 million fine. Zhao also stepped down from his CEO role in November 2023.

According to the report, the meeting followed discussions between Binance and representatives of World Liberty Financial, about listing the company’s dollar-pegged Stablecoin, USD1, on Binance’s trading platform. Binance has reportedly been in talks to list the new dollar-pegged Stablecoin issued by World Liberty Financial. The firm, associated with Trump’s growing interest in digital assets, is developing its own crypto products that could gain prominence if supported by large exchanges like Binance.

Reuters further said in the report that Binance, the US Treasury Department, and World Liberty Financial did not immediately respond to requests for comment.

Zhao has also been seeking a pardon from the current US administration, Reuters said, citing the Wall Street Journal. The high-profile legal case highlighted the increased scrutiny of global cryptocurrency exchanges, particularly in the US, as regulatory authorities increase attempts to ensure compliance in the fast developing sector.

The Wall Street Journal has previously reported that President Trump might take a stake in Binance or proceed with the deal through World Liberty Financial, a Trump-backed crypto venture launched.