Binance, the world’s largest cryptocurrency exchange, is trying to get the US government to ease up on its regulatory scrutiny.
Meeting with Treasury Officials
In March, top Binance executives, including CEO Richard Teng and Chief Legal Officer Eleanor Hughes, met with officials from the US Treasury Department. Their goal? To get rid of one of the two independent monitors currently overseeing Binance’s operations. These monitors were put in place after Binance admitted to past violations of anti-money laundering (AML) laws, unlicensed money transmission, and sanctions.
Binance’s Argument
Binance argues that these monitors are creating unnecessary costs and inefficiencies. They’re hoping the Treasury Department will either remove one of the monitors completely, or at least significantly reduce their scope and the length of their oversight. They reportedly believe the Trump administration might be receptive to their request.
Possible Connection to Stablecoin Listing
Interestingly, this meeting reportedly followed discussions between Binance and World Liberty Financial, a crypto venture with ties to the Trump family. World Liberty Financial is hoping to list its USD1 stablecoin on the Binance platform, aiming to make it widely accessible globally.
Disclaimer: This information is for news purposes only and is not financial advice. Always do your own research before investing in cryptocurrencies.
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