Executives at Binance reportedly sat down with Treasury Department officials in March to discuss the possibility of relaxing the US government’s regulatory scrutiny of the world’s largest crypto exchange.
Citing people familiar with the matter, the Wall Street Journal reports that Binance wants the Treasury Department to remove one of the two monitors that oversee the exchange.
The US government is keeping a close eye on Binance after it pleaded guilty to having engaged in anti-money laundering (AML), unlicensed money transmitting and sanctions violations.
The Treasury Department appointed a monitor to ensure that Binance complies with anti-money laundering laws, but a spokesperson for the exchange says that monitors led to “inefficient and costly burdens.”
The report says that during last month’s meeting, Binance chief executive Richard Teng and Chief Legal Officer Eleanor Hughes asked Treasury officials to remove the monitorship, or reduce its duration and scope.
Binance’s executives are said to be optimistic that the Trump administration will greenlight the request.
According to WSJ, the meeting took place after Binance and representatives from the Trump family-backed crypto venture World Liberty Financial held discussions to list the project’s dollar-pegged stablecoin, USD1, on the crypto trading platform.
A spokesperson for World Liberty Financial says that the company is aiming for USD1 to be “accessible for millions globally.”
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
