Binance Pushes to Cut U.S. Oversight, Considers Listing Trump-Backed Stablecoin: WSJ

Binance executives recently met with U.S. Treasury officials to discuss reducing government oversight and potentially collaborating with the Trump-backed crypto company World Liberty Financial (WLF), according to a report from the Wall Street Journal.

Executives Ask To Ease Oversight

The meeting saw Binance’s CEO Richard Teng and Chief Legal Officer Eleanor Hughes request a reduction in government oversight, specifically asking for the removal of the watchdog monitoring their compliance with anti-money laundering (AML) laws.

They also sought to either end or scale back the scope of this oversight. Additionally, Binance is in talks about listing a new dollar-pegged cryptocurrency from WLF on its platform, signaling potential growth and innovation.

A Controversial Pardon Effort

Last month, the Wall Street Journal reported that former Binance CEO Changpeng Zhao Changpeng Zhao   Changpeng Zhao, populalrly known as CZ, is a Chinese-Canadian businessman. He founded Binance, the biggest cryptocurrency exchange in the world based on trading volume. CZ came across Bitcoin (BTC) in 2013 from a friend.   Quick Facts   Full Name Changpeng Zhao Birth  1977 in Lianyungang, Jiangsu, China Nationality Chinese-Canadian, UAE Education BSc. from McGill University Marital Status Married to Yang Weiqing Famous For Binance, Advocate for decentralized finance, blockchain tech. Net Worth $59.4B (refer for realtime)   Before starting Binance in 2017, he was the Head of Development at Blockchain.info and the Chief Technology Officer (CTO) at OKCoin. Under CZ, Binance launched an ICO (Initial Coin Offering) that raised $15 million and rapidly became the largest exchange within months.   To improve trading options, the firm introduced Binance Smart Chain (BSC), Binance Labs, Binance Academy, Binance Launchpad, and other blockchain-based solutions. CZ has influenced the global adoption of crypto by offering regulatory compliance, DeFi solutions, and infrastructure for digital assets.   CZ’s Career Timeline   Tokyo Stock Exchange (2001–2003) – Developed trading systems for financial institutions. Bloomberg Tradebook (2003–2005) – Worked as a software developer for high-frequency trading systems. Fusion Systems (2005–2013) – Co-founded this financial technology firm specializing in ultra-low-latency trading solutions. Blockchain.info (2013–2014) – Served as Head of Development, working with early Bitcoin adopters like Roger Ver and Ben Reeves. OKCoin (2014–2015) – Worked as Chief Technology Officer (CTO) at one of the largest fiat-to-crypto exchanges at the time. Binance (2017–2023) – Founded Binance and led it to become the world's largest cryptocurrency exchange before stepping down as CEO in 2023.   Awards and Recognizations of CZ   List of achievements Year Bloomberg 50 – Most Influential People in Finance 2021 Forbes Crypto Rich List – Billionaire Status 2022 Top 10 Most Influential People in Crypto (CoinDesk) 2022 Binance – World’s Largest Crypto Exchange by Volume 2018-23   There were regulatory issues in some countries about crypto. However, CZ continued to support decentralization, financial freedom, and innovation in the cryptocurrency industry. After reaching an agreement with U.S. regulators over compliance violations, in 2023, he resigned as CEO of Binance.   Useful Links To Connect With CZ   X (formerly Twiter) https://twitter.com/cz_binance? Instagram CZ_Binance (@changpengzhao)  LinkedIn Changpeng Zhao - Binance | LinkedIn     EntrepreneurInvestorChief Executive Officer had been quietly working to secure a presidential pardon following his 2023 guilty plea for violating U.S. anti-money laundering laws. His efforts came as Binance engaged in talks with the Trump family about possible business deals, including offering a stake in the exchange’s U.S. division.

Zhao stepped down as CEO of Binance in November 2023 after reaching a $4.3 billion settlement in a case related to anti-money laundering violations, bringing an end to a years-long investigation into the company.

SEC-Binance Pause Legal Battle

Recently, the SEC and Binance have agreed to pause their legal battle for another 60 days following their ‘productive talks’. The focus is now on how the SEC’s new crypto task force will impact the case. The SEC filed a lawsuit against Binance in 2023, accusing it of operating without registrations and over other violations. The pause is now extended until mid-June 2025, potentially giving both sides more time to negotiate and settle the issues.

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Sandbox Rule For Crypto Firms

In addition to Binance’s discussions with the Treasury, acting SEC Chair Mark Uyeda recently proposed a “Sandbox rule” for crypto firms. This rule would allow companies to experiment with new ideas without fully complying with current laws, while the government works to create clearer rules for the industry.

Uyeda also called for a unified federal framework for cryptocurrency, rather than a patchwork of state-specific regulations. As the industry continues to grow, experts are urging for new rules that address issues like high-speed trading, market transparency, and the potential for market manipulation.

With Paul Atkins confirmed to become the new SEC Chair, he is expected to continue shaping the agency’s approach to digital assets, offering clearer direction for the future of the crypto market.