Original Title: Binance Seeks to Curb U.S. Oversight While in Deal Talks With Trump's Crypto Company
Original Authors: Angus Berwick, Patricia Kowsmann, Rebecca Ballhaus, Wall Street Journal Authors
Translated by: Law Deep

Editor's Note: Binance executives recently met with the U.S. Treasury Department to seek relaxation of government oversight, including removing the supervision of anti-money laundering compliance officers, while also negotiating a deal with the Trump family's crypto company, "World Liberty Financial," to launch its USD stablecoin. This move could bring huge profits to the Trump family, and Binance hopes to leverage Trump's presidential power to escape legal troubles and re-enter the U.S. market.

Below is the original article content (slightly restructured for readability):

April 11, 2025, 9:00 PM (Eastern Time)

According to sources familiar with the matter, executives from the cryptocurrency exchange Binance met with U.S. Treasury officials in Washington last month to discuss easing government oversight of the company, while the company is also exploring a business transaction with the Trump family's crypto enterprise.

Sources said Binance executives asked Treasury officials to cancel U.S. oversight of the exchange's compliance with anti-money laundering laws. This would be the first step for the company to re-enter the U.S. market, after the company pleaded guilty to violating anti-money laundering laws in 2023.

According to other sources, Binance is also in talks to list a new type of USD-pegged cryptocurrency supported by the Trump family's crypto enterprise, "World Liberty Financial." Listing this token, referred to as a stablecoin, could enable rapid entry into the vast market and potentially bring billions of dollars in profit to the Trump family.

These transactions mark a growing alliance between the Trump family and the world's largest cryptocurrency exchange, Binance. Binance has previously paid a record $4.3 billion fine for allowing terrorists, drug dealers, and sanctioned entities to transfer billions of dollars through its exchange. Prior to the Treasury Department talks, Binance had already begun discussing deals with representatives of the Trump family.

For World Liberty Financial, Binance's market influence could help it become a significant player in the crypto industry. Binance boasts over 250 million users and processes around $65 billion in transactions daily.

The more US Dollar Stablecoin (USD1) in circulation, the more the Trump family profits from the assets that back the token's value. The largest stablecoin issuer, Tether, reported a $13 billion profit last year.

For Binance, Trump's presidential power may help the company get out of legal troubles. A 2023 agreement with US authorities imposed strict restrictions on this once freely operated exchange, requiring it to delist all US customers, report all previous suspicious transactions, and cooperate with two independent regulators appointed by the Treasury and Justice Departments, each overseeing for five and three years, respectively.

According to The Wall Street Journal report, Binance is also seeking pardon for its convicted founder, CZ. CZ pleaded guilty to related charges last year and served four months in prison. A pardon would make it easier for the company to re-enter the US.

Former Binance CEO CZ leaving the courtroom after sentencing last year
Image Source: JASON REDMOND/AFP/GETTY IMAGES

Last month, The Wall Street Journal reported that representatives of the Trump family also discussed acquiring a stake in Binance US, the struggling US branch of Binance that operates independently.

A Treasury official stated that the meeting with Binance was one of dozens the agency held with the crypto industry. A spokesperson for World Free Finance stated that the company aims to have the US Dollar Stablecoin (USD1) "used by millions of people globally."

CZ declined to comment through a Binance spokesperson. Last month, CZ stated on the X platform that he had no business dealings with World Free Finance and had not discussed any transactions involving Binance US with anyone. He added, "No criminal would mind getting a pardon."

A Binance spokesperson stated, "The incredible momentum of the US crypto movement under the new government and congressional leadership is inspiring. We are eager to support any effort seeking to balance innovation and user protection in digital asset regulation."

A White House spokesperson stated that they would not disclose who is or is not being considered for a pardon.

"Ending Oversight With Enforcement"

The alliance between the Trump family and Binance began at a cryptocurrency conference in Abu Dhabi in December last year, just weeks before the inauguration. In an exclusive "Whale" (VIP) backstage area accessible only to holders of $10,000 VIP passes, CZ interacted with Trump's son Eric, Trump ally and incoming Middle East envoy Steve Witkoff, and others. Witkoff told attendees he would promote cryptocurrency development in the new administration.

During the event, Eric promoted the upcoming era of digital currency gold under his father's leadership and advocated for World Liberty Finance, co-founded a few months ago by the Trump family with the Vitkov family. The conference also offered a 21% discount on tickets using the discount code "TRUMPPUMP21." Both Eric and a spokesperson for the Trump organization did not respond to requests for comments.

Co-founders of World Liberty Finance on stage, from left to right: Chase Herro, Zach Witko, and Zak Folkman. On the screen is Donald Trump Jr.
Image Source: KENT NISHIMURA/BLOOMBERG NEWS

CZ was seeking clemency at the time, complaining in a public speech about the U.S.'s overly stringent regulation of the cryptocurrency industry. He said, "You have to stop using enforcement as a substitute for regulation."

Insiders said that following the conference, commercial negotiations regarding Binance's U.S. equity and a U.S. dollar stablecoin accelerated over the next few months.

The Trump administration quickly made progress in loosening cryptocurrency regulations. In recent weeks, the Department of Justice suspended its corporate oversight program and disbanded its cryptocurrency enforcement division—which had assisted in the 2023 case against Binance. The Justice Department announced this move in a memo titled "Ending the Use of Enforcement as Regulation."

Insiders revealed that Binance still had to deal with the regulatory officer appointed by the Treasury Department, which was seen as a heavier burden.

Insiders said that conflicts between Binance executives and the Treasury Department's regulatory officer were less severe than those with the Justice Department's regulatory officer, mainly revolving around the officer's access to the company, including the ability to interview employees and review documents.

In a meeting last month with the Treasury Department, Binance CEO Changpeng Zhao and Chief Legal Officer Eleanor Hughes reportedly requested the cancellation or shortening of the regulatory officer's term and a reduction in scope.

Binance executives were optimistic that the Trump administration would agree to their requests. Insiders said that exchange employees have been discussing adjusting their anti-money laundering measures, with some employees believing it is to ease checks on high-risk clients.

A Binance spokesperson said that the regulatory officer had caused "inefficient and costly burdens." He added that Binance is "fine-tuning rules but not loosening controls."

A String of Crypto Criminals

According to sources familiar with the matter, Binance began reaching out to Trump allies around the time of the 2024 election. An internal team was formed within the company to explore reentry into the U.S. under the Trump administration and seek a pardon for CZ (CZ).

Even before the December meeting, CZ had ties to the World Free Finance team. Vitkov's son Zack had previously referred to CZ as the "Sage" on X. In October last year, the World Free Finance hired CZ's close friend Richie Theo to help launch its stablecoin, with Theo having previously requested leniency from a judge presiding over CZ's case.

A spokesperson for World Free Finance stated, "Almost every leading company in the digital asset industry has interacted with Binance." She added, "We are very grateful for CZ's many contributions to the cryptocurrency industry, perhaps more for his charitable work."

The Trump family's embrace of Binance reflects dynamics within the White House. Helping previous administrations trace cryptocurrency tycoons shifting funds for U.S. adversaries—Russian sanctions evaders, Islamic terror groups, Mexican drug cartels, global fraud syndicates—are now doing business with the president and his inner circle.

Trump has already pardoned a string of crypto criminals, including BitMEX exchange co-founder Arthur Hayes, who pleaded guilty to violating the same U.S. anti-money laundering laws as CZ.

Tron blockchain network founder Justin Sun is the largest external investor in World Free Finance and advises the company. According to blockchain research firm TRM Labs, last year over half of illicit crypto activity—around $260 billion—occurred on Tron.

In February this year, after Sun invested $75 million in World Free Finance's token, the U.S. Securities and Exchange Commission requested a court halt its fraud lawsuit against him.

Sources reveal that during the Biden administration, the Department of Justice has been investigating Sun for financial crimes. It is currently unclear if the investigation is ongoing.

As part of CZ's plea deal, sources say he has agreed to provide evidence about Sun to prosecutors. This arrangement has not been previously reported. The Justice Department declined to comment.

Sun's representatives declined to comment on "baseless allegations regarding legal matters" and stated that claims about Tron enabling criminal activity are unfounded.

Last December, Sun also mingled with VIPs backstage at an Abu Dhabi conference, distributing mini versions of a $6 million banana artwork he had recently purchased.

「Original Article Link」

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia