In a move that could only be described as audacious—or perhaps desperate—the top brass of Binance, including CEO Richard Teng and Chief Legal Officer Eleanor Hughes, recently descended upon the hallowed halls of the U.S. Treasury. Their mission? To plead for a reduction in the ever-watchful eye of compliance monitoring. But that wasn’t all. In a twist that could only be conjured in the fevered dreams of a crypto enthusiast, they dangled the possibility of a partnership with World Liberty Financial (WLF), a crypto venture rumored to have the Trump family’s golden touch. 🤑
The Great Escape from Oversight
At the heart of their plea was a request to remove or, at the very least, scale back the independent monitor installed as part of Binance’s $4.3 billion settlement in 2023. This watchdog, a relic of the company’s tumultuous past, was tasked with ensuring compliance with anti-money laundering (AML) laws. But Binance, ever the optimist, seems to believe that the past should stay in the past. Sources suggest they’re also eyeing the listing of a new dollar-pegged stablecoin issued by WLF, a move that could align them with Trump-aligned crypto interests just in time for the 2024 election cycle. 🗳️
CZ’s Quiet Quest for Redemption
Meanwhile, whispers abound that Changpeng Zhao (CZ), Binance’s former CEO, has been quietly seeking a presidential pardon from the Trump administration. Zhao, who stepped down in November 2023 after pleading guilty to AML violations, has reportedly been exploring deals with the Trump family, including a stake in Binance’s U.S. arm. The goal? To re-establish the company’s domestic legitimacy under a crypto-friendly administration. Because nothing says “redemption” like a Trump-backed crypto venture, right? 🤷♂️
SEC and Binance: A Legal Tango
In the midst of all this, Binance’s legal battle with the Securities and Exchange Commission (SEC) remains in a state of suspended animation. The two parties have agreed to extend a legal pause until mid-June, citing “productive discussions.” The SEC, which first filed its lawsuit in 2023, accused Binance of operating without proper registrations and violating securities laws. With the SEC’s new crypto task force now at the helm, the future of these negotiations—and Binance’s regulatory fate—remains as uncertain as a coin toss. 🎲
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2025-04-15 00:43