Binance executives reportedly met with Treasury Department officials to discuss the possibility that the US government could relax its regulatory oversight of the largest crypto exchange in the world.
The Wall Street Journal cites people who are familiar with the issue to report that Binance is asking the Treasury Department for the removal of one of two monitors overseeing the exchange.
After Binance pleaded to anti-money laundering, unlicensed money transmission and sanctions violations, the US government keeps a close watch on Binance.
Binance was assigned a monitor by the Treasury Department to monitor compliance with money laundering laws. However, a Binance spokesperson claims that this monitor has been “an inefficient and expensive burden.”
According to the report, Binance Chief Executive Richard Teng, and Binance’s Chief Legal Officer Eleanor Hughes requested that Treasury officials remove or reduce their monitory.
Binance executives have expressed optimism that Trump will approve the request.
The meeting was held after Binance representatives and World Liberty Financial, a crypto venture backed by the Trump family, had discussed listing the USD1 dollar-pegged stabilcoin on Binance’s crypto trading platform.
World Liberty Financial’s spokesperson says the company aims to make USD1 “accessible” for millions of people around the world.
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This article Binance’s Executives Meet With US Government Officials to Discuss the Easing Of Regulatory Oversight: Report first appeared on The ICD.
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