NewsBinance Pushes to Cut U.S. Oversight, Considers Listing Trump-Backed Stablecoin: WSJ
Nidhi Kolhapur14 Apr 20254 min read
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 at Binance Changpeng Zhao, often known as CZ, is a Chinese-Canadian entrepreneur who co-founded Binance, one of the largest cryptocurrency exchanges by trading volume. He was born in 1977 in Jiangsu, China, and later relocated to Canada with his family. CZ studied computer science at McGill University in Montreal. In the early stage of his career, he worked in financial trading technology. He built trading systems for major platforms such as Bloomberg and the Tokyo Stock Exchange, gaining strong experience in high-speed trading infrastructure. Quick Facts: Field Details Full Name Changpeng Zhao Popular Name CZ Birth 1977, Jiangsu, China Nationality Chinese-Canadian Education Computer Science, McGill University Known For Co-founder of Binance Industry Cryptocurrency, Blockchain, Fintech Career Overview: CZ joined the cryptocurrency sector in 2013. During his early years, he worked for Bitcoin websites like Blockchain.com and OKCoin. In 2017, he co-founded Binance. The exchange debuted in July of that year and rapidly became the top cryptocurrency exchange by trading volume. Binance has grown far beyond traditional cryptocurrency trading over the years. The platform currently offers derivatives trading, staking services, and its own blockchain network called BNB Chain. Timeline of Events: 2010 - Worked in financial trading technology, gaining experience in high-frequency trading systems. 2015 - Founded BijieTech, a company focused on crypto-mining software. 2017 - Co-founded Binance and launched the exchange in July. 2021 - Binance expanded globally but withdrew its exchange application in Singapore due to regulatory challenges. 2022 - Binance invested $500 million in Elon Musk’s acquisition of Twitter. 2023 - Binance faced growing regulatory scrutiny across multiple regions. 2024 - Appointed strategic advisor to the Pakistan Crypto Council by the Ministry of Finance. 2025 - Became an advisor to Sadyr Japarov on digital-asset development in Kyrgyzstan. Notable Work & Achievements of Changpeng Zhao: Year Achievement Details 2018 Forbes Crypto Rich List Listed among the richest people in crypto with an estimated net worth of around $1–2 billion 2019 Binance.US Launch Binance expanded to the U.S. with a separate regulated platform 2022 Twitter Acquisition Investment Binance participated in financing Elon Musk’s takeover of Twitter 2024 Pakistan Crypto Council Advisor Helped guide national discussions on crypto regulation 2025 Kyrgyzstan Digital Asset Advisor Advised the Kyrgyz government on blockchain and digital-asset development 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.
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.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
