The crypto giant, founded by Canadian Changpeng Zhao, is in talks with the U.S. Department of Justice (DOJ) about dropping a requirement that an independent monitor oversee its compliance with anti-money laundering and other laws. The DOJ imposed the requirement as part of a 2023 settlement that saw Zhao step down as CEO and plead guilty to failing to implement effective money-laundering controls. (Bloomberg)
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The crypto giant, founded by Canadian Changpeng Zhao, is in talks with the U.S. Department of Justice (DOJ) about dropping a requirement that an independent monitor oversee its compliance with anti-money laundering and other laws. The DOJ imposed the requirement as part of a 2023 settlement that saw Zhao step down as CEO and plead guilty to failing to implement effective money-laundering controls. (Bloomberg)
Talking point: The DOJ has been moving away from independent oversight requirements under President Donald Trump, removing them from U.K. lender NatWest Group and shipbuilder Austal and announcing plans to end monitors at two units of miner Glencore. Zhao is seeking a presidential pardon from Trump, and Binance promoted and wrote the code behind USD1, a digital asset pegged to the value of the U.S. dollar launched by the Trump family’s crypto venture, World Liberty Financial, Bloomberg reported. On Wednesday Zhao changed his X bio to read “Binance” rather than “ex-Binance,” prompting speculation he could return to the company.
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