Binance In Talks With DOJ To Drop Crypto Monitor

According to Bloomberg, Binance is negotiating with the DOJ to eliminate the requirement for an independent compliance monitor imposed as part of its $4.3 billion anti-money laundering settlement reached in 2023.

Federal prosecutors are evaluating whether the world’s largest cryptocurrency exchange can be released from the three-year monitoring requirement, which was included in the settlement over allegations that Binance failed to prevent money laundering on its platform.

Instead of keeping the independent monitor, Binance may be required to implement enhanced compliance reporting standards, sources told Bloomberg. However, no final decision has been made by the DOJ.

The talks highlight a broader shift under the Trump administration, which has moved away from corporate monitors often criticized as costly and disruptive. The DOJ has already ended monitorships at companies such as Glencore, NatWest Group, and Austal USA that were put in place during the Biden era.

Earlier this year, Matthew Galeotti, head of the DOJ’s Criminal Division, noted that while monitors can deter repeat violations, they also “impose substantial expense and interfere with lawful business operations.”

Binance still faces oversight from a separate compliance monitor mandated by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which remains in effect. Treasury has not signaled any intention to remove that requirement.

Since the settlement, Binance has sought to rebuild its relationship with U.S. regulators. Founder Changpeng Zhao served a four-month sentence as part of the agreement and has indicated he would seek a presidential pardon from Trump. The company has also deepened ties with the Trump administration, including contributing to the development of a stablecoin for World Liberty Financial, a family-linked venture.

The potential removal of the DOJ monitor comes as the crypto sector benefits from Trump’s pro-digital asset policies. The administration has appointed crypto-friendly regulators, issued executive orders to expand banking access for blockchain companies, and the SEC has dropped or paused multiple investigations into crypto firms, including cases tied to Binance.

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