Binance in Talks to Remove DOJ Monitor from $4.3 Billion Settlement

Binance is in discussions with the U.S. Justice Department to remove the independent compliance monitor required under its $4.3 billion settlement for anti-money laundering violations, Bloomberg reported Tuesday, citing people familiar with the matter.

Federal prosecutors are reviewing whether to release the world's largest cryptocurrency exchange from the three-year monitoring requirement, which was part of the 2023 settlement resolving allegations that Binance failed to prevent money laundering on its platform.

The potential deal would require Binance to adopt enhanced compliance reporting requirements in place of the independent monitor, sources told Bloomberg . The Justice Department has not made a final decision on the matter.

The discussions reflect a broader shift under the Trump administration away from corporate monitors, which companies have criticized as expensive and disruptive to business operations. The DOJ has already terminated monitors at three companies that received them during the Biden administration, including units of Glencore, NatWest Group, and navy shipbuilder Austal USA, the publication noted.

Matthew Galeotti, head of the DOJ's Criminal Division, indicated earlier this year that while monitors can reduce repeat offenses, they "can also impose substantial expense and interfere with lawful business operations."

Binance was required to maintain two separate monitors under its DOJ settlement and a separate agreement with the Treasury Department's Financial Crimes Enforcement Network. The FinCEN monitor remains in place, and the Treasury Department has not indicated it will remove that oversight requirement.

The crypto exchange has been working to rehabilitate its relationship with U.S. authorities since the settlement. Founder Changpeng Zhao served a four-month sentence as part of the agreement and has indicated he would seek a presidential pardon from Trump.

Binance has also developed closer ties to the Trump administration, including playing a role in developing the stablecoin for World Liberty Financial, one of Trump's family ventures.

The potential monitor removal comes as the crypto industry benefits from Trump's pro-digital asset policies. The administration has appointed crypto-friendly agency heads and issued executive orders addressing industry priorities like banking access. The SEC has also dropped or paused multiple investigations against crypto companies, including cases involving Binance.