Binance, the world’s largest crypto exchange, remains entangled in a $4.3 billion U.S. enforcement settlement even as political pressure grows over reports of a softened approach under the Trump administration. The settlement, reached in 2023, penalized Binance for sanctions violations, weak anti-money laundering measures, and unlicensed operations. Its founder, Changpeng “CZ” Zhao, pleaded guilty to Bank Secrecy Act violations, stepped down, and served a short prison sentence.

Senator Elizabeth Warren, along with Senators Richard Blumenthal and Mazie Hirono, sent a letter to Attorney General Pam Bondi this week demanding answers. They cited Bloomberg reports that Binance has been in talks with U.S. authorities to remove its independent compliance monitor. The senators also raised concerns over financial links between President Trump’s family and Binance through World Liberty Financial, warning of conflicts of interest. They specifically pressed whether the administration is considering a pardon for CZ.

The speculation sparked a surge in Binance Coin (BNB), which jumped above $1,000 for the first time, surpassing Solana (SOL) to become the fifth-largest cryptocurrency by market capitalization. Markets reacted strongly to the possibility of CZ’s return and shifting U.S. regulatory priorities.

Under President Trump, regulatory attitudes toward digital assets have shifted dramatically. While the prior administration emphasized market risk and illicit finance concerns, the current one has focused on crypto innovation and strengthening the U.S. as a global hub. In line with this, the Securities and Exchange Commission dropped its long-running lawsuit against Binance in May, further signaling a friendlier environment for the exchange.

The future of Binance in the U.S. now hinges on whether political pressure will force continued oversight — or if the Trump administration’s pro-crypto stance leads to looser enforcement.