With President Donald Trump as the leader, the United States has embraced a friendlier approach toward cryptocurrencies.
According to Richard Teng, the Binance chief executive, the new US policies demonstrate an evident strategy. These encompass the establishment of a regulatory environment for digital assets as well as a national digital reserve.
Teng called the US “way ahead” of the pack. He explained that numerous governments had contacted Binance to assist them in creating their crypto regulations.
He did not mention the names of any of the countries, noting increasing interest worldwide. “We’ve seen a definite change in the way that countries are looking at crypto,” he said. “More and more are looking at it as a part of their national strategy.”
The US move comes after Trump ordered the creation of a national bitcoin reserve. Though the market’s initial excitement faded, the political backing gave crypto new legitimacy.
Bitcoin reached a high of $108,000 after Trump’s election win but later dropped as broader market concerns took over.
The US government has more than $17 billion in digital assets seized by law enforcement efforts. There are now some policymakers in favor of constructing a national reserve as a response to reliance on fiat currency.
Binance is providing active guidance to governments regarding digital assets. Teng affirmed that the company is assisting a number of governments in the establishment of national reserves of crypto.
The sovereign wealth funds have also expressed interest, he added. Teng said, “We’ve had several approaches in recent months.”
Binance faces legal challenges, paying $4.3B fine
However, the firm has had its challenges, too. Binance pleaded guilty to US criminal charges in 2023 and paid a fine of $4.3 billion. Its co-founder, Changpeng Zhao, resigned and spent a brief period in prison.
Teng became the leader and has centered his efforts around compliance. Nearly 25% of Binance’s 6,000 employees are now in compliance-related positions.
Despite previous legal problems, Binance keeps moving ahead. The company is still the world’s largest crypto exchange in volume. Binance is under investigation by France for suspected breaches of anti-money laundering regulations, something that Binance disputes.
Teng said that the company’s operations are now within regulators’ expectations. He also alluded to opening a global headquarters. “We’re looking at all the possibilities,” he said. “It’s a big step.”
Since Trump’s return to office, Binance has received better treatment from US regulators. The firm’s probe by the Securities and Exchange Commission has been suspended. An end may be in sight.
Nonetheless, while crypto becomes increasingly important to the world, Binance acts as an advisor and infrastructure supplier. “We’re helping shape the future,” Teng said.
