Binance is advising countries on establishing Bitcoin reserves and crypto regulations amid a more crypto-friendly US policy landscape. CEO Richard Teng noted that while several nations are seeking assistance, specific countries were not disclosed. The exchange is also working on establishing a formal global headquarters, shifting from a previously informal structure due to increasing regulatory clarity in the crypto sector.
Binance, a prominent cryptocurrency exchange, is actively engaging with various governments regarding the establishment of strategic digital asset reserves, as reported by CEO Richard Teng. He disclosed that multiple governments and sovereign wealth funds have approached Binance for advice on creating their own Bitcoin (BTC) reserves and developing regulatory frameworks for crypto assets, although specific nations have not been named.
Teng highlighted that the recent shift in the United States towards a more crypto-friendly policy has prompted many governments to seek Binance’s expertise. He pointed to initiatives like the discussions on a national Bitcoin reserve and the creation of a digital asset stockpile spurred by an executive order aimed at establishing a Strategic Bitcoin Reserve.
Recent collaborations involving Binance and officials from Pakistan and Kyrgyzstan focused on crypto regulation do not currently include plans for crypto reserves, indicating a selective approach by these nations. As Binance expands its role in advising on crypto reserves, Teng mentioned the company’s plan to establish a formal global headquarters, moving away from the previous informal headquarters model championed by former CEO Changpeng Zhao.
This strategic pivot reflects the growing demand for clearer regulatory frameworks for crypto businesses, especially after facing regulatory scrutiny and investigations in 2020. Teng confirmed that the board and senior management are devoted to evaluating headquarters plans, with hopes to make an announcement soon.
