Binance is assisting various countries in developing crypto regulations and establishing digital asset reserves, following a shift in global sentiments towards cryptocurrencies due to the US’s favourable policies under President Trump. CEO Richard Teng noted increased government interest despite Binance’s ongoing legal challenges. The company has restructured its operations to focus on compliance, aiming to enhance regulatory relationships and rebuild trust within the market.
Binance, led by CEO Richard Teng, is actively helping various nations formulate crypto regulations and set up national digital asset reserves. This initiative is a response to the changing global perceptions of cryptocurrencies, particularly following the United States’ friendlier approach under President Donald Trump. Teng highlighted that the US is significantly ahead in establishing a legal framework for digital assets and plans to create a strategic reserve of Bitcoin.
Several governments have reached out to Binance for guidance on regulatory matters, with Teng noting a notable increase in requests. While he refrained from naming specific countries, Pakistan and Kyrgyzstan have publicly acknowledged their collaborations with Binance founder Changpeng Zhao on local crypto policies. This interest comes concurrently with Binance facing legal challenges, including a guilty plea to money laundering and sanctions violations, leading to penalties exceeding $4.3 billion.
In light of its legal battles, Binance has undergone substantial structural reforms, dedicating approximately 25% of its workforce to compliance measures. Furthermore, the company is now under a five-year compliance monitoring programme by the Financial Crimes Enforcement Network in the US. Teng remarked that these internal changes have enhanced the company’s relationship with regulators significantly compared to the past.
Binance’s advisory role aligns with its efforts to assist countries in forming strategic crypto reserves, reflecting rising interest from sovereign wealth funds for digital asset holdings. Teng confirmed receiving numerous inquiries about building strategic digital asset positions. Last month, the US government announced the creation of a $17.1 billion national Bitcoin reserve from seized assets, although this fell short of market expectations for expansive government purchases.
Despite a prior all-time Bitcoin high of $108,000, concerns regarding Trump’s tariff strategies have caused a decline in value. Advocates argue that establishing a Bitcoin reserve could protect against fiat currency devaluation, likening Bitcoin to ‘digital gold.’ The shift in political climate, with Trump’s return, has also enhanced Binance’s standing in the US. Teng reported that the SEC’s investigation into Binance is currently on hold, and negotiations for a potential settlement are in progress.
Moreover, associations between Trump-affiliated groups and Binance are deepening, as World Liberty Financial, a crypto project linked to the Trump family, intends to introduce a stablecoin based on Binance’s blockchain. As Binance strives to regain trust and credibility, Teng indicated that the company is actively searching for a location for a new global headquarters, a significant move for the exchange which previously operated without a formal base.
