Insights from Binance and HashKey Leadership on Crypto’s Future and Regulation

Binance CEO Richard Teng and HashKey Capital CEO Chao Deng discussed the future of cryptocurrency, highlighting recent U.S. regulatory changes, President Trump’s Bitcoin Reserve, and China’s cautious re-adoption of crypto. They emphasised the importance of educating the public and the transformative potential of crypto in financial transactions.

The cryptocurrency market has experienced significant volatility since the election of U.S. President Trump in November 2024. His initial pro-crypto stance drove Bitcoin to record highs; however, recent “America First” policies have unsettled the market, including in the crypto sector. This context framed the discussion at the CNBC CONVERGE LIVE event in Singapore with notable industry figures Richard Teng of Binance and Chao Deng of HashKey Capital.

Richard Teng underscored the importance of educating the public about cryptocurrencies. Emphasising their utility, he noted that crypto transactions are instantaneous and significantly cheaper than traditional banking methods. He highlighted various use cases, particularly in payments and remittances, where efficiency is paramount.

The discourse also touched upon President Trump’s recent establishment of a “Strategic Bitcoin Reserve.” Teng remarked that this signals a pivotal shift, where the world’s largest economy recognises Bitcoin as a legitimate reserve asset, prompting other nations to reconsider their positions regarding cryptocurrency.

On the subject of adoption, Chao Deng from HashKey Capital noted a recent policy shift by the U.S. Office of the Comptroller of the Currency (OCC). This change allows U.S. banks to hold cryptocurrencies, marking a progressive step for the Web3 industry. Deng explained that banks have historically been cautious about engaging with crypto clients; this regulatory change fosters a more accommodating environment for financial institutions.

Furthermore, the conversation explored China’s tentative re-engagement with cryptocurrencies. Deng illustrated that Chinese leadership traditionally adopts a cautious, step-wise approach to crypto regulations, using Hong Kong as a progressive model for experimentation. He expressed optimism regarding further mainstream adoption in mainland China, contingent on observing successful advancements in the crypto sector.