Binance is Helping Countries Craft Crypto Frameworks and National Bitcoin Strategies, CEO Says
Binance is helping a growing number of governments craft digital asset regulations and explore the creation of national bitcoin reserves, according to its CEO Richard Teng. Teng recently told the Financial Times that several countries had approached Binance to assist in shaping their crypto frameworks. “We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves,” he said. Though he did not name specific countries, Teng confirmed that Binance was working directly with policymakers on both regulatory design and reserve planning.
Governments Look to Binance as US Push Spurs Global Digital Asset Interest
This month, both Pakistan and Kyrgyzstan appointed Binance co-founder Changpeng Zhao as an adviser on crypto policy, underscoring the growing influence of the exchange in helping shape national digital asset strategies. The appointments come amid renewed interest from governments worldwide following recent signals from the US. Last month, US President Donald Trump ordered the creation of a strategic bitcoin reserve and digital assets stockpile, marking a stark shift in Washington’s stance. While the announcement fell short of market expectations for large-scale government buying, it has nevertheless encouraged other nations to pursue similar strategies. The US has historically maintained strategic reserves of oil and other commodities for national security and economic stability. Bitcoin’s inclusion in such plans suggests that policymakers increasingly view digital assets as part of future financial infrastructure.
Binance Shifts Focus to Compliance After Turbulent Legal Past
Binance’s growing role as an adviser to foreign governments stands in contrast to its recent legal challenges. In 2023, the exchange pleaded guilty to US criminal charges involving money laundering and sanctions breaches, agreeing to pay over $4.3b in fines. Changpeng Zhao stepped down and later served a four-month prison term. Teng, who succeeded Zhao, has since focused on improving regulatory relations. Binance is in “a form and shape that regulators appreciate much more compared to the past,” Teng said. He added that nearly a quarter of Binance’s 6,000 staff now work in compliance, and the firm continues to invest heavily in oversight. The US has also imposed a five-year compliance monitoring programme on the exchange, led by its Financial Crimes Enforcement Network. Despite ongoing investigations in Europe, including an expanded probe in France, Binance has maintained that it will “vigorously fight any charges made against it.” Teng said that public sentiment, particularly in the US, has improved. “I think the sentiment has shifted a lot,” he noted. Binance is also considering a permanent global headquarters, a notable departure from the company’s earlier decentralised model. Teng said the leadership team was evaluating options and hoped to announce plans soon. “It requires serious deliberation,” he said, suggesting the company is preparing for a more centralized, regulated future.
