- Binance helps nations build crypto regulation frameworks and digital reserves.
- CEO Teng says the U.S. is leading the crypto policy race under Trump.
- Binance’s 25% of workforce now focuses on compliance and oversight.
Global crypto exchange Binance is now helping several countries craft digital asset regulations and build sovereign crypto reserves, just over a year after pleading guilty to U.S. criminal charges.
CEO Richard Teng revealed to the Financial Times that multiple governments approached Binance for help with national crypto strategies, including Bitcoin stockpiling.
Did the U.S. Crypto Stance under Trump influence Binance?
This huge shift in perception reflects Binance’s intensified compliance efforts and a global reaction to align with the U.S.’s evolving stance towards the digital asset space.
Teng even praised the US for being “way ahead” of many jurisdictions in terms of digital asset frameworks, prompting other nations to act swiftly. “We’ve been approached by quite a lot [of governments],” he said, although he refused to name specific countries. This comes as the U.S. announced plans to create a national strategic bitcoin reserve, a move that has likely nudged global regulators to reconsider their crypto policies and investment strategies.
Related: Why Is Ardor ($ARDR) Pumping After Binance Threatened to Delist It?
Separately, Binance founder and former CEO, Changpeng Zhao (CZ) – who recently settled his own related US legal issues – is reportedly advising nations like Pakistan and Kyrgyzstan on crypto frameworks. Pakistan had named CZ a strategic advisor and announced plans to use surplus energy for Bitcoin mining, highlighting how emerging nations aim to become crypto hubs.
Can Binance Rebuild Trust After Its $4.3B US Settlement?
Binance’s move into a crypto consulting role is notable given its recent history. In late 2023, the firm was accused of money laundering violations and sanctions breaches, paying over $4.3 billion in fines. The settlement also led to CZ stepping down as CEO and required Binance to undergo a five-year compliance monitoring regime.
Despite its troubled history, Binance claims that nearly 25% of its 6,000 employees work in compliance roles, showing its intent on rebuilding trust among stakeholders. Teng insists the firm is in a “form and shape regulators appreciate much more.”
Related: CZ Takes Advisory Role for Pakistan’s New National Crypto Council (PCC)
Still, some skepticism lingers. The exchange reportedly faces ongoing probes in jurisdictions like France and continues its US monitoring period.
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Source: https://coinedition.com/from-defendant-to-advisor-binance-touts-new-role-helping-nations-set-crypto-rules/