The crypto exchange binance will renovate its attitude towards regulation, overthrowing the scenario of its former notoriety as a kind of neck in the neck to a role of political adviser to initiate of governments around the world. The organization currently advises governments in several countries on cryptographic policy, recent quotes from the CEO Richard Teng Report.
From rules of rules to a policy in politics
“We have in fact received a large number of proposals from several governments and sovereign funds to set up their own crypto reserves,” Teng said in a recent interview with The Financial Times.
The CEO said Binance now had a framework “that regulators like much more than before”.
This change represents a spectacular reversal for a company previously sadly famous for escaping the regulations. Now, almost 25% of Binance employees are compliance employees, indicating how the company is committed to playing by the book.
Binance CEO Richard Teng. Photo: Voi/Doc. Investx
The Trump administration creates new opportunities
The change follows the evolution of cryptographic policy under the American president Donald Trump. His recent directive to establish a Bitcoin national reserve has put the world in the world around the world for cryptocurrency policy. Most nations are now turning to Binance to get advice.
“Compared to many other jurisdictions, (the United States) is well in advance on this front,” said Teng.
Binance is now negotiating with the US Treasury to defuse tensions when it plans to return to the American market. The American Commission for Securities and Exchange suspended its investigation into the company in the midst of these negotiations.
Binance considers the first official headquarters
After years of operating without attachment base, Binance plans to open a world seat. This would put an end to his stateless period, which previously helped him around certain regulations.
“It requires serious consideration,” said Teng. The Board of Directors and the High Management of the Company are currently thinking about options to find out where they can open this base.
Changpeng Zhao, co-founder and former CEO of Binance. Image: Eric Piermont/Getty Images
The company also increases its political scope. The cryptographic project of the cryptography of Trump World Liberty Financial should release a stablecoin on the Binance blockchain, which would bind the exchange to political circles more.
Legal challenges are still in several countries
Even with its new path, the exchange of crypto did not leave its history entirely late. The Spanish authorities have filed criminal charges for the exchange of embezzlement of investors. French officials continue to probe the alleged violations of the European rules for the fight against money laundering.
In the United States, Binance is subject to a five-year surveillance program in the hands of Fincen to guarantee the continuation of membership of regulations.
At the same time, the founder and former CEO of Binance, Changpeng Zhao (CZ), recently became an advisor to blockchain policy in Pakistan, further distributing the scope of the company in emerging markets.
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