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Binance, the largest cryptocurrency exchange in the world, which, in 2023, pleaded guilty to American criminal accusations, advised several countries on the creation of their own regulations on digital assets and the creation of national strategic bitcoin reserves.
Richard Teng, the director general of the company, told Financial Times that the more friendly approach in the United States under President Donald Trump, including plans to set up a regulatory framework for digital assets and a national stock, has pushed other countries to take similar measures.
“Compared to many other jurisdictions, (the United States) is well in advance on this front,” said Teng.
The company has “been approached by many countries” to “help them formulate their regulatory framework to govern crypto,” he added. He refused to appoint countries with which the company works.
The news comes less than 18 months after Binance pleaded guilty to criminal charges related to money laundering and the violation of international financial sanctions, and agreed to pay more than $ 4.3 billion in penalties. The co-founder and chief executive officer, Changpeng Zhao, resigned and was replaced by Teng. Zhao then served four months in prison.
Earlier this year, France deepened its investigation into suspected Binance that it has violated the European money laundering laws and terrorist financing between 2019 and 2024. Binance denied allegations and declared that it “would vigorously fight all the charges against it”.
The United States has also imposed a five-year follow-up program, which entered into force last year, on the exchange to guarantee compliance, supervised by its financial crimes execution network.
Teng said that almost a quarter of the 6,000 Binance employees worked in compliance and that he would continue to invest massively in this area.
The company was now “in a form and a form that regulators appreciate much more compared to the past,” he added.
This month, Pakistan and Kyrgyzstan announced that Zhao had started advising them on the development of cryptographic regulations and the use of blockchain technologies.
Rory Doyle, head of financial crime policy in the compliance software group, Fenergo, said the global money laundering rules have been updated in recent years to capture cryptocurrency companies.
“Silver money laundering is a company of 2 TN at 3 TN per year and the crypto is online. Crypto becomes more common and companies earn money with legitimate affairs. It is starting not to be worth being neglected in your procedures, “he said.
Teng said the exchange helped a number of countries to set up national strategic digital asset reserves.
“We have in fact received a number of approaches from some governments and sovereign funds on the creation of their own cryptography reserves.”
Last month, Trump ordered the creation of a reserve of American strategic bitcoin and digital assets, although the news of traders disappointed that the plan would trigger a wave of large -scale public assets of digital assets.
Bitcoin reached a record of $ 108,000 per token following Trump’s victory last November. However, the price fell 10% this year while the momentum was upset and investors have sold risky assets on fears concerning the impact of Trump’s aggressive tariff policy.
The United States said it would only have assets that had been confiscated to the authorities responsible for applying the country’s laws. The United States is currently controlling Bitcoin and other parts worth $ 17.1 billion, held on the Coinbase Stock Exchange, according to the Data Company Arkham Intelligence.
Supporters of a bitcoin reserve argue that the United States should build a stock that could serve as an alternative to the dollar. Bitcoin has been compared by supporters to “digital gold” as an asset that cannot be degraded by central banks or government policies.
Donald Trump’s return to the White House has moved the United States to Binance’s position. The American market regulator, the Securities and Exchange Commission, interrupted its investigation into Binance and its American arm after the inauguration of Trump as president. The two parties worked on a potential resolution, Teng said.
World Liberty Financial, a crypto project controlled by the Trump family, also plans to launch a stablecoin that uses Binance blockchain as one of its main platforms.
Teng, who directs Binance’s international affairs, said that the company had “benefited a lot in recent months from policies from the United States. I think the feeling has changed a lot”.
He also said that Binance “worked very hard” in terms of a world seat for exchange, a decision that broke with his past, when Zhao insisted that he had no formal house.
“This requires serious deliberation and the board of directors and senior management spend a lot of time doing the evaluation … and I hope that we are able to announce our intentions on this front.”
