- Several countries have approached Binance on the implementation of cryptography reserves.
- CEO Richard Teng says that the United States leads the rest of the world in the national adoption of cryptography.
- Binance tries to repair his image after several regulatory setbacks.
Binance, the largest crypto exchange in the world, has spent years extinguishing regulatory fires worldwide, but governments are now asking for help from cryptocurrencies.
It was according to CEO Richard Teng, who said to Financial time The fact that several countries have requested advice on the creation of national crypto reserves and regulations – a major narrative flip for a company accused in many jurisdictions of regulatory misdeeds.
Teng said that US president’s crypto policies Donald Trump prompted other nations to follow the plunge. Under Trump, the legal hostility of the crypto seems to have given way to a less strict regulatory regime.
The Securities and Exchange Commission ended several high -level surveys and application measures against cryptographic companies, including Coinbase and United.
In March, Trump signed a decree to create a Bitcoin strategic reserve, and a stock of American digital assets to keep cryptocurrencies confiscated by the American police.
But Monday, Bo Hines, executive director of the Consultative Council for Digital Assets of Trump, said that the government was planning to finance Bitcoin purchases using the prices.
The United States is “in advance” from other countries in terms of cryptographic regulations and establishing national stocks of digital assets, said Teng.
Teng’s revelations have thrown Binance, the regulatory laggard, in a new light – the one who puts the company in the rarefied rooms of the influence of government policy. This comes in the negotiation reports between Binance and US officials to reduce government surveillance over the exchange of crypto.
In 2023, Binance pleaded guilty of breaking the money laundering regulations. Binance paid a fine of $ 4.3 billion for not preventing sanctioned players, including terrorists and drug traffickers, to channel funds via its platform. The founder of the company, Changpeng Zhao, was also imprisoned for four months.
But even if he tries to climb the scale of legitimacy, Binance’s reputation scars may not fade so easily.
The company is the subject of a survey in France for similar offenses which saw it moor a heavy fine in the United States.
Nigerian authorities have not abandoned their legal assault against the company, a year after having held two of its leaders and forced him to close operations in the country.
In February, the Government of Nigeria approached a federal judge to receive a fine of $ 81 billion on the Binance for unpaid taxes and economic distortion. Binance is also faced with trials for money laundering and tax evasion in the West African nation.
But Teng affirms that the company is in a better regulatory form-that that government regulators “appreciate much more compared to the past,” he told Financial time.
The CEO of Binance said that the company had invested in improving compliance with regulatory provisions around the world.
Osato Avan-Nomayo is our DEFI correspondent based in Nigeria. It covers Defi and Tech. To share advice or information on stories, please contact him at Osato@dlnews.com.
