While the United States embraces the cryptography industry, more and more countries are considering a similar approach – and the largest crypto exchange in the world helps them. Binance advises several governments on the development of regulations for crypto and the creation of their own national Bitcoin reserves, the Financial time reported Thursday.
The company has “been approached by many” countries seeking help to develop regulatory executives to govern industry, said Binance CEO Richard Teng Financial time. However, Teng refused to say with which countries Binance works, according to the report, and has not mentioned any other company or group which also advises decision -makers.
Teng added that the company also helps certain countries to create strategic crypto reserves such as President Trump created in the United States last month. “We have in fact received a certain number of approaches by some governments and sovereign wealth funds on the creation of their own cryptography reserves,” said Teng Financial time.
National Crypto Reserve refers to a stock of bitcoin belonging to the government or another cryptocurrency which aims to diversify the assets of the government and to hide against inflation. However, some people maintain that a stock of bitcoin is risky because the price of money can be volatile, a single token losing or winning thousands of dollars in a few hours.
A spokesperson for Binance refused to share additional information with Fortune About the talks, saying: “We do not disclose the details of our conversations with governments and regulators.”
Teng said he thought that the change in US government in favor of the user -friendly cryptocurrency regulations is the catalyst for a broader acceptance of the world’s asset class. “Compared to many other jurisdictions (the United States) are well in advance on this front,” said Teng Financial time.
Binance assumes the role of advisor for several countries of the months after having concluded in difficulty in the United States, the company had to pay more than $ 4.3 billion in fines after pleading guilty to accusations related to money laundering in 2023. Then, in Binance, in Changpeng Zhao, was also guilty of related and resigned accusations before serving four months in prison.
Teng said to Financial time That the company has invested massively in compliance efforts and will continue to do so, adding that the binance is now, “in a form and a form that regulators appreciate much more compared to the past.”
Since Binance was charged in the United States, the federal government has changed its air on the crypto. Trump supported the industry a significant part of his platform, taking several measures to make America the “cryptographic world capital”. Since his entry into office in January, the president has held a summit of crypto at the White House, has argued the progress of the legislation on the stables and has created a Bitcoin national reserve.
This story was initially presented on Fortune.com
