Cryptocurrency exchange Binance is now playing a key role in a fast-moving regulatory environment where countries are becoming more digital currency-friendly.
CEO Richard Teng confirmed that the company is now advising multiple countries about crypto in an interview with the Financial Times on Thursday. The discussions are mainly centred around creating a strategic BTC reserve.
Teng said that these talks have arisen from the U.S.’s proactive involvement with cryptocurrency and establishing an official Bitcoin reserve.
“We have actually received several approaches from a few governments and sovereign wealth funds regarding the establishment of their own crypto reserves,” Richard Teng said to the Financial Times. He has not disclosed which countries Binance is specifically advising.
Richard Teng took over as CEO in November 2023, shortly after Changpeng Zhao stepped down. He was previously the CEO of Abu Dhabi Global Market and a board director of Abu Dhabi-based Lulu Financial Group.
Earlier in the year, U.S. President Donald Trump signed an executive order to establish a Bitcoin reserve that would be primarily formed from BTC forfeited in criminal and civil cases.
This shift in company strategy comes two years after Binance pleaded guilty to U.S. criminal charges of money laundering and violating sanctions.
Former Binance CEO and co-founder Changpeng Zhao remains active as an advisor to key countries on their approach to crypto. He is currently collaborating with Pakistan and Kyrgyzstan in an advisory capacity.
Binance is still supervised by U.S. authorities under a five-year compliance monitoring arrangement by the Financial Enforcement Crimes network, also known as FinCEN.
