Binance, the world's largest cryptocurrency exchange, is reportedly advising multiple governments on establishing national Bitcoin reserves and crafting cryptocurrency regulations. According to CEO Richard Teng, several countries have approached Binance for guidance on these matters, reflecting a global interest in digital assets as neutral currencies amidst rising geopolitical tensions. Teng highlighted that the United States, under President Donald Trump, has taken a lead in national crypto adoption by creating a Strategic Bitcoin Reserve. This move has spurred other nations to consider similar strategies, with Teng noting that Bitcoin's neutrality and availability make it an attractive asset for countries looking to diversify their reserves. Trump's crypto-friendly policies have further encouraged this trend. Binance's shift towards a compliance-first approach has been pivotal in its new advisory role. The exchange has invested heavily in regulatory compliance, with approximately 1,500 of its 6,000 employees now working in this area. This strategic pivot comes after Binance faced regulatory challenges, including a guilty plea to US criminal charges in 2023 and a $4.3 billion fine. Additionally, Binance's founder, Changpeng Zhao, was imprisoned for four months, and the company faces a $81 billion fine from Nigeria for unpaid taxes and economic distortion. In addition to its advisory services, Binance is considering establishing a permanent global headquarters, marking a significant change from its previously decentralized structure. This move is part of the company's broader effort to enhance its legitimacy and regulatory standing worldwide. Meanwhile, Bhutan is exploring green cryptocurrency mining using hydropower to boost its economy, and China is grappling with how to dispose of cryptocurrencies seized from illegal transactions.
NEW: BHUTAN SOVEREIGN WEALTH FUND CEO CALLS #BITCOIN A "GAMECHANGER" FOR THE NATION'S LIQUIDITY AND ENERGY NEEDS IT'S NOW PLANNING TO INCREASE ITS HASHPOWER BY 400%. MASSIVE 🚀 https://t.co/xvm43UgGop
Governments are quietly turning to @Binance for help building crypto reserves and setting rules 📈 From sovereign wealth funds to national regulators, everyone’s asking Binance how to move in crypto — and fast CEO Richard Teng says requests are piling in. The U.S. under
バイナンスCEO、複数国の仮想通貨準備金創設を支援中と明かす=FT報道 https://t.co/5f61pDSvJa