Once the target of significant enforcement actions, Binance reportedly plays an advisory role to nations exploring crypto strategies.
Despite the criminal charges it faced in 2023, the exchange has shifted gears. In an interview with the Financial Times, CEO Richard Teng revealed that Binance is guiding governments and sovereign wealth funds in building national Bitcoin reserves and developing digital asset regulations.
Expanding on this, Teng shared that Binance has received numerous inquiries from governments and sovereign wealth funds about establishing their crypto reserves. He added that the exchange is actively assisting these countries in formulating regulatory frameworks to govern the rapidly evolving crypto landscape.
Although Teng did not name specific nations, he emphasized that Binance has been approached by “quite a lot” of governments, signalling growing global interest in leveraging crypto as part of national strategy.
This pivot comes when geopolitical momentum around digital assets is building. Under U.S. President Donald Trump, the country has shown increasing support for crypto, including hints at creating a national crypto reserve. Teng noted that this shift in the U.S. has encouraged other countries to follow suit, adding that America remains “way ahead” of many jurisdictions.
Binance’s current advisory role marks a dramatic turnaround from its recent past. In 2023, the company came under intense regulatory scrutiny and ultimately pleaded guilty to U.S. criminal charges involving money laundering and sanctions violations. The legal resolution resulted in a historic $4.3 billion penalty. As part of the settlement, co-founder Changpeng Zhao resigned and served a four-month prison term. Additionally, Binance committed to appointing independent compliance monitors to ensure alignment with standards set by U.S. regulators, including the Department of Justice and FinCEN.
A recent Wall Street Journal report, citing sources familiar with the matter, disclosed that Binance executives had approached U.S. Treasury officials in an attempt to have the independent compliance monitor removed. Whether these discussions resulted in any formal action or policy change remains unclear.
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