The world’s largest crypto exchange, Binance, is reportedly engaging several countries in a plan to create a strategic Bitcoin reserve. According to The Financial Times, the exchange CEO, Richard Teng, disclosed this in a recent interview.
Teng reportedly said that several countries have approached Binance to advise them on creating a strategic Bitcoin Reserve and designing a regulatory framework for cryptocurrencies in their country.
He said:
“We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves.”
Although Teng declined to mention the countries in particular, his statement aligns with that of Bitwise CEO, who also mentioned a few months back that foreign governments are approaching to discuss Bitcoin Reserves.
Teng has been particularly bullish on governments and corporations’ need for early adoption. He said in a recent post on X:
“Countries and corporations that buy Bitcoin early will benefit from the upward momentum. Those who delay adoption risk paying a premium later.”
Interestingly, Binance co-founder and ex-CEO Changpeng Zhao was recently appointed as Crypto Advisor for Pakistan’s Crypto Council. This came only a few weeks after Kyrgyzstan President Sadyr Zaparov announced that Zhao would advise the country’s National Investment Agency (NIA) on blockchain and crypto regulations.
Zhao has reiterated his commitment to supporting crypto adoption and regulatory efforts globally, noting that he would offer advice for free, and time is the only constraint.
Binance is considering a global headquarters
Meanwhile, Teng, who took over after Zhao stepped down as part of the exchange settlement with US law enforcement, said that Binance might soon have a global headquarters. According to the Financial Times report, Binance is working hard on this issue.
Teng said:
“It requires serious deliberation and the board and the senior management are spending a lot of time doing the evaluation . . . and hopefully we are able to announce our intentions on that front.”
If the plan goes ahead, it would mark a sharp departure from Binance’s stance under Zhao, who had insisted that the company does not need a global headquarters. However, it also highlights how the exchange seeks to become more regulatory compliant as crypto adoption grows.
Since facing the $4.3 billion legal penalty in the US, Binance has shored up its compliance efforts while seeking regulatory approvals in more countries. Teng said that about a quarter of the exchange’s 6,000 employees work in compliance, and the firm is in a better relationship with regulators than before.
US crypto adoption benefits Binance
Interestingly, Teng noted that Binance has benefited from the US crypto adoption and acknowledged that the US efforts are encouraging other countries to make similar moves.
He said:
“Compared to many other jurisdictions, [the US] are way ahead on that front.”
Since President Donald Trump was sworn in, the US has led in crypto adoption. Although the country has yet to pass any major law on crypto, Trump has already signed executive orders to create a digital assets stockpile and a Strategic Bitcoin Reserve using its seized digital assets.
There have also been changes in the regulatory approach to the industry, with regulators now ending most of the enforcement actions against the industry. Regulators, such as the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), the Commodities Futures Trading Commission (CFTC) and the Office of the Comptroller of the Currency (OCC), have issued statements and taken actions suggesting deregulation of the crypto industry.
Source: Cryptopolitan / Digpu NewsTex