Key Notes
- Richard Teng says Binance is supporting countries in creating crypto reserves.
- Binance plans to set up an official headquarters.
- Trump’s interest in Bitcoin encourages other countries to develop more crypto-friendly policies.
Binance is reportedly supporting countries in managing their Bitcoin reserves and shaping their crypto policies, according to its CEO, Richard Teng. This comes after the U.S. President Donald Trump reaffirmed his support for cryptocurrencies and pushed forward the development of digital assets in the country.
In an interview with the Financial Times, Teng highlighted that Trump’s decision to embrace cryptocurrencies has prompted other governments to take similar steps.
He mentioned that Binance is currently supporting multiple governments in formulating their crypto asset policies and stockpiling reserves. The Binance CEO did not mention the countries that have reached out to the crypto exchange.
In recent times, Pakistan and Kyrgyzstan governments announced that they intend to work with Binance and its ex-chief executive, Changpeng Zhao, on creating crypto policies, although they have not declared if they plan to maintain crypto reserves.
Teng has shifted Binance’s prior stance of not having a formal headquarters which was common under the leadership of previous chief executive, Zhao. The current CEO has stated that Binance is planning on creating a global headquarters for the popular crypto exchange.
This comes after more countries developed regulations to guide the activities of cryptocurrency in their jurisdiction.
Trump’s Strategic Bitcoin Reserve
After being sworn in as President, Trump signed an executive order to create a Strategic Bitcoin Reserve, funded with BTC seized in federal criminal and civil cases. The US holds $17.1 billion worth of cryptocurrencies including Bitcoin.
Crypto enthusiasts believe that the United States should increase their holdings of Bitcoin and use them as an alternative to the USD.
Historically, the US strategic reserves consist of oil and other commodities and the decision to include Bitcoin indicates that regulators are viewing cryptocurrencies in the positive light.
Trump’s crypto-friendly policies have shifted the government’s stance on digital assets, leading the SEC to halt its investigation into Binance’s operations in the U.S.
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