Binance CEO: Currently assisting multiple countries in establishing Bitcoin (BTC) reserves and formulating cryptocurrency policies.

CN
2 days ago

Source: Cointelegraph Original: "{title}"

According to reports, Binance CEO Richard Teng revealed that the cryptocurrency exchange is in discussions with multiple countries about establishing strategic digital asset reserves.

According to the Financial Times on April 17, Teng stated that Binance is providing consulting to several governments on establishing Bitcoin (BTC) strategic reserves and developing regulations for crypto assets.

"In fact, we have received inquiries from multiple governments and sovereign wealth funds about establishing their cryptocurrency reserves," Teng said in an interview with the Financial Times.

Although Teng did not specify which countries, he mentioned that the United States is "far ahead" in this regard.

According to Teng, the main reason governments are seeking Binance's assistance in managing potential strategic reserves is the new pro-crypto policy direction in the United States.

Teng referenced several significant developments in U.S. crypto policy, including discussions around establishing a national Bitcoin reserve and digital asset reserves. Earlier this year, Trump signed an executive order to establish a strategic Bitcoin reserve, which would come from BTC seized in federal criminal and civil cases.

While the governments of Pakistan and Kyrgyzstan have announced collaborations with Binance and former CEO Zhao Changpeng on crypto regulation in recent weeks, neither region has mentioned crypto reserve plans in their agendas.

As Binance becomes more involved in assisting countries in establishing crypto reserves and developing regulations, the company seems to have changed its previous practice of not having a formal headquarters during Zhao Changpeng's tenure.

Teng revealed that Binance is "actively advancing" plans to establish a global headquarters.

"This requires serious and careful consideration, and the board and senior management are investing a lot of time in evaluation," Teng stated, adding, "We hope to announce our intentions in this regard as soon as possible."

In 2019, Zhao Changpeng stated that offices and headquarters are "an outdated concept, like SMS and MMS."

This shift comes as more jurisdictions adopt clearer regulatory frameworks for crypto businesses. In 2020, Binance faced intense scrutiny and investigations from multiple governments.

As of the time of publication, Binance has not responded to Cointelegraph's request for comments on its collaboration with governments worldwide on crypto policy.

Related: Reports indicate that Russian finance ministry officials have proposed establishing their own stablecoin.

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