Major crypto exchange Binance, previously embroiled in significant regulatory actions, is reportedly now consulting with nations exploring the creation of strategic crypto reserves. This pivot positions the exchange as an advisor on national digital asset strategy.
Binance CEO Richard Teng revealed in a recent interview that the exchange has fielded “quite a number of approaches by a few governments and sovereign wealth funds.” These discussions focus on establishing national Bitcoin (BTC) stockpiles and developing frameworks for digital asset regulation.
Teng indicated multiple, unnamed countries have sought Binance’s expertise. The involvement of a major global exchange in advising sovereign entities on blockchain technology integration marks a potentially significant development for the industry.
This trend coincides with signals from the U.S. political sphere suggesting increased support for crypto, potentially including plans for a national digital asset reserve. Teng noted this has prompted interest from other countries, while acknowledging the U.S. is comparatively “way ahead” in exploring such strategies.
This new advisory role marks a notable turn for Binance, following a period of intense regulatory scrutiny. In 2023, the company admitted guilt in U.S. criminal proceedings concerning anti-money laundering failures and sanctions evasion, resulting in over $4.3 billion in penalties.
As part of the settlement, co-founder Changpeng Zhao stepped down as CEO and served a four-month prison sentence. Binance also agreed to oversight by independent compliance monitors reporting to U.S. authorities.
However, recent reports citing informed sources suggest Binance leadership requested U.S. Treasury officials remove a monitor overseeing its compliance efforts. The outcome of these talks is uncertain, highlighting ongoing complexities in Binance’s relationship with regulators.