Binance CEO affirms company's involvement in advising countries on Bitcoin Reserve
|- Binance CEO Richard Teng revealed that the exchange has engaged with multiple governments and sovereign wealth funds regarding crypto.
- The discussions have centered around cryptocurrency regulations and strategic Bitcoin reserves.
- Teng shared that these discussions stem from the US government's advancement in crypto regulations and initiatives, such as the creation of its Bitcoin reserve.
Binance CEO Richard Teng shared in a report on Thursday that the cryptocurrency exchange has advised different governments on crypto regulations and the need to create a strategic Bitcoin reserve.
Binance advising nations on crypto-related topics
Binance executives are in talks with multiple international government agencies to establish proper crypto guidelines within their respective countries, Teng told The Financial Times. He revealed that several government agencies have also sought advice from Binance regarding the potential creation of a crypto reserve.
"We have actually received quite several approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves," Teng told The Financial Times.
Teng stated that the development stems from the US government's advancement with crypto regulations and the establishment of a Bitcoin strategic reserve. Although he did not state how many government agencies have consulted with Binance, he shared that the US is "way ahead on that front."
The move signals increased interest in Bitcoin among nation-states, registering its potential as a global reserve asset.
Binance's advisory role to these nations could prove crucial, as the exchange had previously faced regulatory hurdles in different countries, including fines from the US, India and Nigeria.
Binance co-founder Changpeng Zhao (CZ) was appointed as the strategic advisor to Pakistan's Crypto Council earlier in April. His role involves providing advice on blockchain regulation, education and infrastructure across the country. CZ also advises several other countries looking to establish clear crypto guidelines.
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