Binance in talks with countries to establish strategic Bitcoin reserves: report

Once at the center of the main law implementation measures, Binance now seems to advise countries on the creation of strategic cryptography reserves.

Despite criminal charges in 2023, Binance now seems to advise governments and sovereign funds on how to create a national strategic bitcoin (BTC) Reservations and paying regulations on digital assets, Binance CEO Richard Teng told Financial Times.

In a Thursday interviewTeng said that the exchange had received “a number of approaches from some governments and sovereign funds” on the creation of “their own cryptography reserves”. He declared that the exchange also helped countries “to formulate their regulatory framework to govern the crypto”.

Although Teng did not appoint the countries involved, he noted that Binance was approached “by many” of them.

Change comes as a United States under the President Donald Trump signals more support for crypto, including plans For a stock of national crypto. Teng said it has prompted other countries to take similar measures, adding that compared to many other jurisdictions, the United States is still “ahead of this front”.

Binance’s involvement follows a period of high regulatory pressure. In 2023, the company guilty In the United States, criminal charges related to money laundering and infringements to sanctions, paying more than $ 4.3 billion in penalties. The co-founder of Binance, Changpeng Zhao, resigned and served four months in prison. Binance has agreed to keep independent compliance monitors as part of its regulations with American prosecutors and Fincen.

A recent report By the Wall Street Journal, quoting people familiar with the issue, revealed that the leaders of Binance asked us that the Treasury managers to delete an instructor supervising the compliance of the exchange with money laundering rules, although it was not clear if the talks took place anywhere.