Binance Now Writing the Rules for Nations: The $4.3B Comeback
- Binance is now assisting multiple governments with crypto regulations and national Bitcoin reserve considerations.
- CEO Richard Teng praises the US for its crypto-friendly stance, inspiring other nations.
- Despite past legal issues, Binance and CZ are now advising Pakistan and Kyrgyzstan on crypto regulation.
Binance CEO Richard Teng recently revealed that the crypto exchange is now aiding multiple governments on crypto regulations and national Bitcoin reserves. This comes after US President Trump announced plans to establish a digital asset regulatory framework and a Bitcoin national reserve.
In an interview with the Financial Times, Teng praised the United States current administration for adopting a crypto-friendly stance and inspiring others to follow suit. Compared to many other jurisdictions, [the US] is way ahead on that front, Teng stated to the news outlet.
Intriguingly, Binances latest role comes after its tumultuous journey, mirred with legal setbacks across several nations like Nigeria, Australia, and even the United States. In Nov 2023, Binance founder Changpeng CZ Zhao stepped down as CEO as part of a $4.3 billion settlement with the U.S. Department of Justice (DOJ).
The exchange, too, agreed to comply with US regulations. Things started to look brighter after SEC Chair Genslers exit and the markets resurgence after Trumps return.
Zhao, even though no longer holding an executive position in the company, remained influential. Not long ago, the co-founder surprised everyone after announcing his appointment as a strategic advisor for the newly formed Pakistan Crypto Council.
Binances CZ Advises Pakistan & Kyrgyzstan on Crypto Regulation
As reported by TronWeekly, his role will be to offer support in building stable rules that guide crypto, improve digital systems, and help more people understand and effectively use blockchain. Local reports also add that CZ will focus on education and technology growth.
CZ is also reportedly working with Kyrgyzstan in helping the nation to create crypto regulation. Although none of the countries has made plans to establish Bitcoin reserves, the intent highlights a growing desire to tap into the blockchain space and not fall behind the race.
For both Binance and CZ , this is a huge shift, considering their troubled past. Nevertheless, these developments look promising as they reinforce the growing popularity of crypto assets across emerging nations.
Read more: https://www.tronweekly.com/binance-4-3b-comeback/
Text source: TronWeekly
