Binance helps countries with Bitcoin reserves, crypto policies, says CEO
Cryptocurrency exchange Binance is involved in discussions on establishing strategic digital asset reserves with several countries, its CEO, Richard Teng, reportedly said.
Binance has been multiple governments on establishing strategic Bitcoin () reserves and formulating crypto asset regulations, Teng said in an with the Financial Times on April 17.
“We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves,” Teng told the FT.
Teng did not identify any countries but said that the United States is “way ahead on that front.”
US fuels global crypto reserve spree
According to Teng, the main reason for governments approaching Binance for help in handling potential strategic reserves is the new crypto-friendly agenda in the US.
Teng referred to key US crypto policy developments, such as discussions around creating a national Bitcoin reserve and . Earlier this year, Trump signed an executive order to seeded with BTC forfeited in federal criminal and civil cases.
Binance founder Changpeng Zhao (on the left) next to Pakistan’s deputy prime minister Mohammad Ishaq Dar and Pakistan Crypto Council CEO Bilal bin Saqib. Source:
While governments of Pakistan and Kyrgyzstan have collaboration with Binance and in the past few weeks, none of the jurisdictions mentioned crypto reserve plans on their agenda.
Binance shifts stance on headquarters
As Binance deepens its involvement in efforts to help countries set up crypto reserves and regulations, it appears to have shifted away from its no-formal-headquarters .
According to Teng, Binance is “working very hard” on plans for a global headquarters for the exchange.
Related:
“It requires serious deliberation and the board and the senior management are spending a lot of time doing the evaluation,” Teng reportedly said, adding: “Hopefully we are able to announce our intentions on that front.”
Source: Changpeng “CZ” Zhao
In 2019, Zhao that offices and headquarters are “old concepts like SMS and MMS.”
The shift comes as more jurisdictions adopt clearer frameworks for regulating crypto businesses. Binance was subject to by multiple governments in 2020.
Cointelegraph approached Binance for comment regarding its crypto policy collaboration with governments worldwide, but had not received a response by the time of publication.
