Binance Advises Governments on Crypto Regulation Despite Past Legal Troubles
Less than two years after pleading guilty to money laundering and sanctions violations in the United States, the world’s largest cryptocurrency exchange Binance is advising multiple governments on crypto regulation and digital asset strategies.
Binance CEO Richard Teng said in an interview that the company has been approached by numerous countries seeking guidance on creating regulatory frameworks for cryptocurrencies and even establishing national strategic Bitcoin reserves.
Teng credited the U.S.’ more positive stance on crypto under President Donald Trump, including moves to create a national digital asset strategy and Bitcoin stockpile, as a catalyst for other nations to take action.
“Compared to many other jurisdictions, the US is way ahead in this regard,” Teng said, adding that Binance has been approached by many governments for advisory roles. He declined to name specific countries, though.
The move represents a dramatic shift in Binance’s global positioning, as the company pleaded guilty to U.S. charges in late 2023 and paid over $4.3 billion in fines.
Founder and then-CEO Changpeng Zhao resigned and was later sentenced to four months in prison, with Teng taking over leadership shortly thereafter. The US government also implemented a five-year compliance monitoring program led by the Financial Crimes Enforcement Network (FinCEN) to monitor Binance’s activities.
Despite this troubled past, Teng insists the company has turned a corner. Around 25% of Binance’s 6,000 employees now work in compliance, and Teng said the exchange is in a “form and shape that regulators appreciate much more than they did in the past.”
This month, both Pakistan and Kyrgyzstan confirmed that Zhao had begun advising their governments on blockchain technologies and crypto policy, signaling growing international interest in Binance’s expertise despite his background.
*This is not investment advice.