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 advising multiple governments on establishing strategic Bitcoin (BTC) reserves and formulating crypto asset regulations, Teng said in an interview 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 digital asset stockpile. Earlier this year, Trump signed an executive order to establish a Strategic Bitcoin Reserve seeded with BTC forfeited in federal criminal and civil cases.

While governments of Pakistan and Kyrgyzstan have announced collaboration with Binance and former CEO Changpeng Zhao on crypto regulations 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 approach under Zhao.

According to Teng, Binance is “working very hard” on plans for a global headquarters for the exchange.

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“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.”

In 2019, Zhao said 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 heavy scrutiny and investigations 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.

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