Binance CEO affirms company's involvement in advising countries on Bitcoin Reserve

Source Fxstreet
  • Binance CEO Richard Teng revealed that the exchange has engaged with multiple governments and sovereign wealth funds regarding crypto.
  • The discussions have centered around cryptocurrency regulations and strategic Bitcoin reserves.
  • Teng shared that these discussions stem from the US government's advancement in crypto regulations and initiatives, such as the creation of its Bitcoin reserve.

Binance CEO Richard Teng shared in a report on Thursday that the cryptocurrency exchange has advised different governments on crypto regulations and the need to create a strategic Bitcoin reserve.

Binance advising nations on crypto-related topics

Binance executives are in talks with multiple international government agencies to establish proper crypto guidelines within their respective countries, Teng told The Financial Times. He revealed that several government agencies have also sought advice from Binance regarding the potential creation of a crypto reserve.

"We have actually received quite several approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves," Teng told The Financial Times.

Teng stated that the development stems from the US government's advancement with crypto regulations and the establishment of a Bitcoin strategic reserve. Although he did not state how many government agencies have consulted with Binance, he shared that the US is "way ahead on that front."

The move signals increased interest in Bitcoin among nation-states, registering its potential as a global reserve asset.

Binance's advisory role to these nations could prove crucial, as the exchange had previously faced regulatory hurdles in different countries, including fines from the US, India and Nigeria.

Binance co-founder Changpeng Zhao (CZ) was appointed as the strategic advisor to Pakistan's Crypto Council earlier in April. His role involves providing advice on blockchain regulation, education and infrastructure across the country. CZ also advises several other countries looking to establish clear crypto guidelines.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Dogecoin’s Price Coils In A Key Bullish Chart Pattern, A Rebound On The Horizon?During the recent bullish market action in late April, Dogecoin witnessed a notable upward movement, rising to the $0.18 mark with robust momentum and volume.
Author  Bitcoinist
Yesterday 01: 29
During the recent bullish market action in late April, Dogecoin witnessed a notable upward movement, rising to the $0.18 mark with robust momentum and volume.
placeholder
Ethereum Price Ready to Surge—$2,000 Level Could Be Within ReachEthereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
Author  NewsBTC
Yesterday 03: 39
Ethereum price started a fresh increase above the $1,800 zone. ETH is now rising and attempting a move above the $1,850 resistance. Ethereum started a fresh recovery wave above the $1,820 resistance.
placeholder
Sui Price Forecast: SUI bulls aim for 15% gains as open interest and bullish bets increase among tradersSui (SUI) price extends recent gains, soaring10% higher at the time of writing on Thursday and approaching its key resistance level at $3.65.
Author  FXStreet
Yesterday 08: 44
Sui (SUI) price extends recent gains, soaring10% higher at the time of writing on Thursday and approaching its key resistance level at $3.65.
placeholder
Ethereum Price Explodes Past $2,200 with 25% Surge—Momentum Builds FastEthereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
Author  NewsBTC
10 hours ago
Ethereum price started a fresh surge above the $2,000 zone. ETH is now up over 25% and consolidating gains near the $2,200 zone. Ethereum started a fresh surge above the $2,000 resistance.
goTop
quote