Binance CEO Richard Teng has praised the Trump administration for making a extra favorable surroundings for the cryptocurrency business, calling it a “improbable” reset.
“It’s an especially totally different surroundings that we’re working in,” Teng instructed CNBC on Tuesday, acknowledging that Binance has benefited from this shift.
Over the previous 16 months, Binance has gone from a regulatory outcast—paying a report $4.3 billion settlement and ousting its founder Changpeng “CZ” Zhao—to a rising energy in Washington. Teng’s feedback come amid studies that the Trump household is contemplating a monetary stake in Binance, and that Binance is in talks with Trump-linked World Liberty Monetary to launch a stablecoin.
Teng downplayed the studies, stating that each CZ and World Liberty Monetary have denied them. He additionally emphasised that Binance.US and Binance.com function as separate entities with totally different shareholders and management.
Regardless of previous regulatory troubles, Binance has expanded quickly, rising from 170 million to 265 million customers in a 12 months. The corporate is now licensed in 21 jurisdictions, gaining traction in markets like Japan, Australia, and the UAE.
Nonetheless, Binance nonetheless faces scrutiny. The SEC’s civil case in opposition to the alternate stays unresolved, although a 60-day pause in proceedings alerts a attainable regulatory shift underneath Trump.
Teng acknowledged Binance’s previous compliance failures however harassed its ongoing reforms. The corporate now employs over 1,300 compliance professionals, practically 1 / 4 of its workforce.
Binance lately secured a $2 billion funding from Emirati state-owned MGX, marking the biggest crypto funding ever paid absolutely in stablecoins. Teng sees AI as the subsequent frontier, with Binance integrating AI for safety, compliance, and customer support.
Regardless of competitors from Coinbase and the rise of crypto ETFs, Teng stays assured in Binance’s dominance. “At any cut-off date, we have now greater than 40% of worldwide market share,” he mentioned.
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