Binance, previously known as a rebellious figure in the crypto industry, is now aiming to shape the future of crypto in alignment with regulations and nation-states. The exchange is taking advantage of the crypto-friendly shift in US policy during President Donald Trump's administration to enhance its global impact.
The CEO, Richard Teng, has shared that Binance is transitioning from being viewed as a regulatory outlaw to becoming a respected consultant for various governments worldwide. A significant number of countries have sought Binance's expertise in developing their national frameworks for regulating cryptocurrencies.
Notably, about 25% of Binance's workforce is now dedicated to compliance roles, reflecting the exchange's efforts to gain regulatory acceptance. They are also advising countries on establishing strategic reserves for cryptocurrencies, mirroring Trump's initiative to endorse Bitcoin as a sovereign asset in the US.
Binance is not only offering policy guidance but also considering the establishment of a global headquarters, a departure from its decentralized nature. Additionally, Binance is working with the Trump-aligned World Liberty Financial on launching a stablecoin using Binance's blockchain, further solidifying its involvement in the geopolitical crypto landscape.
While Binance's founder, Changpeng Zhao, is engaging as a blockchain policy advisor in Pakistan, the exchange is benefiting from Trump's pro-crypto policies, which are fostering a favorable environment for sovereign cryptocurrency strategies globally.
Amid these positive developments, Binance is in talks with the US Treasury to resolve regulatory issues, signaling a potential return to the American market. The US SEC has suspended its investigation into Binance, suggesting progress in regulatory discussions.
However, challenges persist for Binance, including legal issues in Spain and France related to investor protection and anti-money laundering regulations. The US authorities have imposed a five-year monitoring program through FinCEN to ensure continued compliance by Binance.