Binance CEO Richard Teng shared his views on the evolving regulatory landscape for cryptocurrencies, especially under the potential influence of the Trump administration and its “crypto-friendly” stance, in a recent interview.
Teng touched on a wide range of topics, including Binance’s compliance efforts, global market strategies, and the state of crypto adoption in regions like the Middle East.
The famous CEO noted that it was important for Donald Trump to select crypto-friendly figures for key roles such as SEC Chairman and crypto chief. Teng described 2024 as a turning point, pointing to milestones such as the price increase of Bitcoin, approval of ETFs for Bitcoin and Ethereum, and the increasing involvement of institutions such as BlackRock.
On the potential impact of Trump’s regulatory stance, Teng commented: “We now have a crypto-friendly president in America… This represents the most innovative technology for the future, and countries that adopt it will do very well.” However, he added that Binance continues to focus on compliance and global operations rather than engaging in political lobbying to influence regulatory decisions in the US.
Addressing Binance’s ongoing scrutiny by U.S. regulators, including the Department of Justice and the Treasury’s Financial Crimes Enforcement Network, Teng said the company is committed to compliance. “Compliance is the way to go,” Teng said, noting that Binance invested $230 million in compliance programs last year, a 30% increase from previous years.
Binance is currently licensed in over 20 countries, including India, Argentina, and several European countries. “We continue to work closely with U.S. watchdogs to further enhance our programs,” Teng said, describing compliance as a competitive advantage.
Speaking at Abu Dhabi Financial Week, Teng said the Middle East is growing in importance for Binance, citing high crypto adoption rates in the UAE, which are around 40%. He praised the region’s regulatory foresight, particularly Abu Dhabi’s early adoption of a crypto framework in 2018, positioning it as a global hub for blockchain and digital assets.
When asked about the U.S. market and the potential introduction of a stablecoin framework, Teng described the discussion as “premature.” Instead, he focused on Binance’s global growth, citing net inflows exceeding $20 billion this year and increasing institutional adoption. Teng also mentioned Binance’s $1 billion SAFU fund for user protection and ongoing efforts to combat scams and fraud.
As Binance navigates the evolving crypto landscape, Teng expressed optimism about the future of the industry, saying, “The future is extremely bright, especially as more countries, institutions, and sovereign wealth funds embrace digital assets.”
*This is not investment advice.
