Binance CEO Hints More Crypto National Reserves Loom
Highlights
- Richard Teng hints that crypto-backed national reserves are much in trend across global regions.
- Binance has been collaborating with nations that are eyeing a crypto national reserve similar to the U.S.
- However, the CEO declined to name any country in collaboration.
Binance CEO Richard Teng garnered substantial attention this Thursday, hinting that more crypto national reserve launches are possible ahead. The CEO highlighted how America has seen remarkable pro-crypto developments, encouraging other countries to act similarly.
Notably, the U.S. has adopted a highly crypto-friendly attitude under the Trump presidency, as spotlighted by developments such as a proper regulatory framework for digital assets and a BTC national reserve announcement this year. This saga appears to have motivated other regions to take a similar step, whilst the CEO revealed that the CEX has already kicked off related collaborations.
Binance CEO Hints At Crypto National Reserves By Other Countries Ahead
According to a recent report by FT, Richard Teng highlighted that America’s pro-crypto advancements have spurred other nations into taking similar actions. Binance is already in talks with numerous countries that are aiming to establish national strategic digital asset reserves ahead. However, Teng did not disclose any names, sparking speculations among market participants globally.
The CEO also said that the exchange is aiding these countries in developing proper cryptocurrency regulatory frameworks. Notably, nearly a quarter of Binance’s 6000 employee base currently remains engaged in compliance work for this development. The company also aims to invest heavily and constantly in this area, per the CEO’s comments.
Meanwhile, Binance’s CEO has also said that the exchange had “been approached by quite a lot” of countries to date. However, he has declined to provide any names or additional details on the matter.
The upshot? The CEX continues to cement its ranking as the top crypto exchange, now branching into global regions. Besides, Teng spotlighted how the U.S. remains at the forefront when it comes to such developments. He stated, “Compared to many other jurisdictions, [the US] is way ahead on that front.”
Besides, CoinGape recently reported that Richard Teng also shared underlying factors that drove the exchange’s success.
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