Binance, one of the world's largest cryptocurrency exchanges, is reportedly in discussions with several countries to help establish strategic digital asset reserves. The CEO of Binance, Richard Teng, revealed in an interview with the Financial Times on April 17 that the exchange has been advising multiple governments on setting up strategic Bitcoin (BTC) reserves and formulating regulations for crypto assets.

Teng shared that they have received approaches from various governments and sovereign wealth funds interested in creating their own crypto reserves. While Teng did not disclose the specific countries involved, he mentioned that the United States is leading the way in this initiative.

The interest from governments in establishing crypto reserves is attributed to the US's crypto-friendly agenda, with discussions around the creation of a national Bitcoin reserve and digital asset stockpile. Earlier this year, former US President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve funded with BTC seized in federal criminal and civil cases.

Although countries like Pakistan and Kyrgyzstan have recently announced collaborations with Binance and its founder Changpeng Zhao on crypto regulations, the specific plans for crypto reserves have not been mentioned in their agendas.

As Binance becomes more involved in assisting countries with setting up strategic reserves and regulations, the exchange seems to be moving away from its previous stance of having no formal headquarters, as advocated by Zhao. Teng mentioned that Binance is actively working on plans for a global headquarters, indicating a shift in the company's strategy.

The move towards establishing a global headquarters reflects the changing landscape of cryptocurrency regulations worldwide. With more jurisdictions implementing clear frameworks for regulating crypto businesses, exchanges like Binance are adapting to meet regulatory requirements and enhance their legitimacy in the industry.

Cointelegraph reached out to Binance for comment on its collaborations with governments regarding crypto policies but had not received a response at the time of publication.

The involvement of Binance in discussions around strategic digital asset reserves highlights the increasing institutional interest in cryptocurrencies and the evolving regulatory environment that crypto businesses are navigating globally.

Source: https://cointelegraph.com/news/binance-advises-governments-on-bitcoin-reserves?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound