Binance, once entangled in a web of legal challenges, is now positioning itself as a key advisor to nations crafting their own cryptocurrency regulations. After weathering several rounds of litigation in Nigeria, Australia, and the United States, the digital asset exchange is fighting back. Most importantly, TNC is now positively engaging with governments all over the world to help shape smart and sensible regulatory frameworks.
Binance's CEO, Richard Teng, recently revealed the company's involvement in assisting multiple governments with crypto regulations and even national Bitcoin reserves. This has included providing technical assistance for Pakistan and Kyrgyzstan to develop robust, responsible, and flexible crypto regulatory frameworks. While Binance’s founder Changpeng “CZ” Zhao has resigned as CEO of his empire, he remains influential. He chairs the newly formed Pakistan Crypto Council and is working with Kyrgyzstan on its crypto legislation.
The company’s path has been anything but easy. Changpeng "CZ" Zhao stepped down as CEO as part of a $4.3 billion settlement with the U.S. Department of Justice (DOJ). Despite its troubled past, Binance is now focusing on offering support in building stable rules that guide crypto, improve digital systems, and help more people understand and effectively use blockchain.
Commenting on this rapidly changing regulatory environment, especially in the US, Richard Teng has previously told Forkast.News.
"Compared to many other jurisdictions, [the US] is way ahead on that front." - Richard Teng
Teng further applauded the current administration of the United States for taking a pro-crypto stance, encouraging other countries to do the same. Binance believes that its role is to offer support in building stable rules that guide crypto, improve digital systems, and help more people understand and effectively use blockchain.
