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Binance CEO Reveals How Trump’s Crypto Policies Are Triggering a Market Frenzy

Binance CEO Warns of Rising Share Seed Phrase Scam in Crypto World 1.webp.webp

The post Binance CEO Reveals How Trump’s Crypto Policies Are Triggering a Market Frenzy appeared first on Coinpedia Fintech News

The previous US regime has been criticised sharply by many crypto business leaders for the oppressive way it handled cryptocurrency regulations. During a media interaction on the sideline of the Consensus Crypto Conference in Hong Kong, Binance Holdings Chief Executive Officer Richard Teng also expressed a similar view about the previous regime, led by joe biden



President






However, he stated that the new US regime, led by Donald Trump



President



has helped the crypto industry escape from the oppressive structure of the past. Let’s understand what this business leader thinks about the present crypto regulatory approach in the US, as well as Hong Kong. Ready? 

US Crypto Regulation: A New Dawn?

Teng pointed out how the previous regime attacked prominent cryptocurrency companies, such as Binance, Coinbase and Ripple, using complex lawsuits and hefty fines.

Expressing his strong confidence in the current US regime led by Trump, Teng stated: “I think we have a fresh reset and a restart.”

During the US election campaign itself, Republican leader Trump projected himself as a pro-crypto leader and promised to bring in pro-crypto policies for the future of the crypto industry. 

Naturally, his victory in the US election against Kamala Harris, who represented a crypto-skeptic regime, was received enthusiastically by the crypto industry. Importantly, almost all the top-ten cryptos have seen massive growth since then. 

Shortly after his inauguration, the Trump administration established a Crypto Task Force under the US SEC to develop a clear crypto regulation framework.

Moreover, from the SEC Chair to the Commerce Secretary, Trump has nominated pro-crypto leaders to key White House positions. 

Binance’s Future in the US Market 

Binace closed down its US operations in June 2023, shortly after the US SEC filed a lawsuit against the exchange and its then-CEO changpeng zhao



Organization: Binance
Location: United Arab Emirates
Skills: Trading System and Electronic Trading

Experience:

CEO at Binance from Jul 2017 to Nov 2023 ·
Founder at BijieTech from Sep 2015 to Jul 2017 
Head of Development at Blockchain.com from 2013 – 2014 ·
Partner at Fusion Systems Group  from Nov 2005 to Dec 2013 
Head of Tradebook Futures Development at Bloomberg from 2001 – 2005 

FAQ
1. What is the net worth of Changpeng Zhao? 
Changpeng's net worth is $6,260 crores.
2. What are the latest investments of  Changpeng Zhao?
Changpeng Zhao investing in the blockchain sector as well as artificial intelligence and biotechnology
 

EntrepreneurInvestorChief Executive Officer






accusing them of mishandling funds, misleading investors and breaking securities laws. 

Despite the shift in the US political approach to crypto regulation, Binance is less likely to rush back into the US market. Teng hinted that the company is waiting for more clarity from US regulators before making any decisions about its future in the US market.

It is clear that right now Binance is preoccupied with the task of reshaping its brand image, which suffered a serious blow due to its legal battle with the SEC.

Hong Kong’s Crypto Ambitions Face Challenges

Hong Kong is planning to position the city-state as a regional crypto hub. During the Consensus Conference, the city-state’s finance secretary enumerated the key initiatives taken by the administration to achieve its crypto hub goal.

However, Teng expressed reservations about some of the local regulations, like restrictions on tradable tokens and limitations on futures trading. 

Interestingly, Binance has not yet filed an application for a crypto license in Hong Kong. 

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