Binance Exchange Chairman: Governments and Sovereign Funds Have Sought Advice to Create Crypto Reserves

Richard Teng, the CEO of Binance cryptocurrency exchange, stated that his company is advising global governments on creating strategic reserves of Bitcoin and regulatory guidance, as countries follow the United States' lead on crypto asset policy.

Teng added, in statements to the Financial Times: "The company is involved in discussions about creating strategic reserves of crypto assets with several countries."

He continued: "We need to establish new reserves and develop regulations for crypto assets. We have already received a significant number of initiatives from several governments and sovereign wealth funds regarding the establishment of their own cryptocurrency reserves."

Teng did not specify any country but mentioned that the United States is "far ahead on this front."

According to Teng, the main reason governments turn to Binance for assistance in managing potential strategic reserves is the new crypto-friendly agenda in the United States.

Teng highlighted the importance of developments in U.S. crypto policy, such as discussions about creating a national Bitcoin reserve and a stockpile of crypto assets.

Source: Cointelegraph