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Binance acting as adviser to governments on crypto regulations

Binance, the world’s biggest cryptocurrency exchange, which in 2023 pleaded guilty to US criminal charges, is advising several countries on creating their own digital assets regulations and establishing national strategic bitcoin reserves. Richard Teng, the firm’s chief executive, told the Financial Times that the US’s more crypto-friendly approach under President Donald Trump, including plans to set up a regulatory framework for digital assets and a national stockpile, was spurring other countries into taking similar action.

Compared to many other jurisdictions, [the US] are way ahead on that front,” Teng said. The firm has “been approached by quite a lot” of countries to “[help] them with formulating their regulatory framework to govern crypto”, he added. He declined to name countries that the firm is working with. The news comes less than 18 months after Binance pleaded guilty to criminal charges related to money laundering and breaching international financial sanctions, and agreed to pay more than $4.3bn in penalties. Co-founder and chief executive Changpeng Zhao stepped down and was replaced by Teng. Zhao later served four months in prison. Earlier this year France deepened its investigation into Binance on suspicion it broke European money laundering and terrorist financing laws between 2019 and 2024. Binance has denied the allegations and said it will “vigorously fight any charges made against it”.

Decentralized Finance Adoption in Yemen Amid US Sanctions
Yemeni citizens are increasingly turning to decentralized finance (DeFi) protocols to access banking services amidst US sanctions targeting the Houthi group. Previously, challenges such as internet infrastructure issues and low financial literacy hindered crypto adoption in the war-torn region. However, a report from TRM Labs highlights a growing interest in DeFi driven by necessity rather than speculation. DeFi platforms dominate Yemen's crypto web traffic, accounting for 63% of activity, while global centralized exchanges make up 18%. Some locals utilize peer-to-peer crypto transactions for cross-border fund transfers. With no crypto regulations in place, TRM Labs suggests that escalating sanctions against the Houthis could lead to increased crypto adoption in Yemen. The use of cryptocurrency by the Houthis is expected to expand as traditional financial channels face restrictions, making decentralized digital currencies a more appealing and less traceable alternative. Read more AI-generated news on: https://app.chaingpt.org/news$BTC
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