With the US adopting the crypto industry, more and more countries are considering a similar approach. The world’s largest crypto exchange supports it. Binance is advising several governments on developing crypto regulations and creating their own national Bitcoin reserves, the Financial Times reported Thursday.
The company has been “a considerable number of approaches” to countries seeking help in developing regulatory frameworks governing the industry, Binance CEO Richard Teng told the Financial Times. However, Teng refused to state which countries are cooperating with which countries, the report said, and did not mention other companies or groups that advise policymakers.
Teng added that the company is supporting some countries to create strategic crypto preparations, such as President Trump, which was founded in the US last month. “We have actually received a considerable number of approaches from a small number of governments and sovereign funds to establish their own crypto reserves,” Teng told the Financial Times.
A national cryptocurrency reserve refers to a government-owned Bitcoin or another cryptocurrency stockpile that aims to diversify government holdings and hedges against inflation. However, some people argue that Bitcoin stockpiles are risky. Because the price of a currency is unstable, and one token could be lost or thousands of dollars within hours.
A Binance spokesman declined to share additional information with Fortune about the consultation, saying it “is not disclosed details of the conversations it has had with the government or regulatory authorities.”
Teng said he sees US government changes in favor of crypto-friendly regulations as a catalyst for a wider acceptance of asset classes around the world. “Compared to many other jurisdictions, (US) is moving ahead in that respect,” Teng told the Financial Times.
Binance has taken on the role of advisory from multiple countries after getting caught up in legal trouble in the US. The company had to pay more than $4.3 billion in fines after pleading guilty to a crime related to money laundering in 2023.
Teng told the Financial Times that the company has invested heavily in its compliance efforts and continues to do so, adding that Binance is now “in a way and in a way that regulators appreciate in comparison to the past.”
Since Binance was indicted in the US, the federal government has changed the tone of the code. Trump has supported the industry to most of his platform and has taken several steps to make America “global crypto capital.” Since taking office in January, the president has held a crypto summit at the White House, supporting advances in stablecoin laws and establishing the National Bitcoin Reserve.
This story was originally featured on Fortune.com.