Binance adapts to supportive environment under Trump

Binance, a major cryptocurrency exchange, is finding new opportunities under President Donald Trump's administration. The company's CEO, Richard Teng, described the current political environment as "fantastic" for the crypto sector. He noted a significant change since Trump took office again, as Binance aims to redeem its past challenges. In the past, Binance faced heavy regulations and was known for its defiance against authorities. The exchange had to pay a record $4.3 billion settlement with U.S. regulators. However, under Trump's leadership, the exchange is becoming more influential in Washington. Reports suggest that Binance is in talks for the Trump family to invest in the company and is also negotiating with a Trump-linked crypto bank to create a stablecoin. Teng expressed optimism about the future of cryptocurrency in this new political climate. He highlighted a growth in Binance's users, increasing from 170 million to 265 million in just one year. The company is now licensed in 21 different countries, reflecting its expanding global presence. Despite its current success, Binance still deals with the remnants of its troubled past. Founder Changpeng "CZ" Zhao faced criminal charges and stepped down. The U.S. Securities and Exchange Commission continues to pursue a civil case against Binance and Zhao, although both parties are exploring resolution options. Teng emphasized the importance of compliance, noting that Binance has significantly increased its compliance workforce. However, challenges remain. In Nigeria, two Binance executives faced legal issues, highlighting ongoing risks in different markets. As Binance evolves, Teng has shifted the company structure to a board-governed organization. He is confident about Binance's dominance in the crypto market, maintaining over 40% global market share despite emerging competition. Recently, Binance secured a $2 billion investment from the Emirati state-owned firm MGX, further linking crypto with advanced technology. Teng aims to enhance the company's operations through innovation, especially in AI applications. He remains focused on ensuring Binance operates safely and efficiently in the rapidly changing crypto landscape.