Binance CEO on U.S. Crypto Policy: ‘Reset and Restart’ Under Trump

The previous U.S. administration has faced sharp criticism from crypto business leaders for its tough regulatory stance. Speaking at the Consensus Crypto Conference in Hong Kong, Binance CEO Richard Teng echoed these concerns, particularly about the crackdown on the industry under Joe Biden Joe Biden at United States Joe Biden Jr. is a former senator and the 46th Democratic President of America. He is hailed as one of the finest leaders of America, especially by the Democratic Party. At the outset, Biden and his administration stressed protecting consumers and providing regulatory transparency. In March 2022, he enacted Executive Orders that further launched investigations into Central Bank Digital Currencies (CBDCs) and the oversight of cryptocurrency markets. For crypto adoption in the country, he insists on the need for clear and easy-to-function crypto regulations. Quick Facts Full name Joseph Robinette Biden Jr. Birth 20-11-1942, Scranton, Pennsylvania, United States Nationality American Education BA from the University of Delaware Known for Political leadership Joe Biden - Career Highlights & Events 1970 - Elected to the New Castle County Council 2017 – Published memoir Promise Me, Dad, reflecting on personal and political life 2020 – Elected as the 46th President of the United States 2022 – Directed federal agencies to create frameworks for cryptocurrency regulations. President . However, he acknowledged that the new administration, led by Donald Trump Donald Trump Donald J. Trump is a US-based business tycoon, pro-crypto politician, and 47th (present) President of the United States. He comprehends the significance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto politician. Once doubtful about Bitcoin's dominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his pool. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency. Quick Facts Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Famous For Business, Politics Donald Trump - Career Highlights & Events 2016 – Elected as the 45th President of the United States from the Republican Party. 2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments 2019 – Slammed crypto king Bitcoin on X, calls it "not money". 2025 – A gala party was hosted by him for the top 220 Trump meme coin holders. President , has given the crypto sector a fresh start.

So, what does Teng think about the current U.S. approach – and how does he view Hong Kong’s crypto regulations? Let’s take a closer look.

A Fresh Start for Crypto in the U.S.

Teng pointed out how the previous administration targeted major crypto firms like Binance, Coinbase, and Ripple with lawsuits and heavy fines.

Confident in the Trump administration’s direction, he said, “I think we have a fresh reset and a restart.”

During his election campaign, Trump positioned himself as pro-crypto, promising policies that support the industry. His victory over Kamala Harris—who was associated with stricter regulations—was welcomed by crypto businesses. Since then, nearly all top-10 cryptocurrencies have seen major growth.

Shortly after taking office, Trump’s administration formed a Crypto Task Force under the U.S. SEC to create clearer regulations. He has also appointed pro-crypto leaders to key positions, including the SEC Chair and Commerce Secretary, signaling a shift in approach.

Binance’s Cautious Approach to the U.S. Market

Binance shut down its U.S. operations in June 2023 after the SEC sued the exchange and its former CEO, Changpeng Zhao Changpeng Zhao at Binance Changpeng Zhao, often known as CZ, is a Chinese-Canadian entrepreneur who co-founded Binance, one of the largest cryptocurrency exchanges by trading volume. He was born in 1977 in Jiangsu, China, and later relocated to Canada with his family. CZ studied computer science at McGill University in Montreal. In the early stage of his career, he worked in financial trading technology. He built trading systems for major platforms such as Bloomberg and the Tokyo Stock Exchange, gaining strong experience in high-speed trading infrastructure. Quick Facts: Field Details Full Name Changpeng Zhao Popular Name CZ Birth 1977, Jiangsu, China Nationality Chinese-Canadian Education Computer Science, McGill University Known For Co-founder of Binance Industry Cryptocurrency, Blockchain, Fintech Career Overview: CZ joined the cryptocurrency sector in 2013. During his early years, he worked for Bitcoin websites like Blockchain.com and OKCoin. In 2017, he co-founded Binance. The exchange debuted in July of that year and rapidly became the top cryptocurrency exchange by trading volume. Binance has grown far beyond traditional cryptocurrency trading over the years. The platform currently offers derivatives trading, staking services, and its own blockchain network called BNB Chain. Timeline of Events: 2010 - Worked in financial trading technology, gaining experience in high-frequency trading systems. 2015 - Founded BijieTech, a company focused on crypto-mining software. 2017 - Co-founded Binance and launched the exchange in July. 2021 - Binance expanded globally but withdrew its exchange application in Singapore due to regulatory challenges. 2022 - Binance invested $500 million in Elon Musk’s acquisition of Twitter. 2023 - Binance faced growing regulatory scrutiny across multiple regions. 2024 - Appointed strategic advisor to the Pakistan Crypto Council by the Ministry of Finance. 2025 - Became an advisor to Sadyr Japarov on digital-asset development in Kyrgyzstan. Notable Work & Achievements of Changpeng Zhao: Year Achievement Details 2018 Forbes Crypto Rich List Listed among the richest people in crypto with an estimated net worth of around $1–2 billion 2019 Binance.US Launch Binance expanded to the U.S. with a separate regulated platform 2022 Twitter Acquisition Investment Binance participated in financing Elon Musk’s takeover of Twitter 2024 Pakistan Crypto Council Advisor Helped guide national discussions on crypto regulation 2025 Kyrgyzstan Digital Asset Advisor Advised the Kyrgyz government on blockchain and digital-asset development EntrepreneurInvestorChief Executive Officer , over allegations of fund mismanagement, misleading investors, and violating securities laws.

While the U.S. government’s stance on crypto is improving, Teng made it clear that Binance is not rushing back. He said the company wants more regulatory clarity before deciding on its future in the U.S. market.

For now, Binance is focusing on rebuilding its reputation, which took a hit during its legal battle with the SEC.

Hong Kong’s Crypto Push Faces Challenges

Meanwhile, Hong Kong is working to establish itself as a major crypto hub. At the Consensus Conference, the city-state’s finance secretary outlined efforts to attract crypto businesses.

However, Teng raised concerns about local regulations, especially restrictions on tradable tokens and futures trading.

Despite Hong Kong’s push to position itself as a crypto-friendly destination, Binance has not yet applied for a license in the region—raising questions about its strategy there.

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