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   Joe Biden Jr. is a US-based politician and a former senator. He is the former (46th) Democratic President of the America. In the case of crypto, Biden has had a cautious but growing perspective as the needs of fintech market.   Initially, Biden and his administration prioritized consumer protection and regulatory clarity. However, with the growing needs and demands from crypto leaders, and some from US states, he is now changing his view on crypto.   On March 2022, Biden signed an Executive Orders, that have further initiated studies into Central Bank Digital Currencies (CBDCs) and the regulation of crypto markets.   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 Active in US Politics   Joe Biden - Career Highlights & Events   2020 – Elected 46th President of the United States   2021 – Signed Executive Order to review digital asset policies   2022 – Tasked federal agencies with developing crypto regulation frameworks   2023 – Led discussions on global crypto regulation at the G7 Summit   2024 – Supported research into U.S. CBDC through the Federal Reserve     President . However, he acknowledged that the new administration, led by Donald Trump Donald Trump   Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician   Once doubtful about Bitcoindominance, 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 kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   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 – Criticized Bitcoin and Libra on X, dubbing them as "not money"   2024 – Campaign signals potential openness to crypto-friendly reforms   2025 –  Elected as the 47th President of the United States from the Republican Party.   A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.     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 Changpeng Zhao is a well-known Chinese Canadian entrepreneur who is also known to be the founder of Binance, established in 2017 alongside Yi He, It is the biggest cryptocurrency exchange in the world based on trading sector and volume. Before this, CZ served as the Head of Development at Blockchain.info and later worked at OKCoin as the Chief Technology Officer. Under CZ’s leadership, Binance launched an ICO( initial coin offering ) that was able to successfully raise $15 million and rapidly became the largest exchange within a few months. Changpeng has always been an advocate for decentralized finance and blockchain Technology. Changpeng is a top blockchain speaker to is actively initiating contributions in the development of the rapidly growing crypto and blockchain space, where he recently attended the Token2049 Singapore event to share his insights on the tech.   Personal Details:Born: 1977Organization: BinanceLocation: UAEEducation: Changpeng graduated with a BSc. A degree in computer science from McGill University  Experience: CEO of Binance from Jul 2017 to Nov 2023 Founder- Bijie Tech from Sep 2015 to Jul 2017 Head of Development - Blockchain from 2013 to 2014 Partner - Fusion Systems from Nov 2005 to Dec 2013 Head of Trade Book Futures Development- Bloomberg from 2001 to 2005   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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