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 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.
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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
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
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, 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.
