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
President
. However, he acknowledged that the new administration, led by Donald Trump
Donald Trump
Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election
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, populalrly known as CZ, is a Chinese-Canadian businessman. He founded Binance, the biggest cryptocurrency exchange in the world based on trading volume. CZ came across Bitcoin (BTC) in 2013 from a friend.
Quick Facts
Full Name
Changpeng Zhao
Birth
1977 in Lianyungang, Jiangsu, China
Nationality
Chinese-Canadian, UAE
Education
BSc. from McGill University
Marital Status
Married to Yang Weiqing
Famous For
Binance, Advocate for decentralized finance, blockchain tech.
Net Worth
$59.4B (refer for realtime)
Before starting Binance in 2017, he was the Head of Development at Blockchain.info and the Chief Technology Officer (CTO) at OKCoin. Under CZ, Binance launched an ICO (Initial Coin Offering) that raised $15 million and rapidly became the largest exchange within months.
To improve trading options, the firm introduced Binance Smart Chain (BSC), Binance Labs, Binance Academy, Binance Launchpad, and other blockchain-based solutions. CZ has influenced the global adoption of crypto by offering regulatory compliance, DeFi solutions, and infrastructure for digital assets.
CZ’s Career Timeline
Tokyo Stock Exchange (2001–2003) – Developed trading systems for financial institutions.
Bloomberg Tradebook (2003–2005) – Worked as a software developer for high-frequency trading systems.
Fusion Systems (2005–2013) – Co-founded this financial technology firm specializing in ultra-low-latency trading solutions.
Blockchain.info (2013–2014) – Served as Head of Development, working with early Bitcoin adopters like Roger Ver and Ben Reeves.
OKCoin (2014–2015) – Worked as Chief Technology Officer (CTO) at one of the largest fiat-to-crypto exchanges at the time.
Binance (2017–2023) – Founded Binance and led it to become the world's largest cryptocurrency exchange before stepping down as CEO in 2023.
Awards and Recognizations of CZ
List of achievements
Year
Bloomberg 50 – Most Influential People in Finance
2021
Forbes Crypto Rich List – Billionaire Status
2022
Top 10 Most Influential People in Crypto (CoinDesk)
2022
Binance – World’s Largest Crypto Exchange by Volume
2018-23
There were regulatory issues in some countries about crypto. However, CZ continued to support decentralization, financial freedom, and innovation in the cryptocurrency industry. After reaching an agreement with U.S. regulators over compliance violations, in 2023, he resigned as CEO of Binance.
Useful Links To Connect With CZ
X (formerly Twiter)
https://twitter.com/cz_binance?
Instagram
CZ_Binance (@changpengzhao)
LinkedIn
Changpeng Zhao - Binance | LinkedIn
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.
