Cryptocurrency exchange Binance is involved in discussions on establishing strategic digital asset reserves with several countries, its CEO, Richard Teng, reportedly said.
Binance has been advising multiple governments on establishing strategic Bitcoin (BTC) reserves and formulating crypto asset regulations, Teng said in an interview with the Financial Times on April 17.
“We have actually received quite a number of approaches by a few governments and sovereign wealth funds on the establishment of their own crypto reserves,” Teng told the FT.
Teng did not identify any countries but said that the United States is “way ahead on that front.”
US fuels global crypto reserve spree
According to Teng, the main reason for governments approaching Binance for help in handling potential strategic reserves is the new crypto-friendly agenda in the US.
Teng referred to key US crypto policy developments, such as discussions around creating a national Bitcoin reserve and digital asset stockpile. Earlier this year, Trump signed an executive order to establish a Strategic Bitcoin Reserve seeded with BTC forfeited in federal criminal and civil cases.
Binance founder Changpeng Zhao (on the left) next to Pakistan’s deputy prime minister Mohammad Ishaq Dar and Pakistan Crypto Council CEO Bilal bin Saqib. Source: Pakistan government
While governments of Pakistan and Kyrgyzstan have announced collaboration with Binance and former CEO Changpeng Zhao on crypto regulations in the past few weeks, none of the jurisdictions mentioned crypto reserve plans on their agenda.
Binance shifts stance on headquarters
As Binance deepens its involvement in efforts to help countries set up crypto reserves and regulations, it appears to have shifted away from its no-formal-headquarters approach under Zhao.
According to Teng, Binance is “working very hard” on plans for a global headquarters for the exchange.
“It requires serious deliberation and the board and the senior management are spending a lot of time doing the evaluation,” Teng reportedly said, adding: “Hopefully we are able to announce our intentions on that front.”
Source: Changpeng “CZ” Zhao
In 2019, Zhao said that offices and headquarters are “old concepts like SMS and MMS.”
The shift comes as more jurisdictions adopt clearer frameworks for regulating crypto businesses. Binance was subject to heavy scrutiny and investigations by multiple governments in 2020.
Cointelegraph approached Binance for comment regarding its crypto policy collaboration with governments worldwide, but had not received a response by the time of publication.
A coalition of UK trade groups has urged the government to include blockchain and digital assets in its planned “Tech Bridge” collaboration with the US.
The Conservatives have urged Sir Keir Starmer to publish all concerns raised by the security services about the appointment of sacked US ambassador Peter Mandelson.
Shadow cabinet office minister Alex Burghart said his party would push for a vote in parliament demanding the government reveal what issues the security services had in relation to Lord Mandelson’s relationship with the disgraced sex offender and financier Jeffrey Epstein.
Mr Burghart said material from the security services is not usually made public, but that a substantial amount of information was already in the public domain.
He told Sky News Breakfast: “What we’re going to do is we’re going to try and bring a vote in parliament to say that the government has to publish this information.
“It will then be up to Labour MPs to decide whether they want to vote to protect Peter Mandelson and the prime minister or make the information available.”
Mr Burghart said he had spoken to Labour MPs who were “incredibly unhappy about the prime minister’s handling of this”, and that it would be “very interesting to see whether they want to be on the side of transparency”.
Tory leader Kemi Badenoch said she believed Lord Mandelson’s appointment revealed that the prime minister “has very bad judgment”.
“It looks like he went against advice, security advice and made this appointment…and what we’re asking for is transparency.”
The Liberal Democrats have also called for parliament to be given a role in vetting the next US ambassador.
“I think it will be right for experts in foreign affairs on the relevant select committee to quiz any proposal that comes from 10 Downing Street, and so we can have that extra bit of scrutiny,” the party’s leader Ed Davey told broadcasters.
The former UK ambassador to France, Lord Ricketts, said the government should not be “rushing into an appointment” to replace Lord Mandelson.
“I would urge the government to take their time, and I would also make a strong case to the government to go for a career diplomat to steady the ship after this very disruptive process,” he said.
Labour MP Chris Hinchcliff posted on X that the former US ambassador should also be removed from the House of Lords.
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Nigel Farage said Sir Keir’s decision to appoint Lord Mandelson as UK ambassador to the US was a “serious misjudgement” by the PM.
“We don’t yet know what the intelligence briefings would have said, but it looks as though Morgan McSweeney, the prime minister’s right-hand man, and the prime minister, ignored the warnings, carried on,” he said.
“He was then reluctant to get rid of Mandelson, and he’s now left himself in a very vulnerable position with the rest of the parliamentary Labour Party.
“It is about the prime minister’s judgement, but it is also about the role that Morgan McSweeney plays in this government.”
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2:21
Reform UK leader Nigel Farage says Keir Starmer ignored the warnings about Lord Mandelson.
The timing of the sacking comes ahead of Donald Trump’s state visit next week, with the US president facing questions over his own ties with Epstein.
The prime minister sacked Lord Mandelson on Thursday after new emails revealed the Labour grandee sent messages of support to Epstein even as he faced jail for sex offences in 2008.
In one particular message, Lord Mandelson had suggested that Epstein’s first conviction was wrongful and should be challenged, Foreign Office minister Stephen Doughty told MPs.
The Foreign Office said the emails showed “the depth and extent of Peter Mandelson’s relationship with Jeffrey Epstein is materially different from that known at the time of his appointment”.
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1:37
Mandelson exit ‘awkward’ before Trump state visit
Downing Street has defended the extensive vetting process which senior civil servants go through in order to get jobs, which has raised questions about whether or not they missed something or Number 10 ignored their advice.
The prime minister’s official spokesman also said yesterday that Number 10 “was not involved in the security vetting process”.
“This is managed at departmental level by the agency responsible, and any suggestion that Number 10 was involved is untrue,” he told reporters.
Asked repeatedly if any concerns were flagged to Downing Street by the agencies that conducted the vetting of Lord Mandelson, he did not dismiss the assertion, repeating that Number 10 did not conduct the vetting.
Speaking to Sky News this morning, Scotland Secretary Douglas Alexander said his reaction to the publication of the emails was one of “incredulity and revulsion”.
He said he was “not here to defend” Lord Mandelson but said the prime minister “dismissed” the ambassador when he became aware of them.
The cabinet minister said Lord Mandelson was appointed on “judgement – a judgement that, given the depth of his experience as a former trade commissioner for the European Union, his long experience in politics and his policy and doing politics at the highest international levels, he could do a job for the United Kingdom”.
“We knew this was an unconventional presidential administration and that was the basis on which there was a judgement that we needed an unconventional ambassador,” he said.
Mr Alexander added: “If what has emerged now had been known at the time, there is no doubt he would not have been appointed.”