As Binance works toward redemption, CEO says Trump has been ‘fantastic’ for crypto
Richard Teng, chief executive officer of Binance Holdings Ltd., at an event hosted by the Foreign Correspondents Association in Singapore, on Tuesday, Sept. 17, 2024.
Ore Huiying | Bloomberg | Getty Images
Binance CEO Richard Teng says the Trump administration has been a “fantastic” reset for the cryptocurrency industry.
“It’s an extremely different environment that we’re operating in,” Teng told CNBC on Tuesday.
In the span of 16 months, Binance has gone from a political outcast to a possible power broker in Washington. Once the poster child for regulatory defiance – Binance was slapped with a record $4.3 billion settlement with regulators and forced to oust billionaire founder Changpeng “CZ” Zhao – the crypto exchange is now navigating a dramatically friendlier political landscape under President Donald Trump’s second administration, Teng said.
“We’ve benefited from this shift,” said Teng, who was appointed Binance’s CEO in November 2023.
Teng’s comments come as the crypto exchange is in talks to have the Trump family take a financial stake in the company, according to a report by The Wall Street Journal earlier this month. That same day, Bloomberg reported that World Liberty Financial, a Trump-linked crypto bank that has not yet launched, is engaged in talks with Binance to launch a dollar-pegged stablecoin.
If such deals were reached, it would mark a staggering reversal for a company that was once a pariah in Washington.
Teng, a soft-spoken former regulator, was careful with his words when addressing the reports.
“I believe both World Liberty Financial as well as CZ himself have tweeted and denied the reports,” said Teng, who runs the exchange’s operations outside the U.S.
As for the rumors about a Trump stake in Binance.US, Teng demurred.
“.US and .com are quite different animals, right?” he said. “They have different sets of shareholders, different boards of directors, and different CEOs running the show.”
Binance structured the two exchanges as independent entities in response to regulatory scrutiny, aiming to ring-fence its U.S. operations from the broader international business.
Still, Teng is bullish on what the new political environment means for crypto.
“We went from four years of Operation Choke Point 2.0 to now – you have a very pro-crypto, pro-AI president,” he said. While Binance.com doesn’t operate in the U.S., he said, “We have benefited from all these pro-crypto policies.”
Choke Point 2.0 is how industry insiders refer to an alleged crackdown by legacy banks on digital asset firms during the Biden administration.
Teng described a rapid global expansion that brought Binance from 170 million to 265 million users in just one year.
“We have received a lot of approaches from different governments around the world,” Teng said, citing regulatory progress in Japan, Australia, Hong Kong, Brazil, Argentina and the United Arab Emirates.
Binance is now licensed in 21 jurisdictions, and its influence extends well beyond the reach of any one country. That includes sovereign wealth funds, some of which are starting to quietly allocate to crypto, Teng said.
In the background of all this optimism is the reality of Binance’s checkered past.
Zhao, the company’s founder and former CEO, was criminally charged, forced to step down and served a short prison sentence. Binance paid the multibilllion-dollar settlement – finalized in late 2023 – to resolve a raft of violations with U.S. regulators, including the Department of Justice and the Commodity Futures Trading Commission.
One major front remains open: The Securities and Exchange Commission’s civil case against Binance and Zhao.
The SEC and Binance in February agreed to a 60-day pause in proceedings as both sides consider a potential resolution. The stay comes amid a broader pullback by the SEC from several high-profile crypto lawsuits—signaling a potential regulatory reset under the new administration.
“We under-invested in compliance in those very early days,” Teng said. “But what’s important as a responsible institution is to acknowledge those early mistakes, make amends for it and invest greatly into compliance, which we are doing now.”
Binance now employs more than 1,300 professionals in compliance, roughly a quarter of its total workforce, Teng said. “The direction of travel is very clear. It’s one of compliance.”
The Nigerian government might disagree.
One of Binance’s top compliance officers, Tigran Gambaryan, was recently imprisoned under harsh conditions. In Nigeria, Binance faced charges of alleged non-payment of value-added tax and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform.
Alongside Gambaryan, who is a U.S. citizen and a former employee of the Internal Revenue Service, Nigeria has also imprisoned fellow executive Nadeem Anjarwalla, who is British-Kenyan. Both were charged and remanded in custody by Nigerian authorities. Anjarwalla escaped custody in March 2024, and Gambaryan was released several months later.
“The treatment he went through in Nigeria is not warranted,” said Teng about Anjarwalla. “We have always tried to liaise and work cooperatively with governments around the world.”
Since taking over as CEO, Teng has shifted the company from a founder-led startup to a board-governed organization.
“Now I report to the board of directors,” Teng said. “We have a board of seven members, including three independent directors and an independent chairman.”
For all the scrutiny Binance faces, Teng insists the platform remains dominant.
“At any point in time, we have more than 40% of global market share,” he said.
He dismissed concerns about Coinbase’s growing political clout and the momentum behind crypto exchange-traded funds, arguing that ETFs are a gateway into crypto trading.
“A lot of users that start trading through ETFs subsequently advance to cryptocurrency platforms,” Teng said, noting that while crypto trades nonstop, ETFs are limited to business hours.
Binance took on its first institutional investment earlier this month in a $2 billion deal with Emirati state-owned investment firm MGX, which is an AI and advanced tech fund that counts BlackRock and Microsoft as partners. It’s the largest investment ever made into a crypto company and the biggest to be fully paid in stablecoins.
Teng said he sees the investment as a way to bridge crypto and AI.
“We are utilizing AI on an extensive basis,” said Teng, noting that Binance uses artificial intelligence for customer service, security and compliance monitoring. “This is the blockchain sector. We have to continue to utilize technology to achieve efficiency.”
Asked what keeps him up at night, Teng rattled off a list: Security, compliance, product innovation and opportunities for mergers and acquisitions.
“We want to make sure we run a very robust, operational, best-in-class platform,” he said.
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Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike
Electric motocross just got another serious upgrade. Stark Future has unveiled its latest evolution of the VARG MX platform – meet the VARG MX 1.2. With more powertrain efficiency, longer range, and a tech-infused new onboard computer that moonlights as a military-grade Android phone, this bike is maintaining the Stark VARG playbook of doing more than keeping up with gas-powered competition, it’s burying them.
Stark Future is flying high, both literally with impressive performance that has helped riders to expand their options so aggressively that it’s gotten itself banned from the X-Games, to proverbially with the company already touting profitability so early in its operations.
At the heart of the VARG MX 1.2 is the same 80 hp (60 kW) electric motor that made the original VARG such a monster on the dirt, easily outgunning traditional 450cc gas bikes. But this time around, riders get even more customization. The power output can be adjusted anywhere from 10 to 80 hp (7.5-60 kW) on the fly, with refined control over the power curve and motor braking. Basically, it’s like having a garage full of bikes in one, and all of them are really impressive!
Helping riders tap into all that performance is a new handlebar-mounted smart device called the Arkenstone. This isn’t your average LCD screen, it’s a full-fledged, ruggedized Android smartphone that connects wirelessly to the bike. Want to change power modes mid-lap? Done. Want to track your lap times and get real-time GPS data? Also done. Stark even partnered with a major map provider to make sure the new “Laps” feature delivers real course splits and terrain data without the need for external apps or gear.
And of course, performance is still king here. The new 7.2 kWh battery tucked into a lightweight magnesium honeycomb case delivers up to 20% more range than before. That means longer rides, harder pushes, and fewer recharge breaks. Oh, and it still puts out 973 Nm of torque at the rear wheel. Not a typo. That’s insane torque.
The updated chassis is no slouch either. Stark redesigned the frame using a stronger, lighter steel alloy, shaving off nearly a kilogram while improving flex and feedback. Suspension was also retuned with KYB components offering 310mm of travel and selectable spring rates based on rider weight – a level of adjustability that’s unheard of from most OEMs.
Motocross legend Kevin Windham, after testing the bike, didn’t hold back: “I’ve ridden everything there is to ride, and this is the future.” He praised the natural feel, instantaneous response, and how quickly it felt like home, even after decades on gas bikes.
But the VARG MX 1.2 isn’t just a lab project. It’s been relentlessly race-tested under the leadership of two-time World Champion Sébastien Tortelli, who now heads up Stark’s racing program. “Racing is where weaknesses show and strengths are proven,” says Tortelli. “Every race, every rider, every condition feeds into what we build.”
Other upgrades include a new overmolded wiring harness for extreme durability, a lighter and more efficient gearbox, new tires (Dunlop or Pirelli, your call), and even a reinforced skid plate made from biodegradable materials. Optional titanium hardware can shave off another 900 grams if you’re counting grams like trophies.
Maintenance? Practically nonexistent. With no pistons, clutches, or filters to fuss over, Stark says its riders can save up to $5,000 over 100 hours of use compared to a traditional gas bike. And in an industry notorious for limited warranties, Stark is backing the entire bike for two years.
Those cost savings are going to be important considering that electric motorcycles usually have higher up-front sticker shock. But with the new Stark, pricing is surprisingly competitive for something this high-end.
The 60 hp (45 kW) standard model starts at US $12,490, while the full-fat 80 hp (60 kW) Alpha comes in at $13,490 (plus a $1,000 tariff charge for US buyers). Bikes are available now through Stark’s global dealer network or directly from the company’s site.
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Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Images News | Getty Images
BP CEO Murray Auchincloss on Tuesday leaned into the growth potential of the company’s recent oil and gas discoveries, as the struggling energy major contends with takeover questions and a major turnaround plan.
“Inside the upstream, we’ve had tremendous performance, along with record operating efficiency [and] along with starting up five new major projects,” BP’s Auchincloss told CNBC’s “Squawk Box Europe“, just after the release of the company’s second-quarter results.
He added that he was “very optimistic” about the company’s latest exploration discovery in the Bumerangue block in Brazil’s Santos Basin, just over 400 kilometers (248.5 miles) from Rio de Janeiro. BP is currently carrying out tests to further analyze the block’s potential.
The Bumerangue discovery, announced Monday, is the firm’s 10th since the start of the year and reflects a potentially significant boost as BP continues to double down on hydrocarbons.
After underperforming its peers in recent years, the firm has shifted gears by way of a fundamental strategic reset that will see BP prioritize fossil fuels and slash renewable spending.
Earlier on Tuesday, the energy major reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June — comfortably beating analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.
Ramping up investor returns, the company also said its quarterly dividend will increase to 8.32 cents from 8 cents and that it will maintain the pace of its share buyback program at $750 million for the second quarter.
Shares of the company were last seen trading 1.6% higher during morning deals.
Takeover speculation
The downturn of recent years has turned BP into the subject of intense takeover speculation, with some questioning a potential future merger with domestic rival Shell. For its part, Shell in late June said that it had “no intention” of making an offer.
UAE oil giant ADNOC, as well as U.S. oil giants Exxon Mobil and Chevron, are among some of the names that have also been touted as possible suitors.
Asked whether the company had been approached by any potential merger partners amid ongoing takeover speculation, Auchincloss said BP is focused on growth.
“That’s what is going to drive the share price up for shareholders,” he added.
CEO of BP Murray Auchincloss speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024.
Mark Felix | AFP | Getty Images
Maurizio Carulli, global energy analyst at Quilter Cheviot, said BP’s earnings were the company’s first positive quarterly results “in a very long time,” noting that “what is perhaps most encouraging” was the firm’s outperformance came despite a period of lower oil prices.
“The management team has clearly started delivering on the strategy reset announced a few months ago. There has been huge speculation of late on the fate of BP and whether or not a rival will look to take them out with a merger,” Carulli said.
“If positive results like this continue to be delivered, that speculation may just end up being a blip in BP’s long and storied history,” he added.
Asset review
BP, which is under intense pressure to improve profitability from the likes of activist investor Elliott, noted that it would initiate a further cost review of its assets — mere weeks before Albert Manifold joins BP’s board from Sept. 1 and as chair from Oct. 1.
Asked for further details of this strategic review, Auchincloss told CNBC: “If you think back to 2020, we reduced our costs by 25%, and in 2024 we announced another program to reduce our costs by another 20%. That’s the $4-5 billion that I referenced earlier.”
“If we can achieve that, that will take us to around top quartile in the sector, but I don’t think that is enough,” Auchincloss said.
BP’s net debt came in at $26.04 billion at the end of the second quarter, down from nearly $27 billion compared to the first three months of the year.
“We need to keep driving safely to be the very best in the sector we can be. And that’s why we’re focused on another review to try to drive us toward best in class inside the sector,” Auchincloss added.
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