Binance CEO Reveals How Trump’s Crypto Policies Are Triggering a Market Frenzy

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 is the Founder and Chief Executive Officer at Binance. His contribution to the enhancement of Binance made the platform the world’s largest cryptocurrency exchange since its inception in 2017. Zhao launched the blockchain network Binance Smart Chain which has made a remarkable contribution to the development of the decentralized finance ecosystem. Whereas in 2019, he launched Binance’s US affiliate, Binance. The US.
Details: Organization: Binance
Location: United Arab Emirates
Skills: Trading System and Electronic Trading Experience: CEO at Binance from Jul 2017 to Nov 2023 ·
Founder at BijieTech from Sep 2015 to Jul 2017 
Head of Development at Blockchain.com from 2013 – 2014 ·
Partner at Fusion Systems Group  from Nov 2005 to Dec 2013 
Head of Tradebook Futures Development at Bloomberg from 2001 – 2005  FAQ
1. What is the net worth of Changpeng Zhao? 
Changpeng’s net worth is $6,260 crores.
2. What are the latest investments of  Changpeng Zhao?
Changpeng Zhao investing in the blockchain sector as well as artificial intelligence and biotechnology
  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.