Binance CEO Denies Trump Affiliation Rumors, Praises Pro-Crypto Policies

Binance CEO Richard Teng has once again denied reports that Binance.US, the independently-operated US cryptocurrency exchange, was in discussions to sell an equity interest to entities affiliated with former US President Donald Trump. Teng made this statement during a panel at the Digital Asset Summit in New York, reiterating the stance previously taken by Binance founder Changpeng “CZ” Zhao and Trump himself, who both denied the story last week.

Teng emphasized that Binance.US operates independently from its larger counterpart, Binance, with distinct shareholders, a separate board of directors, and a different CEO. He also highlighted that Binance has benefited from Trump's pro-crypto policies, despite not directly operating in the US. Teng noted that Trump's strategic crypto reserve or asset stockpile proposal could encourage other governments to take the cryptocurrency space more seriously.

In contrast to his predecessor, Joe Biden, Trump has expressed his intention to make the US the "world’s crypto capital" and has appointed pro-industry leadership to key regulatory positions. This shift in policy has been seen as a positive development for the cryptocurrency industry, with institutions increasingly coming on board.

However, the potential deal between Binance.US and Trump-affiliated entities has raised concerns about potential conflicts of interest. Reports suggest that CZ, who served four months in prison in the US, has been pushing for a pardon from the Trump administration. The form of the Trump family stake and whether it would be contingent on a pardon remains unclear.

Despite these concerns, Teng praised Trump's pro-crypto stance, stating that it has been beneficial for Binance. He also noted that the cryptocurrency industry has seen significant growth in recent years, with more institutions and governments taking an interest in the space. This trend is expected to continue, with Trump's policies potentially accelerating the adoption of cryptocurrencies on a global scale.