Trump’s crypto push marks a ‘golden age’: Binance CEO Richard Teng

"President Trump has announced a crypto strategic reserve, and, given the U.S. position on this, many other countries will start now looking at whether they should set up similar reserves in crypto," he told Nikkei Asia.

"The sovereign wealth funds, the foundations, the trust institutions, the high-net-worth individuals are all going to increase allocation into this space, including corporate treasuries as well."

Richard Teng, head of the Middle East and North Africa for crypto firm Binance gestures as he speaks during an interview with Reuters in Dubai, United Arab Emirates, March 30, 2022. Photo by Reuters

Speaking at an event in Singapore on Thursday, Teng told CNBC that the industry has shifted from a period of "big regulatory uncertainty" and "some regulatory hostility" to one where "the largest economy in the world is saying, ‘we want to embrace crypto.’"

Trump recently issued an executive order to create a U.S. strategic crypto reserve, utilizing digital assets seized in civil and criminal forfeiture cases.

The reserve will include Bitcoin, Ethereum, XRP, Solana, and Cardano.

Teng described the move as "landmark," emphasizing its global implications. "The messaging is the largest government ... the biggest capital market in the world is now holding Bitcoin as part of the reserve.

"[That’ll] cause many other governments to think through the issue, to sit up to say, should we start doing allocation into crypto and bitcoin?"

Chao Deng, CEO of HashKey Capital, echoed this sentiment, saying that under Trump, "the momentum is building, institutional [and] retail adoption [of crypto assets] is immense."

The shift signals a stark departure from the regulatory crackdown under former President Joe Biden, when U.S. authorities intensified scrutiny of the crypto sector to combat fraud and money laundering.

Teng described this period as "Operation Choke Point 2.0," an alleged effort to pressure banks into severing ties with crypto-related businesses.

Since taking office, Trump has appointed crypto-friendly policymakers, including venture capitalist David Sacks as the White House’s AI and cryptocurrency czar.

Deng highlighted the return of banking services for crypto companies as one of the most significant changes under Trump.

"They encourage and they allow banks to be involved with crypto. This is a very huge step for the crypto and Web3 industry." Banks are now more open to working with crypto-related clients, he said.

Teng believed the sector is entering a "golden age" of expansion.

"We are today at about 7% global crypto adoption, and history shows that once adoption reaches this level, the next 10% happens very quickly."

But Bitcoin prices have declined following the strategic reserve announcement as investors remain cautious due to uncertainty surrounding the plan’s details.

Teng dismissed concerns, calling the drop a "tactical retreat" amid broader macroeconomic conditions.

Binance, which settled a $4.3 billion case with U.S. regulators in 2023, has since restructured its compliance framework.

Teng acknowledged that Binance had "made mistakes" but stressed the company's commitment to improvement.

"What's important is we acknowledge those mistakes. We rectify those mistakes and become better. Every country will have its own policy considerations."

Binance aims to work closely with policymakers and regulators "to understand their political issues and concerns and their policy agenda," he added.