Richard Teng, the CEO of Binance, said that different jurisdictions are adopting varied approaches to regulating cryptocurrency, making it difficult to implement unified global regulations at this time. Teng made these remarks during a January 25 episode of the Beyond the Valley podcast.
"Harmonized global crypto regulations will take time, as countries differ widely in their approach—some see crypto as securities, others as commodities," said Teng.
According to The Hill, President Donald Trump has expressed his intention to position the United States as the global leader in cryptocurrency. However, the U.S. still lacks a comprehensive regulatory framework for digital assets. Trump noted in a January 25 executive order that cryptocurrencies are unique assets requiring customized regulations.
The European Union (EU) has introduced the Markets in Crypto-Assets (MiCA) regulations, which aim to establish a comprehensive regulatory framework for digital assets, as reported by International Policy Digest. Some critics argue that certain provisions within MiCA, particularly those concerning stablecoins, may stifle innovation and lead to market fragmentation. MiCA mandates that 60% of stablecoin reserves be held in EU banks, potentially exposing issuers to risks related to liquidity and transparency.
Binance, recognized as the largest crypto exchange globally by trading volume, operates in various countries including France, Italy, Lithuania, Spain, Poland, Sweden, Australia, Japan, India, New Zealand, El Salvador, Argentina, Brazil, Uzbekistan, and South Africa. The company requires all users to adhere to local regulatory requirements and comply with know-your-customer (KYC), anti-money laundering (AML), and counter-terrorism financing rules.
Teng joined Binance in August 2021. Prior to his role at Binance, he served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore. He assumed the position of CEO at Binance in November 2023.