A Stunning Turnaround for Binance in the New Political Era

Once viewed as a regulatory rebel, Binance is now staging a remarkable comeback—and it’s happening at a time when the political winds have shifted dramatically. At the center of this transformation is Richard Teng, the soft-spoken former regulator who took over as Binance’s CEO in November 2023, following the ousting of founder Changpeng “CZ” Zhao.

Speaking to CNBC, Teng didn’t hold back: “It’s an extremely different environment that we’re operating in,” he said, referring to the impact of Donald Trump’s return to the presidency. Teng called the Trump administration “fantastic” for crypto, pointing to a more favorable political climate that is helping the industry recover from years of regulatory pressure.

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From Pariah to Power Player: Binance’s Political Revival

Just 16 months ago, Binance faced a crushing $4.3 billion settlement with U.S. regulators and the criminal prosecution of CZ. But now, the exchange is inching toward the inner circles of Washington. Reports even suggest the Trump family may take a financial stake in Binance, while talks are reportedly underway to partner with Trump-linked World Liberty Financial on a new dollar-pegged stablecoin.

While Teng carefully distanced himself from the rumors—pointing out that Binance.com and Binance.US are entirely separate entities with different leadership and boards—he made it clear that the political landscape has become far more favorable. "We went from four years of Operation Choke Point 2.0 to now—where we have a very pro-crypto, pro-AI president,” Teng said.

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Binance’s Global Expansion: 170M to 265M Users in One Year

Despite not operating in the U.S., Binance.com is thriving globally. Under Teng’s leadership, the platform grew its user base by nearly 100 million in just one year—reaching 265 million worldwide. That explosive growth has been fueled by regulatory progress in key markets like Japan, Australia, Hong Kong, Brazil, Argentina, and the United Arab Emirates.

Binance is now licensed in 21 jurisdictions and is actively engaging with sovereign wealth funds, many of which are beginning to explore crypto allocations behind closed doors.

Facing the Past While Building for the Future

Teng is candid about Binance’s turbulent past: “We under-invested in compliance in those very early days,” he admitted. But the company is working to repair its reputation, with over 1,300 professionals now dedicated to compliance—roughly a quarter of its entire workforce.

However, not every government agrees. In Nigeria, Binance is embroiled in a high-profile legal battle. Two executives, including U.S. citizen and former IRS agent Tigran Gambaryan, were imprisoned on tax-related charges. Though Gambaryan has since been released, the controversy has cast a shadow on Binance’s global image.

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From Startup to Institution: Binance Restructures for the Future

Under Teng, Binance is no longer a founder-led startup. It now operates under a formal board structure with seven directors, three of whom are independent, and an independent chairman. Teng emphasized that he reports directly to the board, signaling a more traditional and accountable governance model.

“We want to make sure we run a very robust, operational, best-in-class platform,” Teng said.

Dominating the Market While Eyeing Innovation

Despite the challenges, Binance still holds over 40% of the global crypto market share—far ahead of its competitors. Teng shrugged off the growing influence of Coinbase and the popularity of crypto ETFs, arguing that ETFs actually act as an onboarding tool. “Users often begin with ETFs and eventually move to full-fledged crypto trading platforms,” he explained.

Earlier this month, Binance announced its first-ever institutional investment: a $2 billion deal with MGX, an Emirati state-owned AI and tech fund that counts BlackRock and Microsoft among its partners. Notably, it’s the largest investment ever made in a crypto company—and it was paid entirely in stablecoins.

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AI, Security, and the Future of Crypto

Binance is also embracing artificial intelligence in a big way. AI is already being used across customer service, security, and compliance. “This is the blockchain sector. We have to continue to utilize technology to achieve efficiency,” Teng said.

As for what keeps him up at night? Teng listed security, compliance, innovation, and acquisition opportunities—all part of his vision to keep Binance at the forefront of crypto.

Competitive Landscape: Who's Challenging Binance?

While Binance remains the world’s largest crypto exchange by trading volume, several competitors are aggressively trying to close the gap:

• Coinbase: As the top U.S.-based exchange, Coinbase enjoys strong regulatory clarity and deepening ties with Wall Street. Its public listing, support for crypto ETFs, and lobbying in Washington have positioned it as Binance's most direct Western rival.

• Kraken: Another U.S.-based exchange known for regulatory compliance and security. Kraken continues to expand globally and offers both retail and institutional services.

• Bybit and OKX: These rapidly growing platforms cater to international markets and are gaining momentum in derivatives and leverage trading.

• Bitget and KuCoin: Focused on copy trading and niche markets, these platforms have carved out strong communities, particularly in Asia.

• Upbit: The dominant exchange in South Korea, Upbit has seen exponential growth as the country becomes one of Asia's key crypto hubs.

Binance's market lead remains firm, but these challengers are pushing forward with innovation, regional specialization, and aggressive user acquisition strategies.

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Market Focus: Binance's Strategic Push in the UAE

Among its fastest-growing and most strategically important markets is the United Arab Emirates (UAE). Under Teng's leadership, Binance has worked closely with Emirati regulators to establish a firm presence in Dubai and Abu Dhabi.

• Binance was among the first exchanges to receive a MVP (Minimal Viable Product) license from Dubai’s Virtual Assets Regulatory Authority (VARA).

• The UAE's embrace of both AI and crypto innovation aligns well with Binance’s technology-driven approach.

• In early 2025, Binance finalized a $2 billion partnership with MGX, a state-owned Emirati AI fund. This deal was fully paid in stablecoins and signals strong institutional confidence in Binance.

• The UAE is increasingly positioning itself as a global crypto and fintech hub, attracting entrepreneurs, institutional investors, and blockchain developers from around the world.

With political stability, regulatory clarity, and ambitious national goals for digital transformation, the UAE provides a unique sandbox where Binance can innovate, grow, and influence policy-making in Web3 finance.

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Summary

Binance's journey from regulatory scrutiny to global resurgence marks a pivotal moment in the evolution of the cryptocurrency industry. Under the leadership of Richard Teng and amidst a pro-crypto political environment, the company is not only repairing its image but also expanding its global reach and embracing innovation, particularly in artificial intelligence. Binance remains the dominant force in crypto trading, yet it faces strong competition from players like Coinbase, Kraken, and OKX. Among its markets, the UAE stands out as a major strategic focus, offering regulatory clarity and a fertile ground for tech-driven financial innovation. Binance’s future will depend on its ability to maintain regulatory trust, lead in tech adoption, and continue expanding responsibly across emerging global markets.