Key Points
- Binance’s Richard Teng showed his confidence that Trump’s success is a “big win for crypto.”
- He highlighted the accelerating crypto adoption in the US, as Detroit will start accepting crypto for taxes and fees.
Binance’s CEO, Richard Teng, addressed his views on Donald Trump winning the US elections and what this means for the crypto industry, in a Financial Times interview. He also said that the US crypto adoption acceleration is bullish for the entire digital asset sector.
Binance CEO: Trump’s Win Brings a “Golden Era” for Crypto
Today, the Financial Times published an article, highlighting that Binance’s Chief Executive Officer, Richar Teng, believes that Donald Trump’s win in the US paves the way for a new golden era for the crypto industry.
He believes that Trump’s success in the US marks a “big win for crypto” that would result in an influx of new US regulators becoming open to digital assets, as the publication noted.
The crypto industry’s conference received an injection of optimism on November 6 when Trump was named the winner of the elections, as the result is marking a turning point in crypto acceptance in the US.
Trump has proven to be a big crypto supporter during his 2024 Presidential campaign, making important promises for the industry.
Radical Shift in Washington Expected in 2025
Bullish executives are anticipating a radical shift in policy in Washington once Trump takes over in 2025, cheering the end of the Democrat administration which was perceived as being more hostile towards crypto, the publication notes.
One of Trump’s crypto-related promises was to fire the current SEC Chairman, Gary Gensler, on day one of his second term. The SEC has been after various important names in the crypto industry including Consensys, Uniswap, and more.
Financial Times also mentioned that Binance was hit in 2023 with a $4.3 billion fine for anti-money laundering and actions violations, while the exchange’s previous CEO, Changpeng Zhao, was jailed. However, the exchange managed to get past the difficulties and continue its successful journey, reaching various important milestones.
Today, Binance surpassed 239 million registered users on its platform, and, as we revealed earlier today, it also took the first spot in global CEX app downloads in October.
As Teng also highlighted via his X account, Binance was recently listed as the number one financial innovator in Asia, in the blockchain and crypto sector, by the important financial publication Fortune.
Teng also mentioned that the recent crypto adoption acceleration in the US is bullish for the whole industry, citing the latest Detroit-related news.
Detroit to Accept Crypto Payments for Taxes and Fees
In his message, Teng cited an article by The Block dated November 8 which highlighted that Detroit becomes the largest US city to accept crypto for payments of taxes and fees.
According to the latest reports, residents can pay their taxes and other city fees using crypto via a secure platform managed by PayPal.
Mayor Mike Duggan said in a release dated November 7 that Detroit is building a technology-friendly environment that empowers residents and entrepreneurs as well.
He also highlighted his excitement that the city will be one of the major cities in the US to explore blockchain technology via civic applications and allow residents to use their crypto as a payment option.
The option will become available in mid-2025 along with more improvements to city payment services, added Treasurer Nikhil Patel.
Detroit has a population of around 630,000 residents as of the 2020 US census, which makes it the US’ 26th most populous city.
Also, three other US states including Colorado, Utah, and Louisiana, accept crypto for state payments.
Overall, the crypto industry has enough reasons to be optimistic, which is reflected in Bitcoin’s recent ascendant trajectory.
