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Teng: Binance is preparing 'for any shifts in policy that might come with new leadership'

Policy
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Binance CEO Richard Teng (right) | X/_RichardTeng

Binance CEO Richard Teng stated that the company is preparing for potential changes in France's crypto-related policies following the country's upcoming elections. Teng shared his statement during a June 17 episode of the Bankless podcast.

"We are aware of the potential political risks and the possibility of changes in leadership," said Teng. "It's important for us to prepare for any shifts in policy that might come with new leadership."

France is set to hold two rounds of parliamentary elections on June 30 and July 7, according to the Financial Times. Candidates from President Emmanuel Macron's Ensemble party are trailing behind candidates from the Rassemblement National and the Nouveau Front Populaire. Despite Macron's victory in the 2022 presidential election, his party did not win a majority in that year's parliamentary elections.


Binance CEO Richard Teng (right) | X/_RichardTeng

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Changpeng Zhao (CZ), the co-founder and former CEO of Binance, said ahead of the 2022 election that Macron and other members of the French government have supported "pro-crypto" policies, Yahoo Finance reported. During a speech at the historic Paris stock exchange building, CZ said, "France has some very pro-business, pro-crypto regulations and also just (the) government's attitude towards this industry ... has been phenomenal."

Aurore Galves-Orjol, a business professor in Lyon and co-founder of Bitcoin-Lyon, announced her candidacy in the upcoming election for the 8th constituency of Isère earlier this month, Coin Tribune reported. Galves-Orjol is not aligned with a political party but says she is positioning herself as a pro-crypto candidate who believes Bitcoin is key to monetary and individual sovereignty.

Before joining Binance in August 2021, Teng 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, according to Binance’s website. Teng became CEO of Binance in November.

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Crypto investors sound alarm on UK’s capital gains tax hike and regulatory pressure

On October 30, UK Chancellor Rachel Reeves announced a capital gains tax (CGT) rate increase for high-income individuals, raising it to 24%. This change has raised concerns in the cryptocurrency community, where some investors fear that increased tax and regulatory pressures will diminish the UK's appeal for digital asset investment.

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UK’s digital assets bill brings much-needed clarity to digital asset regulation

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