Binance knows best: Why countries are turning to the world largest crypto exchange

​Several countries have approached Binance for assistance in creating a national Bitcoin reserve. But how did a crypto strategy once criticized worldwide become a new trend?

The cryptocurrency exchange Binance has agreed to advise the governments of several countries on crypto regulation and the establishment of national Bitcoin reserves, according to CEO Richard Teng.

“We have received quite a few proposals from various governments and sovereign wealth funds to help them set up their own crypto reserves,” he said.

While the names of the countries involved haven’t been disclosed, Teng emphasized that “there are quite a few.” His remarks are supported by many industry participants, who generally agree that early Bitcoin adopters will benefit the most, while those who come later may have to settle for smaller gains.

Why Binance?

It’s no coincidence that countries are turning to Binance for advice. As the largest cryptocurrency exchange in the world, Binance brings extensive experience in building digital asset infrastructure. In a time when many governments are reconsidering their dependence on the U.S. dollar and exploring new financial strategies, Binance’s assistance may prove invaluable.

Yet just recently, Binance was under serious scrutiny from U.S. regulators. In 2023, the exchange paid multibillion-dollar fines, and its founder Changpeng Zhao was forced to step down as CEO. Nevertheless, Binance managed to quickly recover its financial standing and restore its reputation.

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The fact that countries are turning to Binance highlights how the centralization of expertise and technological leadership in crypto is becoming a crucial part of how nations rethink their reserve policies. Many states see this as an opportunity to level up their financial systems without relying solely on traditional institutions.

Which countries are exploring Bitcoin reserves?

So far, only one country has officially created a Bitcoin reserve — El Salvador. The country recognized BTC as legal tender back in 2021 and has consistently added to its holdings since then. Throughout this time, the International Monetary Fund (IMF) pressured El Salvador to abandon the initiative. While the country scaled back some of its crypto programs, it never gave up on Bitcoin accumulation.

Bitcoin holdings by various countries. Source: Bitcoin Treasuries

Many countries do possess Bitcoin, but most of these assets are confiscated from criminal activity — not part of a structured reserve strategy. A notable exception is North Korea, which reportedly obtained its BTC through illicit means, including large-scale cyber theft.

Most governments are still only exploring the idea of creating national crypto reserves. Among them is Pakistan, where Binance founder Changpeng Zhao is already acting as an informal advisor. Discussions are also taking place in Kazakhstan, the UAE, Turkey, and several Latin American countries. But what’s fueling this sudden surge of interest?

Why do nations need crypto?

The push toward national Bitcoin reserves was sparked by none other than the United States. While the country doesn’t yet have official BTC reserves, it has already started moving in that direction. During his campaign, President Donald Trump pledged to support crypto initiatives — a move that earned him significant backing from the digital asset community.

Many countries are now ready to follow suit. For them, a Bitcoin reserve could be a strategic tool for financial independence and diversification. With its limited supply, decentralization, and high liquidity, Bitcoin is increasingly viewed as a digital alternative to gold.

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Bitcoin can serve not only as a hedge against currency crises but also as a symbol of innovation and technological openness. It could attract crypto investors and integrate the country into the evolving digital economy.

Interest in Bitcoin at the state level no longer seems like a fringe idea — it’s becoming part of the global financial narrative. The fact that governments are now consulting with Binance suggests a fundamental shift in how the world views money, sovereignty, and trust. In this new reality, Bitcoin is no longer just an asset for private investors — it’s becoming a potential instrument of national policy.