Binance co chief executive Richard Teng on Thursday said Greece’s labour force and security profile gave it an advantage over larger financial centres as the company chose a regulatory base in Europe.
Greece Chosen For European Base
Last month, Binance applied in Greece to operate in the European Union under the Markets in Crypto Assets Regulation scheme. Under MiCA rules, crypto companies must secure a licence by July 2026 to continue operating in the bloc.
Although Greece has yet to issue a MiCA licence, regulator data show that Germany has issued 45 and the Netherlands 22. Therefore, the choice stands out because the crypto exchange already maintains a global regulatory home in Abu Dhabi.
Binance holds about 44 billion dollars worth of bitcoin in customer wallets and serves roughly 300 million users worldwide. Nevertheless, Teng said the company weighed broader considerations beyond licensing numbers.
“The licence is pretty standard throughout Europe, so we have to think through many other factors, whether it is social, whether it is talent pool, safety and security issues,” Teng said on the sidelines of the GFTN Forum in Tokyo. “Greece is where we think will be a good base for us to expand in Europe.”
Leadership And Regulatory Scrutiny
Teng previously served as a regulator in Singapore and Abu Dhabi. Since he took the helm in November 2023, he has aimed to position Binance as the most regulated crypto exchange globally. However, he said the European Union would determine whether Binance receives its MiCA licence by the July deadline.
His predecessor and Binance founder Changpeng Zhao, widely known as CZ, pleaded guilty to violating United States money laundering laws. As a result, he received a nearly four month prison sentence and a 4.3 billion dollar fine. Teng said Zhao, who received a pardon from United States President Donald Trump last year, remains active as a shareholder. He added that Zhao would need to address any questions about a potential return to the company.
Fresh Questions Over Compliance
Recently, questions resurfaced after The Wall Street Journal and other outlets reported that Binance investigators identified evidence of 1.7 billion dollars in crypto transfers involving Iranian and Russian actors. The reports prompted an inquiry from Connecticut Senator Richard Blumenthal, a Democrat.
Teng rejected the reports as misleading. He said the investigators cited in the coverage were dismissed for breaching data handling policies rather than for uncovering suspect transfers. Moreover, he stressed that Binance does not serve residents of sanctioned countries. Still, he acknowledged that blockchain technology makes it impossible to eliminate all suspicious transactions.
In December, Binance appointed Yi He, a co founder and long time partner of Zhao, as co chief executive. Teng described the move as a natural progression as the company expands. He added that he and Yi He share complementary strengths.
Meanwhile, crypto assets have experienced sharp swings over the past year. Bitcoin trades about 50 percent below its record high of just over 126,000 dollars reached in October. Binance spent 1 billion dollars from an emergency fund to buy bitcoin in an effort to support its value.
Teng said retail sentiment towards crypto has weakened. However, he added that adoption and capital flows among financial professionals remain stable. “The smart money, the institutional money, the long term money still continues to invest,” he said.