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Binance’s chief executive has hailed Donald Trump’s US presidential win as the start of a “golden era”, as the crypto industry’s confidence that the election result marks a turning point in its acceptance in America soars. Trump’s success marked a “big win for crypto” that would result in an influx of new US regulators open to digital currencies, Richard Teng told the Financial Times . Bullish executives anticipate a radical shift in policy in Washington, cheering the end of the Democrat administration which was perceived as more openly hostile to crypto.
Binance last year was hit with a US$4.3 billion fine for anti-money laundering and sanctions violations while its previous boss was jailed. A year ago, the crypto industry targeted the election as the big moment to shift attitudes in Washington, which it perceived as smothering innovation and trying to run business out of America.
This week its faith and planning, which included raising US$170 million to spend on political campaigns this year, was vindicated. Bitcoin jumped nearly 10% to a record high of more than $76,000. On Thursday, a record US$1.
4b flowed into US bitcoin exchange-traded funds, which invest directly in the cryptocurrency, according to Bloomberg data. Brian Armstrong, chief executive of crypto exchange Coinbase, said: “America is going to follow a path towards economic freedom.”.
