The CEO of Binance, the cryptocurrency exchange, has welcomed the recent change in the White House, describing Trump as a "very pro-crypto, pro-AI president".

He told CNBC: "It’s an extremely different environment that we’re operating in."

Teng was appointed Binance's CEO in November 2023, and he's seen a shift since Trump's return to the White House.

The CEO said: "We’ve benefited from this shift."

Teng is convinced that Trump's influence will have a long-term benefit for the cryptocurrency industry.

The Binance boss explained: "We went from four years of Operation Choke Point 2.0 to now – you have a very pro-crypto, pro-AI president. We have benefited from all these pro-crypto policies."

Binance has experienced a marked expansion over the last year, and Teng is bullish about the future of the industry.

He said: "We have received a lot of approaches from different governments around the world."

Earlier this year, Trump announced plans to establish official government cryptocurrency reserves in the US.

The decision subsequently received backing from Russ Mould, an investment director at AJ Bell, who suggested that it was a logical move for the US government.

Mould said: "This approach makes much more sense than buying the assets.

"It would surely be bizarre for the US to sell dollars to buy crypto, when the dollar is the globe's reserve currency and therefore a source of enormous influence."