Before the US government demanded Binance Holdings Ltd. to pay $4.3 billion in fines and accused its founder, CZ, of various offenses, the exchange had already encountered regulatory hurdles globally. From license cancellations in Australia to warnings in Hong Kong, the company faced obstacles worldwide.
While regulatory issues swirled around the exchange, another sector of CZ’s crypto empire, Trust Wallet, reported growth in countries like India and Pakistan. Trust Wallet, a self-custody crypto wallet service, focuses on decentralized finance assets. Led by CEO Eowyn Chen, the company eyes Asian markets for expansion, emphasizing Southeast Asian countries like Vietnam, the Philippines, and Indonesia.
Globally, Trust Wallet has garnered 56 million downloads across iOS and Android, making it the leading crypto wallet for mobile devices, outpacing competitors like MetaMask. Despite potential in Asia, Trust Wallet is moving its operations to the United Arab Emirates due to regulatory uncertainties in the US. Chen believes the UAE offers a friendlier crypto outlook and a more favorable regulatory environment, hence their shift.
Despite CZ’s departure from Binance following legal issues, his involvement in Trust Wallet remains indirect but influential. Trust Wallet’s token, TWT, experienced a surge after CZ endorsed the app on X. The company’s move to the UAE aims to capitalize on more favorable regulatory conditions, even as Binance launches a competing crypto wallet. The direction of Binance’s product expansion under its new CEO, Richard Teng, remains uncertain.
