Binance CEO Richard Teng recently discussed the possibility of reentering the United States market. In an interview with Bloomberg TV on December 9, Teng stated that it was too early to consider reestablishing operations in the US.
Teng explained, “The discussion of whether we will re-enter the US market is premature.” This statement aligns with the exchange’s current focus on global expansion, specifically targeting institutional investors, sovereign wealth funds, and high-net-worth individuals.
Binance’s departure from the US market occurred in November 2023 after reaching a $4.3 billion settlement with the US government. The settlement was a result of allegations regarding sanctions violations, money laundering, and operating without proper licenses.
As part of the agreement, Binance will be under the supervision of the US Department of Justice for three years and the Treasury’s Financial Crimes Enforcement Network (FinCEN) for five years.
When asked if Binance would attempt to negotiate with President-elect Donald Trump’s administration to reduce or eliminate the supervision, Teng dismissed the idea, stating that such discussions were irrelevant. He emphasized that the exchange is committed to enhancing compliance on a global scale.
Teng stated, “Compliance is essential,” and expressed the exchange’s goal of making compliance a competitive advantage as global regulations become clearer.
Teng’s remarks come at a time of political change in the United States. President-elect Donald Trump, who will assume office in January 2025, has consistently supported cryptocurrencies. It is anticipated that his administration will include officials favorable to the crypto industry, potentially creating a more supportive environment.
However, Teng downplayed the possibility of Binance utilizing the new administration to negotiate changes to its supervision or expedite reentering the US market. He referred to such discussions as irrelevant and reiterated that Binance’s immediate focus is on compliance and global expansion.
Teng assumed the role of CEO of Binance in November 2023 after Changpeng Zhao stepped down due to admitting to violating US anti-money laundering laws. Since assuming the position, Teng has prioritized compliance and regulatory transparency throughout the exchange’s global operations.
Binance.US, the US-based arm of the company, continues to operate but is limited to crypto-to-crypto trading. Due to regulatory restrictions, it is unable to facilitate transactions involving US dollars. Additionally, the US Securities and Exchange Commission has accused Binance, Binance.US, and Zhao of selling unregistered securities and other violations.