Binance’s Richard Teng stated that it may be premature to initiate discussions regarding re-entering the US market, despite the fact that the White House will shortly be crypto-friendly.
Binance CEO Richard Teng stated that it is premature to speculate about the possibility of the crypto exchange reestablishing itself in the United States following its forced exit a year ago, given the upcoming election of a pro-crypto president.
“I believe that it is premature to discuss whether we will re-enter the US market,” Teng stated to Bloomberg TV on December 9, in response to a question regarding whether Binance would seek a means to re-enter the country or launch its Binance USD (BUSD) stablecoin.
“We are currently concentrating on our global deployment,” he stated, suggesting that the exchange is attempting to gain market share and is targeting institutions, sovereign wealth funds, and high-net-worth individuals who are “going to begin allocating to this space.”
In November 2023, Binance departed the United States as part of a $4.3 billion settlement with the US government for operations as an unlicensed money transmitter, money laundering, and sanctions violations.
The Treasury’s Financial Crimes Enforcement Network (FinCEN) appointed a monitor for five years, while the Justice Department established supervision with an independent compliance monitor for three years.
When asked whether Binance would attempt to persuade President-elect Donald Trump’s administration, which is expected to include a number of crypto-friendly appointees, to reduce or eliminate its extensive monitoring, Teng responded that any discussion on the subject is “moot.”
He stated, “I am of the opinion that compliance is the appropriate course of action. Owing to the fact that regulations will be significantly more transparent globally, we have the capacity to allocate substantial resources to compliance. I aspire to establish complete compliance as a competitive advantage.”
Teng previously served as the head of Binance’s regional markets. He succeeded Changpeng Zhao as CEO in November 2023, after Zhao consented to resign following his admission of violating US money laundering laws.
Teng has advocated for Binance to be highly compliant in numerous jurisdictions since assuming power. In December of last year, he acknowledged to Cointelegraph that “there were breaches in terms of conformance.”
Binance.US, the exchange’s US subsidiary, continues to operate in the country; however, it is a crypto-only exchange and is unable to conduct transactions in US currencies. Among other allegations, the Securities and Exchange Commission had accused Binance and Zhao of selling unregistered securities.
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