Binance CEO Richard Teng recently discussed the possibility of the crypto exchange reentering the US market. During an interview with Bloomberg TV on December 9th, Teng stated that it was too early to consider reestablishing operations in the US.
Teng explained that the discussion about whether Binance would reenter the US market was premature. Currently, the exchange is focused on global expansion, specifically targeting institutional investors, sovereign wealth funds, and high-net-worth individuals.
Binance’s Departure from the US
In November 2023, Binance exited the US market after reaching a $4.3 billion settlement with the US government. The settlement was a result of allegations of sanctions violations, money laundering, and operating without the 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.
Compliance and Future Plans
When asked if Binance would seek to negotiate with the incoming administration of President-elect Donald Trump to reduce or eliminate the monitoring, Teng dismissed the idea, stating that such discussions were irrelevant. He emphasized that Binance is committed to strengthening compliance on a global scale.
Teng believes that compliance is the way forward and aims to make it a competitive advantage as global regulations become clearer.
Teng’s comments come at a time of political change in the United States. President-elect Donald Trump has always been supportive of cryptocurrencies, and it is expected that his administration will include officials who are friendly towards the industry. However, Teng downplayed the possibility of using the new administration to negotiate changes to the monitoring or expedite a return to the US market. He reiterated that Binance’s immediate focus is on compliance and global expansion.
Teng took over as CEO of Binance in November 2023 after Changpeng Zhao stepped down following his admission 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 only offers crypto-to-crypto trading. Due to regulatory restrictions, it is unable to process transactions involving US dollars. The US Securities and Exchange Commission has also accused Binance, Binance.US, and Zhao of selling unregistered securities and other violations.