Binance CEO Richard Teng recently commented on whether the crypto exchange would reenter the United States market. Speaking to Bloomberg TV on December 9, Teng said it was “too early” to consider reestablishing operations in the US.
Teng explained, “Whether we re-enter the US market, I think that’s a premature discussion.” His statement comes as the exchange focuses on expanding globally, targeting institutional investors, sovereign wealth funds, and high-net-worth individuals.
Binance’s Exit from the US
Binance exited the US market in November 2023 after agreeing to a $4.3 billion settlement with the US government. The settlement followed allegations of sanctions violations, money laundering, and operating without proper licenses.
As part of the agreement, Binance will be monitored by the US Department of Justice for three years and the Treasury’s Financial Crimes Enforcement Network (FinCEN) for five years.
Compliance and Future Plans
Teng dismissed the idea when asked if Binance would try to negotiate with President-elect Donald Trump’s administration to reduce or remove the monitorships. “That discussion is moot,” he said, emphasizing that the exchange is committed to strengthening compliance globally.
“Compliance is the way to go,” Teng said, adding that the exchange aims to make compliance 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, who will take office in January 2025, has always supported cryptocurrencies. His administration is expected to include several crypto-friendly officials, potentially creating a more supportive environment for the industry.
However, Teng downplayed the possibility of Binance using the new administration to negotiate changes to its monitorships or to speed up a US re-entry. He described such discussions as “moot” and reiterated that Binance’s immediate focus remains on compliance and global expansion.
Teng became CEO of Binance in November 2023 after Changpeng Zhao stepped down following his admission to violating US anti-money laundering laws. Since taking over, Teng has prioritized compliance and regulatory transparency across the exchange’s global operations.
Binance.US, the company’s US-based arm, continues to operate but only offers crypto-to-crypto trading. Due to regulatory restrictions, it cannot 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.
