Richard

Donald Trump

Binance CEO Richard Teng said that after its forced exit a year ago, it’s too early to discuss whether the crypto exchange might re-establish itself in the United States now a pro-crypto president is set to take office.
“Whether we re-enter the US market, I think that’s a premature discussion,” <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/richard-teng" rel="null" target="null" text="null" title="null">Teng</a> told Bloomberg TV on Dec. 9, after he was asked if Binance would look for a way back into the country or if it might relaunch its Binance USD (BUSD) stablecoin.
“As of now, we are focusing on our global deployment,” he said, hinting that the exchange is seeking to capture market share and eyeing the institutions, sovereign wealth funds and high-net-worth individuals that are “going to start allocating to this space.”
Binance exited the US in November 2023 as part of a $4.3 billion settlement with the US government for sanctions violations, money laundering and operating as an unlicensed money transmitter.
The Justice Department also established oversight with an <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/doj-unveils-extensive-monitorship-over-binance-operations" rel="null" target="null" text="null" title="null">independent compliance monitor</a> for three years, while the Treasury’s Financial Crimes Enforcement Network (FinCEN) appointed a monitor for five years.
Asked if Binance would try to persuade President-elect Donald Trump’s administration — which looks to include a host of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-nominates-paul-atkins-replace-gensler-sec-chair" rel="null" target="null" text="null" title="null">crypto-friendly appointees</a> — to shed or shorten its lengthy monitoring, Teng said that any discussion on the topic “is moot.”<iframe width="100%" height="315" src="https://www.youtube.com/embed/ubvjPCh7HPI" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
“I believe that compliance is the way to go,” he said. “Given that regulations are going to be much clearer throughout the world, we have the ability to invest very heavily in compliance. I want to make complete compliance a competitive advantage.”
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/changpeng-zhao-china-bitcoin-reserve" rel="null" target="null" text="null" title="null">Changpeng Zhao says it’s ‘inevitable’ for China to build a BTC reserve</a>&nbsp;
Teng formerly led Binance’s regional markets and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-richard-teng-ceo-amid-changpeng-zhao-s-forced-departure" rel="null" target="null" text="null" title="null">took over as CEO</a> in November 2023 from <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/changpeng-zhao-ceo-of-binance" rel="null" target="null" text="null" title="null">Changpeng Zhao</a>, who agreed to step down amid his admission to violating US money laundering laws.
Since taking the helm, Teng has pushed for Binance to be highly compliant in multiple jurisdictions. He admitted to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-growth-led-to-compliance-failures-ceo-richard-teng" rel="null" target="null" text="null" title="null">Cointelegraph last December</a> that “there were gaps in terms of compliance.”
Binance.US, the exchange’s US arm, still operates in the country, but as a crypto-only exchange; it cannot transact in US dollars. The Securities and Exchange Commission <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-sues-binance-in-us-district-court-for-unregistered-securities-operations" rel="null" target="null" text="null" title="null">had accused it</a>, Binance and Zhao of selling unregistered securities, among other allegations.
Asia Express: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-100k-china-microstrategy-coinbases-stablecoins-asia-express/" rel="null" target="null" text="null" title="null">‘China’s MicroStrategy’ Meitu sells all its Bitcoin and Ethereum</a>&nbsp;

Binance boss Richard Teng says re-entering US market a ‘premature discussion’

Cointelegraph

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