Binance CEO Richard Teng said it is still too early to discuss whether the Cryptocurrency exchange will re-establish operations in the United States, as a pro-Cryptocurrency president is about to take over, after Binance was forced to leave this market a year ago.
"As for us re-entering the US market, I think that's a discussion that's still too early," Teng said on Bloomberg TV on December 9 when asked if Binance is looking to return to the US or restart its Binance USD (BUSD) stablecoin.
"Right now, we're focused on global deployment," he said — implying that the exchange is seeking to gain market share and targeting institutions, sovereign wealth funds and high-net-worth individuals whom he believes "will start allocating assets into this space."
Binance withdrew from the US market in November 2023 as part of a $4.3 billion settlement with the US government for violating sanctions, money laundering and operating as an unlicensed money services business.
The Department of Justice also appointed an independent compliance monitor for three years, while the Treasury Department's Financial Crimes Enforcement Network (FinCEN) appointed a monitor for five years.
When asked if Binance plans to persuade the incoming administration of President-elect Donald Trump — which is taking shape with Cryptocurrency-friendly figures — to reduce or shorten the monitoring period, Teng said any discussion on this topic "is not worth it."
"I believe compliance is the path to pursue," he said. "As regulations become clearer globally, we're likely to invest very heavily in compliance. I want to make compliance a complete competitive advantage."
Teng previously led Binance's regional markets and took on the CEO role in November 2023 after Changpeng Zhao agreed to step down, admitting to US money laundering violations.
Since taking over, he has pushed for high compliance at Binance in multiple jurisdictions and acknowledged to TinTucBitcoin last December that "there were gaps in compliance."
Binance.US, the exchange's US arm, continues to operate domestically, but only as a Cryptocurrency trading platform as it cannot trade with the US dollar. The Securities and Exchange Commission has charged Binance, along with Zhao, with selling unregistered securities, among other allegations.
