Binance CEO Richard Teng has stated that discussions about the crypto exchange re-entering the US market are “premature.” Despite the anticipated arrival of a pro-crypto administration in the White House, Teng emphasized that Binance’s primary focus remains on expanding its global footprint and strengthening compliance across jurisdictions.
Binance’s Exit from the US and Future Considerations
Focus on Global Expansion
In a December 9 interview with Bloomberg TV, Teng downplayed the possibility of a US return. “Whether we re-enter the US market, I think that’s a premature discussion,” he said when asked about relaunching Binance operations or its Binance USD (BUSD) stablecoin in the country.
Instead, Teng revealed that Binance is concentrating on global markets, particularly targeting institutions, sovereign wealth funds, and high-net-worth individuals expected to allocate investments into cryptocurrencies.
The US Exit Explained
Binance exited the US in November 2023 after reaching a $4.3 billion settlement with the US government for violations involving sanctions, money laundering, and unlicensed money transmission.
The settlement also came with stringent oversight requirements:
- The Department of Justice appointed an independent compliance monitor for three years.
- The Treasury’s Financial Crimes Enforcement Network (FinCEN) assigned a monitor for five years.
No Plans to Challenge Monitorships
When asked if Binance might seek leniency from the incoming administration of President-elect Donald Trump—known for its crypto-friendly stance—Teng dismissed the idea. “Any discussion on the topic is moot,” he said, reiterating Binance’s commitment to strict compliance.
“I believe that compliance is the way to go,” Teng added. “Given that regulations are becoming clearer worldwide, we are heavily investing in compliance to make it a competitive advantage.”
Binance’s Compliance Push Under Richard Teng
Teng, who succeeded Changpeng Zhao (CZ) as CEO in November 2023, has prioritized compliance to repair the exchange’s global reputation. CZ stepped down after admitting to violations of US money laundering laws. Since taking over, Teng has worked to address gaps in compliance and secure regulatory approval in multiple jurisdictions.
The State of Binance.US
While Binance’s main platform no longer operates in the US, its subsidiary, Binance.US, continues to function as a crypto-only exchange. However, it cannot transact with US dollars and faces ongoing legal scrutiny. The SEC has accused Binance, Binance.US, and CZ of selling unregistered securities and other violations.
What’s Next for Binance?
For now, Binance is doubling down on its global expansion and compliance efforts. With institutions and governments increasingly adopting clearer crypto regulations, Teng aims to position Binance as a leader in regulatory adherence.
The exchange’s cautious approach to re-entering the US market reflects its current focus on rebuilding trust and securing its foothold in markets outside the United States.
