Binance CEO Richard Teng has stated that it is “too early” to discuss the possibility of the crypto exchange re-entering the U.S. market following its forced exit in November 2023.
Teng, speaking to Bloomberg TV on December 9, dismissed speculation about Binance’s return to the U.S., emphasizing that the focus is currently on global operations.
“Whether we re-enter the US market, I think that’s a premature discussion,” Teng said.
Teng’s statement comes despite the upcoming administration of President-elect Donald Trump, which is expected to be more pro-crypto.
EXPLORE: Binance Review and Comparison
Binance is Expanding Internationally
The Binance CEO added that the exchange’s efforts are directed toward expanding internationally, focusing on attracting institutions, sovereign wealth funds, and high-net-worth individuals, who he believes will begin increasing their investments in the crypto space.
In 2023, Binance was forced to leave the U.S. as part of a $4.3 billion settlement with the U.S. government. The settlement addressed accusations of sanctions violations, money laundering, and operating as an unlicensed money transmitter.
In addition to the financial penalties, the Justice Department appointed a three-year independent compliance monitor, while the Financial Crimes Enforcement Network (FinCEN) imposed a five-year monitor.
When asked if Binance would attempt to influence the incoming Trump administration—whose team includes crypto-friendly appointments—to shorten or remove the lengthy monitorships, Teng called the discussion “moot.”
He stressed that compliance is key for the company, saying, “I believe that compliance is the way to go,” and expressed confidence that clearer global regulations will allow Binance to invest heavily in compliance, turning it into a competitive advantage.
Teng, who took over as Binance CEO in November 2023 from Changpeng Zhao, has prioritized strict compliance following Zhao’s resignation due to violations of U.S. money laundering laws.
While Binance’s U.S. arm, Binance.US, remains operational, it is limited to crypto-only transactions and is facing ongoing regulatory scrutiny, including allegations from the SEC over the sale of unregistered securities.
EXPLORE: 20 New Crypto Coins to Invest in 2024
Binance Faces New Legal Troubles in the U.K.
Last month, a former senior employee at Binance initiated legal action against the cryptocurrency exchange’s UK division, alleging bribery and wrongful termination.
Amrita Srivastava, the plaintiff, claimed she was unfairly dismissed in May 2023 a month after raising concerns about a colleague’s alleged misconduct.
Meanwhile, Binance has accelerated its global expansion as of late. Earlier this year, the platform launched Binance Thailand, a joint venture in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.
The platform is integrated with local Thai banks and has partnered with Binance Kazakhstan for brokerage services, all under the supervision of Thailand’s SEC. The expansion came as Binance and its US affiliate, Binance.US, have been under regulatory pressure.
More recently, Indonesian crypto exchange Tokocrypto, a subsidiary of Binance, announced that it has secured a full license from the country’s Commodity Futures Trading Regulatory Agency (Bappebti).
EXPLORE: 10 Best Decentralized Exchanges for September 2024
Join The 99Bitcoins News Discord Here For The Latest Market Updates
The post Binance CEO Says It’s ‘Too Early’ to Consider US Return Under Pro-Crypto Presidency appeared first on 99Bitcoins.
