Binance CEO Richard Teng said it is “too early” to discuss the possibility of the crypto exchange re-entering the US market after its forced exit in November 2023.
Teng, speaking to Bloomberg TV on December 9, dismissed speculation about Binance returning to the United States, emphasizing that the current focus is on global operations.
“As for whether we re-enter the U.S. 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.
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Binance expands internationally
The Binance CEO added that the exchange’s efforts are aimed at expanding internationally, to focus on attracting institutions, sovereign wealth funds and wealthy individuals, who he believes will begin to increase their investments in the crypto space.
In 2023, Binance was forced to leave the United States in a $4.3 billion deal with the US government. The settlement responded to accusations of sanctions violations, money laundering and operating as an unlicensed money transmitter.
In addition to the financial sanctions, the Justice Department appointed a three-year independent monitor, while the Financial Crimes Enforcement Network (FinCEN) imposed a five-year monitor.
When asked if Binance would try to influence the incoming Trump administration – whose team includes pro-crypto appointees – to shorten or remove the lengthy watchdogs, Teng called the discussion “moot.”
He emphasized that compliance is essential for the business, saying: “I believe compliance is the way forward.”, and expressed confidence that clearer global regulation will allow Binance to invest heavily in compliance, which makes it a competitive advantage.
Teng, who succeeded Changpeng Zhao as Binance CEO in November 2023, prioritized strict compliance following Zhao’s resignation due to violations of US money laundering laws.
Although Binance’s US arm, Binance.US, remains operational, it is limited to crypto-only transactions and faces continued regulatory scrutiny, including SEC allegations regarding the sale of unregistered securities.
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Binance faces new legal problems in the UK
Last month, a former senior Binance executive filed a lawsuit against the cryptocurrency exchange’s UK division, alleging bribery and unfair dismissal.
Amrita Srivastava, the plaintiff, claimed she was unfairly terminated in May 2023, a month after raising concerns about a colleague’s alleged misconduct.
Meanwhile, Binance has recently accelerated its global expansion. 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 the Thai SEC. The expansion came as Binance and its US subsidiary, Binance.US, faced regulatory pressure.
Most recently, Indonesian crypto exchange Tokocrypto, a subsidiary of Binance, announced that it has has obtained a full license from the country’s Commodity Futures Trading Regulatory Agency (Bappebti).
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