Binance Boss Richard Teng Says Re-Entering US Market a ‘Premature Discussion’

Binance CEO Richard Teng recently spoke about the possibility of the exchange re-entering the U.S. market after leaving the market in 2023.

Binance CEO Richard Teng has stated that the possibility of the exchange re-entering the U.S. market after leaving the market in 2023 is still a ‘premature discussion’.

However, many believe that a Bitcoin-friendly president could draw Binance back to the U.S. Teng shared his thoughts in an interview with Bloomberg TV on Dec. 9.

He emphasized that Binance is currently focused on its global expansion and targeting institutions and high-net-worth individuals.

"We're still in the early stage of crypto adoption. We're seeing a lot of interest from institutions, high-net-worth individuals, and we're really catering to their needs,” Teng said in the interview.

"We're also looking at how we can expand our services in emerging markets. There's a huge demand for crypto in these markets, and we want to be able to meet that demand."

Binance’s exit from the U.S. came after a $4.3 billion settlement with the U.S. government over charges related to sanctions violations, money laundering, and operating as an unlicensed money transmitter.

As part of the settlement, Binance is under the oversight of independent monitors for compliance. Binance’s U.S. arm, Binance.US, still operates as a crypto-only exchange. However, it is unable to process U.-dollar transactions.

Teng also addressed whether Binance would attempt to influence President Trump’s views on crypto regulation. He expressed his belief in compliance, adding that Binance had made huge investments to comply with policies where it operates.

"We believe in compliance. We've made huge investments to comply with the policies in each jurisdiction that we operate in,” Teng said.

"We work closely with the local regulators to understand their requirements and ensure that we're meeting them. We believe that this is the best way to operate a sustainable crypto exchange."

Binance has adopted a more compliance-friendly stance to crypto regulation since Teng was appointed CEO in November 2023.

The exchange has been actively applying for licenses in various jurisdictions, including France, Italy, and Spain. It has also announced plans to launch a centralized exchange in the United States, pending regulatory approval.

Meanwhile, Binance’s former CEO and co-founder, Changpeng “CZ” Zhao, recently shared his insights on China’s potential to adopt a Bitcoin reserve. There have been conversations that the U.S. could adopt a Bitcoin reserve with a crypto-friendly president at the White House.

Speaking at the Bitcoin MENA conference in Abu Dhabi, CZ highlighted the possibility of smaller nations leading the way in adopting Bitcoin reserves. However, he acknowledged China’s unpredictable approach due to its government’s secrecy.

"I think the smaller countries will do it first. They will adopt Bitcoin as a reserve asset, and then the larger countries will follow suit,” CZ said in the interview.

"China is always doing its own thing, so it's hard to say. But if they decide to adopt Bitcoin, they could do it very quickly and quietly."

CZ noted that if China decides to act, it could move swiftly, given its ability to implement policies quickly. He also suggested the Chinese government might be quietly acquiring Bitcoin before making any public announcements.

"The Chinese government could be quietly buying Bitcoin in the background, without anyone knowing,” he added.

"They could also be preparing to launch their own digital yuan, which would be backed by Bitcoin. If they do this, it would be a huge development for the cryptocurrency market."

Zhao has maintained an active presence on social media since his release from prison. The Binance founder recently urged developers to focus on creating real-world apps rather than memecoins. Although he plays no role on Binance, CZ plans to focus on education amongst other things.

"I'm still involved in the crypto space, but I'm not focused on Binance anymore,” CZ said in a recent interview with The Block.

"I'm more interested in helping to educate people about crypto and Web3. I also want to support the development of new crypto projects and technologies."

"I think that crypto has the potential to change the world for the better. I want to do my part to help make that happen."