Binance CEO Richard Teng said that with a crypto-friendly president taking office, it is still early to discuss re-entering the US market. Speaking to Bloomberg TV on December 9, Teng stated, “I think discussing re-entering the US market is premature.”

“For now, we are focusing on our global expansion,” Teng said, suggesting that the exchange aims to capture market share and target institutions, sovereign wealth funds, and high-net-worth individuals who are “going to start allocating to this space.”

Binance exited the US in November 2023 following a $4.3 billion settlement with the US government over allegations of sanction violations, money laundering, and operating as an unlicensed money transmitter.

The Justice Department oversaw the process with an independent compliance monitor for three years, and the Treasury’s Financial Crimes Enforcement Network (FinCEN) appointed a monitor for five years.

When asked if Binance planned to persuade President-elect Donald Trump’s administration, which includes crypto-friendly appointees, to shorten the lengthy monitoring period, Teng said that any discussion on the topic “is moot.”

Richard Teng’s Statements to Bloomberg Television:

Binance CEO Teng’s Approaches to Compliance and Regulations

Teng: “I believe compliance is the way to go,” he said. “Given that regulations are going to be much clearer throughout the world, we have the ability to invest heavily in compliance. I want to make complete compliance a competitive advantage.”

Teng previously led Binance’s regional markets and took over as CEO in November 2023 from Changpeng Zhao, who stepped down after admitting to violating US money laundering laws.

Since taking the helm, Teng has worked to ensure that Binance operates with high compliance across various jurisdictions.

Binance.US, the exchange’s US arm, operates as a crypto-only exchange and cannot transact in US dollars. The Securities and Exchange Commission had accused Binance and Zhao of various charges, including selling unregistered securities.

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