{"id":33410,"date":"2024-12-10T19:00:02","date_gmt":"2024-12-10T16:00:02","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=33410"},"modified":"2024-12-10T16:10:23","modified_gmt":"2024-12-10T13:10:23","slug":"binance-ceo-richard-teng-its-too-early-to-return-to-the-us-market","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/binance-ceo-richard-teng-its-too-early-to-return-to-the-us-market\/","title":{"rendered":"Binance CEO Richard Teng: It&#8217;s Too Early to Return to the US Market"},"content":{"rendered":"<p><a href=\"https:\/\/coinengineer.net\/blog\/do-kwon-is-to-be-extradited-to-the-united-states\/\"><strong>The US<\/strong><\/a> will have a crypto-friendly <strong>White House<\/strong>, but <a href=\"https:\/\/coinengineer.net\/blog\/binance-ceo-richard-teng-made-a-comment-about-feds-rate-cut\/\"><strong>Binance CEO Richard Teng<\/strong><\/a> said it may be too early to return.<\/p>\n<p><strong>Binance CEO Richard Teng<\/strong> said that with a crypto-friendly president taking office, it is still early to discuss re-entering the <strong>US market<\/strong>. Speaking to Bloomberg TV on December 9, <strong>Teng<\/strong> stated, \u201cI think discussing re-entering the US market is premature.\u201d<\/p>\n<p>\u201cFor now, we are focusing on our global expansion,\u201d Teng said, suggesting that the exchange aims to capture market share and target institutions, sovereign wealth funds, and high-net-worth individuals who are &#8220;going to start allocating to this space.&#8221;<\/p>\n<p><strong>Binance<\/strong> exited the <strong>US<\/strong> in November 2023 following a $4.3 billion settlement with the <strong>US government<\/strong> over allegations of sanction violations, money laundering, and operating as an unlicensed money transmitter.<\/p>\n<p><strong>The Justice Department<\/strong> oversaw the process with an independent compliance monitor for three years, and the <strong>Treasury\u2019s Financial Crimes Enforcement Network (FinCEN)<\/strong> appointed a monitor for five years.<\/p>\n<p>When asked if <strong>Binance<\/strong> planned to persuade President-elect <strong>Donald Trump<\/strong>\u2019s administration, which includes crypto-friendly appointees, to shorten the lengthy monitoring period, Teng said that any discussion on the topic &#8220;is moot.&#8221;<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=ubvjPCh7HPI\"><strong>Richard Teng&#8217;s Statements to Bloomberg Television:<\/strong><\/a><\/p>\n<p><iframe loading=\"lazy\" title=\"Binance CEO on Trump, Crypto Regulation\" width=\"1020\" height=\"574\" src=\"https:\/\/www.youtube.com\/embed\/ubvjPCh7HPI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h2>Binance CEO Teng&#8217;s Approaches to Compliance and Regulations<\/h2>\n<p><strong>Teng<\/strong>: &#8220;I believe compliance is the way to go,&#8221; he said. &#8220;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.&#8221;<\/p>\n<p><strong>Teng<\/strong> previously led Binance\u2019s regional markets and took over as CEO in November 2023 from <strong>Changpeng Zhao<\/strong>, who stepped down after admitting to violating US money laundering laws.<\/p>\n<p>Since taking the helm, <strong>Teng<\/strong> has worked to ensure that Binance operates with high compliance across various jurisdictions.<\/p>\n<p><strong> Binance.US<\/strong>, the exchange\u2019s 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.<\/p>\n<hr \/>\n<p><em>You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<span style=\"color: #ffcc00;\"><a style=\"color: #ffcc00;\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>Telegram,\u00a0<\/strong><\/a><a style=\"color: #ffcc00;\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><strong>YouTube<\/strong><\/a><\/span>,\u00a0and\u00a0<span style=\"color: #ffcc00;\"><a style=\"color: #ffcc00;\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\"><strong>Twitter<\/strong><\/a>\u00a0<\/span>channels for the latest\u00a0<span style=\"color: #ffcc00;\"><strong><a style=\"color: #ffcc00;\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\">news<\/a>\u00a0<\/strong><\/span>and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US will have a crypto-friendly White House, but Binance CEO Richard Teng said it may be too early to return. 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, \u201cI think discussing<\/p>\n","protected":false},"author":29,"featured_media":33415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[657,2],"tags":[1809,1730,2474,9966,9965,9967,4632,6017],"class_list":["post-33410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-en","category-news","tag-changpeng-zhao","tag-donald-trump","tag-richard-teng","tag-the-justice-department","tag-the-us","tag-treasurys-financial-crimes-enforcement-network-fincen","tag-us-government","tag-white-house"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance CEO Richard Teng: It&#039;s Too Early to Return to the US Market - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/binance-ceo-richard-teng-its-too-early-to-return-to-the-us-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance CEO Richard Teng: It&#039;s Too Early to Return to the US Market - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The US will have a crypto-friendly White House, but Binance CEO Richard Teng said it may be too early to return. Binance CEO Richard Teng said that with a crypto-friendly president taking office, it is still early to discuss re-entering the US market. 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