Binance boss Richard Teng says re-entering US market a ‘premature discussion’

Binance CEO Richard Teng has said it’s too early to discuss if the crypto exchange would reestablish itself in the United States now a pro-crypto president is set to take over after it’s forced exit a year ago.

“Whether we re-enter the US market, I think that's a premature discussion,” Teng told Bloomberg TV on Dec. 9 when asked if Binance would look for a way back into the country or if it would relaunch its Binance USD (BUSD) stablecoin.

“As of now, we are focusing on our global deployment,” he said — hinting that the exchange is seeking to capture market share and was eyeing the institutions, sovereign wealth funds and high net worth individuals he believes are “going to start allocating to this space.”

Binance exited from the US in November 2023 as part of its $4.3 billion settlement with the US government for sanctions violations, money laundering and operating as an unlicensed money transmitter.

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

Asked if Binance would look to persuade President-elect Donald Trump’s administration — which is shaping up to include a host of crypto-friendly picks — to shed or shorten its lengthy monitorships, Teng said any discussion on the topic “is moot.”

“I believe that 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 very heavily in compliance. I want to make complete compliance a competitive advantage.”

Related: Changpeng Zhao says it’s ‘inevitable’ for China to build a BTC reserve 

Teng formerly led Binance’s regional markets and took over as CEO in November 2023 from Changpeng Zhao, who agreed to step down in his admission to violating US money laundering laws.

Since taking the helm, he’s pushed for Binance to be highly compliant in multiple jurisdictions and admitted to Cointelegraph last December that “there were gaps in terms of compliance.”

Binance.US, the exchange’s US arm, still operates in the country, but as a crypto-only exchange as its unable to transact with US dollars. The Securities and Exchange Commission has accused it, Binance and Zhao of selling unregistered securities, among other allegations.

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