Binance CEO calls return to the U.S market a ‘premature discussion’

Although Binance CEO Richard Teng acknowledged how pro-crypto the Trump administration appears to be, he said it is too early to start thinking about whether Binance will re-enter the US market after its launch in 2023.

In an interview with Bloomberg TV on December 9, Binance CEO Richard Teng was asked whether the major crypto exchange plans to re-enter the US market following the rise of President-elect Donald Trump’s more crypto-friendly administration. approach.

Teng explained that the exchange is currently focusing more on “global distribution” rather than possibilities of returning to the US market.

“I think whether we will re-enter the US market is still an early discussion. As of now, we are focusing on our global deployment and growing very quickly, and we are very pleased with the progress we are seeing,” said Teng.

Still, he sees the crypto-friendly Trump administration as a positive sign for broader global adoption of cryptocurrency. Teng also notes milestones in the “watershed year 2024” for cryptocurrency, including Bitcoin rising above $100,000 and the approval of several Bitcoin, Ethereum, and Solana ETFs.

“We now have a very crypto-friendly President in the US and an extremely smart strategy to appoint an AI and Crypto Czar to this front because these two represent the most innovative technology for the future and other countries will be extremely successful. [to focus on those areas]he said.

Moreover, he predicted that many other countries and organizations will begin deploying funds into crypto following America’s decision to announce strategic Bitcoin (BTC) reserve plans and Brazil’s Bitcoin reserve law.

“So it’s not just about countries, it’s about sovereign wealth funds, institutions, government foundations and high-net-worth individuals. “So they will start allocating this space,” Teng said.

Binance withdrew all operations from the US market in November 2023 as part of a $4.3 billion settlement with the US government for violations related to money laundering and operating as an unlicensed money transmitter.