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

Binance CEO Richard Teng says it is too early to start considering whether Binance will re-enter the U.S market after its exit in 2023, despite acknowledging how pro-crypto the Trump administration seems.

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

Teng explained that the exchange is currently focusing more on “global deployment,” instead of the possibilities of a U.S market return.

“Whether we will re-enter the U.S market, I think that’s a premature discussion. As of now we are focusing on our global deployment, and we are growing very quickly and very happy with the progress we are seeing,” said Teng.

Though, he does see the crypto-friendly Trump administration as a positive sign for wider crypto adoption on a global scale. Teng also highlights the milestones throughout the “landmark year” of 2024 for crypto, including Bitcoin reaching beyond $100,000 and the approval of several Bitcoin, Ethereum and Solana ETFs.

“We have now a very crypto-friendly President in the States and an extremely smart strategy, appointing an AI and Crypto Czar on that front because these two represent the most innovative technology for the future and other countries will do extremely well [to focus on those areas],” he said.

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

“So it’s not only the countries, it’s the sovereign wealth funds, institutions, foundations of government and high net worth individuals. So they are going to start allocating this space,” said Teng.

Binance pulled all operations from the U.S. market in Nov. 2023 as part of its $4.3 billion deal with the U.S. government for violations related to money laundering and operating as an unlicensed money transmitter.