Binance CEO Richard Teng stated that it is too early to consider the company’s potential re-entry into the U.S. market, despite recognizing the crypto-friendly stance of the incoming Trump administration.
In an interview with Bloomberg TV on December 9, Teng was asked whether the global cryptocurrency exchange planned to return to the U.S. market, particularly following the rise of President-elect Donald Trump, who has shown a more pro-crypto approach.
Teng responded by emphasizing that Binance’s current focus is on “global deployment,” and not on plans for the U.S. market. “The question of whether we will re-enter the U.S. market is premature. Right now, we are focused on expanding globally, and we are seeing rapid growth and are pleased with our progress,” Teng explained.
While Teng refrained from committing to a U.S. return, he did acknowledge that the Trump administration’s approach to cryptocurrency could serve as a positive sign for broader crypto adoption worldwide. He also highlighted significant milestones expected in the crypto industry in 2024, including Bitcoin’s potential to surpass $100,000 and the approval of several Bitcoin, Ethereum, and Solana exchange-traded funds (ETFs).
Teng praised the U.S. government’s strategic focus on crypto, noting, “We now have a very crypto-friendly president in the U.S. and an incredibly smart strategy, appointing an AI and Crypto Czar. These are the technologies that will define the future, and other nations would do well to focus on these areas.”
He also forecasted that other countries and institutions will follow suit, deploying funds into cryptocurrencies, particularly as the U.S. plans to establish a strategic Bitcoin reserve and Brazil considers its own Bitcoin reserve bill. “It’s not just governments; sovereign wealth funds, institutions, foundations, and high-net-worth individuals will begin allocating funds into this space,” Teng said.
Binance’s departure from the U.S. market in November 2023 followed a $4.3 billion settlement with the U.S. government over allegations of money laundering and operating as an unlicensed money transmitter.
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