Binance CEO Richard Teng recently spoke about the possibility of the exchange re-entering the U.S. market after leaving the market in 2023.
While many believe a Bitcoin-friendly president could draw Binance back to the U.S., Teng believes it is too early to decide.
Teng Discusses Binance’s Global Expansion and Compliance Focus
Teng shared his thoughts in an interview with Bloomberg TV on Dec. 9. He emphasized that Binance is currently focused on its global expansion and targeting institutions and high-net-worth individuals.
Binance’s exit from the U.S. came after a $4.3 billion settlement with the U.S. government over charges related to sanctions violations, money laundering, and operating as an unlicensed money transmitter.
Binance boss Richard Teng says re-entering US market a ‘premature discussion’ pic.twitter.com/4EjtI8f1ie
— CryptoMutant (@CryptoMutant) December 10, 2024
As part of the settlement, Binance is under the oversight of independent monitors for compliance. Binance’s U.S. arm, Binance.US, still operates as a crypto-only exchange. However, it is unable to process U.S. dollar transactions.
Teng also addressed whether Binance would attempt to influence President Trump’s views on crypto regulation. He expressed his belief in compliance, adding that Binance had made huge investments to comply with policies where it operates.
Binance has adopted a more compliance-friendly stance to crypto regulation since Teng was appointed CEO in November 2023.
Will China build a Bitcoin reserve?
Former Binance CEO and co-founder, Changpeng “CZ” Zhao recently shared his insights on China’s potential to adopt a Bitcoin reserve. There have been conversations that the U.S. could adopt a Bitcoin reserve with a crypto-friendly president at the White House.
CZ SAYS IT’S JUST A MATTER OF TIME FOR CHINA’S BITCOIN RESERVE
CZ’s got a wild take: China’s gonna grab Bitcoin like it’s the last snack at the party.
At the Bitcoin MENA event, he said it’s “inevitable” that China builds a BTC reserve, even if they’re playing it quiet for now.… pic.twitter.com/vIaGJaB3wy
— Mario Nawfal’s Roundtable (@RoundtableSpace) December 9, 2024
Speaking at the Bitcoin MENA conference in Abu Dhabi, CZ highlighted the possibility of smaller nations leading the way in adopting Bitcoin reserves. However, he acknowledged China’s unpredictable approach due to its government’s secrecy.
CZ noted that if China decides to act, it could move swiftly, given its ability to implement policies quickly. He also suggested the Chinese government might quietly acquire Bitcoin before making any public announcements.
Zhao has maintained an active presence on social media since his release from prison. The Binance founder recently urged developers to focus on creating real-world apps rather than memecoins. Although he plays no role on Binance, CZ plans to focus on education amongst other things.
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