Binance CEO Richard Teng recently commented on whether Binance would re-enter the U.S. market. In an interview with Bloomberg TV on Dec. 9, he said that it is too early to consider reopening operations in the United States.

“Whether we re-enter the U.S. market or not, I think that’s a premature discussion,” Teng explained. His comments come as the exchange works to expand globally, targeting institutional investors, sovereign wealth funds and high net worth individuals.

Binance withdraws from US market
Binance exited the U.S. market in November 2023 after reaching a $4.3 billion settlement with the U.S. government. The settlement came after facing charges of sanctions violations, money laundering, and operating without a legal license.

Under the agreement, Binance will be supervised by the U.S. Department of Justice for three years and by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) for five years.

Compliance and future plans
When asked if Binance would try to negotiate with President-elect Donald Trump’s administration to reduce or eliminate regulations, Teng said in the negative: “This discussion is meaningless,” he stressed, saying the exchange is committed to strengthening global compliance.

“Compliance is the way forward,” Teng added, saying Binance aims to use compliance as a competitive advantage as global regulations become clearer.

Teng’s comments come at a time of political change in the U.S. President-elect Donald Trump, who will take office in January 2025, has been supportive of cryptocurrencies. His administration is expected to include several crypto-friendly officials, potentially creating a more supportive environment for the industry.

However, Teng downplayed the possibility that Binance could use the new administration to negotiate regulatory changes or expedite its re-entry into the U.S. He described such discussions as “meaningless” and reiterated that Binance’s top priorities remain compliance and global expansion.

Teng took over as Binance CEO in November 2023 after Changpeng Zhao resigned after admitting to violating U.S. anti-money laundering laws. After taking over, Teng made compliance and regulatory transparency a top priority for the exchange's global operations.

Binance’s U.S. arm, Binance US, is still operating but only offers crypto-to-crypto trading. It cannot process transactions involving the U.S. dollar due to regulatory restrictions. The SEC also charged Binance, Binance US, and Zhao Changpeng with selling unregistered securities and other violations.