- Currently, the main emphasis is on expanding their operations around the world as per Teng.
- Since accepting leadership, Teng has prioritized making Binance fully compliant in many countries.
Even if a pro-crypto president is about to enter office, Binance CEO Richard Teng has said that it is premature to talk about the possibility of the cryptocurrency exchange re-establishing itself in the US after its forced withdrawal a year ago.
When asked on December 9 whether Binance will seek a route back into the nation or relaunch its Binance USD (BUSD) stablecoin, Teng told Bloomberg TV, “Whether we re-enter the US market, I think that’s a premature discussion.” These questions followed an earlier inquiry about Binance’s intentions.
Currently, the main emphasis is on expanding their operations around the world, he said. Dropping hints that the exchange is trying to corner a larger portion of the market. And attract institutional investors, sovereign wealth funds, and ultra-wealthy people.
Prioritizing Compliance
After settling with the US authorities for $4.3 billion for sanctions breaches, money laundering, and operating as an unregistered money transmitter, Binance left the US in November 2023.
In addition to the three years of independent compliance monitoring designated by the Justice Department. The Financial Crimes Enforcement Network (FinCEN) of the Treasury Department nominated a monitor for five years to oversee the operations.
When asked whether Binance will attempt to convince the incoming Trump administration, which is expected to have many crypto-friendly officials, to reduce or eliminate its extensive surveillance, Teng dismissed the idea as “moot.”
Changpeng Zhao (CZ) stepped down as CEO of Binance in November 2023. After agreeing to stand down due to his admission to breaking US money laundering laws. Teng had previously overseen Binance’s regional markets. Since accepting leadership, Teng has prioritized making Binance fully compliant in many countries.
Highlighted Crypto News Today:
Solana’s Price Falls Over 12%, Is This the End of the Bull Run?
