Binance CEO Says US Plans on Hold Until Regulations Become Clearer

• Binance is awaiting concrete regulations from the U.S. before making another play to re-enter U.S. markets.
• The exchange is currently considering two locations to set up its global headquarters.
• Binance drastically reduced its U.S. operations following its $4.3 billion settlement with the government.

Binance CEO Richard Teng predicts that crypto is officially entering its “golden era” thanks to the appointment of Donald Trump as U.S. President.

However, the company remains on the fence about U.S. ambitions due to murky regulatory waters.

Golden Years

Speaking with Bloomberg Television , Teng explains that the Trump era offers crypto a “fresh reset and restart.”

Noting the U.S. Securities and Exchange Commission’s (SEC) “oppressive” and overbearing enforcement actions and lawsuits against crypto under Joe Biden’s administration, Teng highlights that governments around the world are now expressing optimism in support of crypto.

When it comes to the U.S., Teng foresees favorable regulations trickling in over time; however, until then, its plans to re-enter the U.S. markets are on hold.

At present, Binance’s U.S. platform is considerably restricted compared to the main exchange, with fewer features and significantly fewer cryptocurrencies to trade.

Furthermore, following the SEC’s actions against the exchange and its former CEO, Changpeng “CZ” Zhao, pressure led to many banks cutting ties with the platform, further restricting U.S. customers and diminishing its market share.

He explains that he wishes to see regulations that manage the “risk aspects” of crypto while simultaneously supporting innovation.

“If you just focus on the research aspect, you’re missing out on all the new innovation that’s coming into this space,” Teng said.

Teng says, “We need to see greater clarity” on crypto from the U.S. and that the exchange will consider “all options” when the time arrives.

Binance HQ

Despite being the world’s largest cryptocurrency exchange, Binance is still deciding where to establish its global headquarters.

Teng notes that taxes, regulatory frameworks, and access to talent are notable areas to consider.

He explains that the board of directors has a couple of locations “under careful consideration” on its shortlist.

When pressed to reveal said locations, Teng remains tight-lipped, explaining that the conversations with these countries are private and confidential. “When we are ready to announce, we will do so,” the Binance chief expressed.