Despite the advent of a crypto-friendly administration in the United States, it remains premature to discuss Binance’s return to the country. This was stated by the exchange’s CEO, Richard Teng, during a Bloomberg Television broadcast.
“For now, I think it’s too early to talk about returning to the US market. We are currently focusing on global development. The company is growing very quickly and we are pleased with the current progress,” he noted.
Binance ceased operations with the dollar in 2023 following the settlement of a lawsuit from the US government. The platform was accused of sanction violations, money laundering, and operating without a license. Authorities established special independent oversight of the company’s operations for a period of five years.
The head of Binance noted that the exchange will not urge the newly elected President Donald Trump to cancel or shorten the period of enhanced oversight of the platform’s operations. In his view, regulatory compliance is a strong competitive advantage.
“I believe that regulatory compliance is the right path. Given that rules are becoming much clearer worldwide, we have the opportunity to invest very seriously in this direction,” Teng stated.
He added that the company currently holds licenses in more than 40 countries and intends to continue working in this direction.
In the US market, the Binance.US branch operates, but it is prohibited from conducting dollar transactions.
Earlier in November, Binance’s lawyers filed a motion to dismiss the updated version of the lawsuit from the SEC.