Binance CEO Richard Teng has indicated it's too early to discuss the crypto exchange's potential return to the United States market, despite growing crypto-friendly signals from the incoming Trump administration.
In a recent Bloomberg TV interview, Teng addressed speculation about Binance's plans following their 2023 exit from the U.S. While acknowledging the positive crypto stance of President-elect Trump's team, Teng emphasized that Binance's current priorities lie elsewhere.
"Whether we will re-enter the U.S market, I think that's a premature discussion. As of now we are focusing on our global deployment, and we are growing very quickly and very happy with the progress we are seeing," Teng stated.
The CEO pointed to 2024's remarkable developments in the crypto sector, including Bitcoin surpassing $100,000 and the approval of various cryptocurrency ETFs. He praised the incoming administration's approach, particularly noting the appointment of an AI and Crypto Czar.
Teng expressed optimism about broader crypto adoption, predicting increased investment from sovereign wealth funds, institutions, and government foundations. He referenced America's plans for a strategic Bitcoin reserve and Brazil's Bitcoin reserve bill as indicators of growing institutional acceptance.
The discussion comes months after Binance's departure from the U.S. market in November 2023, following a $4.3 billion settlement with U.S. authorities over money laundering violations and operating without proper licensing.
While the crypto exchange continues its global expansion, any potential U.S. comeback appears to remain a distant consideration for the world's largest cryptocurrency exchange.