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The Coin Rise 2024-12-10 13:40:15

Binance CEO Richard Teng Stresses Compliance Amid Speculation on U.S. Return

Binance CEO Richard Teng Stresses Compliance Amid Speculation on U.S. Return

Binance CEO Richard Teng has downplayed speculation about the crypto exchange’s potential return to the United States. Speaking on Bloomberg TV on December 9, Teng described any discussion of re-entering the U.S. market or relaunching Binance USD (BUSD) stablecoin as “premature.” “For now, our focus is on global deployment,” Teng stated, highlighting the exchange’s efforts to capture market share worldwide. He noted Binance’s intention to target institutions, sovereign wealth funds, and high-net-worth individuals, whom he believes are poised to allocate more resources to the crypto sector. Binance withdrew from the U.S. in November 2023 following a $4.3 billion settlement with U.S. authorities over allegations including sanctions violations and operating without proper licensing. As part of the settlement, the Justice Department and the Treasury’s Financial Crimes Enforcement Network (FinCEN) imposed independent compliance monitoring on the exchange for three and five years, respectively. Teng Backs Stronger Compliance When asked whether Binance might seek to shorten these compliance monitoring periods under President-elect Donald Trump’s crypto-friendly administration , Teng dismissed the idea as irrelevant. “Compliance is the way forward,” he said, emphasizing Binance’s heavy investment in compliance infrastructure as a competitive advantage in an increasingly regulated environment. Since taking over as CEO in November 2023, Teng has championed compliance and regulatory adherence, acknowledging past shortcomings under his predecessor Changpeng Zhao. “There were gaps in terms of compliance,” Teng admitted in a December 2023 interview. Despite these efforts, the exchange continues to face scrutiny. Its U.S. arm, Binance.US, operates as a crypto-only exchange without the ability to transact in U.S. dollars. The SEC has accused Binance , Binance.US, and Zhao of selling unregistered securities and other regulatory breaches. Path Forward Without U.S. Markets Although Teng did not rule out a future return to the U.S., his comments made clear that Binance is prioritizing a broader global strategy . This approach comes as the industry anticipates clearer regulatory frameworks worldwide, providing an opportunity for Binance to strengthen its position across various jurisdictions. With its focus on compliance and global market expansion, Binance aims to rebuild trust and reputation amid ongoing legal challenges, while keeping its long-term options open. The post Binance CEO Richard Teng Stresses Compliance Amid Speculation on U.S. Return appeared first on TheCoinrise.com .

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