Binance CEO Remains Cautious on Re-Entering US Market Despite Crypto-Friendly Trump Administration

Binance CEO Richard Teng has expressed caution about re-entering the US market, despite the incoming Trump administration’s pro-crypto stance. In a recent interview with Bloomberg TV on December 9, Teng emphasized that the major crypto exchange is currently focusing on its global deployment.

Global Deployment Takes Priority

“Whether we will re-enter the US 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 explained. He highlighted the exchange’s rapid growth and progress in its global deployment efforts.

Crypto-Friendly Trump Administration a Positive Sign

Although Teng remains cautious about re-entering the US market, he views the Trump administration’s crypto-friendly approach as a positive sign for wider crypto adoption globally. He also noted the significant milestones in the crypto space throughout 2024, including Bitcoin reaching beyond $100,000 and the approval of several Bitcoin, Ethereum, and Solana ETFs.

“We have now a very crypto-friendly President in the States and an extremely smart strategy, appointing an AI and Crypto Czar on that front because these two represent the most innovative technology for the future, and other countries will do extremely well [to focus on those areas].” – Richard Teng

Increased Investment in Crypto Expected

Teng predicted that many countries, organizations, and institutions will begin to deploy funds into crypto, following America’s decision to announce plans for a strategic Bitcoin reserve and Brazil’s Bitcoin reserve bill. He highlighted the potential for increased investment from various sources, including:

  • Sovereign wealth funds
  • Institutions
  • Foundations of government
  • High net worth individuals

Teng emphasized that these entities will start allocating funds into the crypto space, driving growth and adoption.

Binance’s US Market Exit

Binance pulled all operations from the US market in November 2023 as part of its $4.3 billion deal with the US government for violations related to money laundering and operating as an unlicensed money transmitter.

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