Key Points
- Teng said Binance is waiting for more clarity from the US before deciding on its plans there.
- The exchange halted US operations following the June 2023 SEC lawsuit against CZ.
In a new interview with Bloomberg, Binance’s CEO, Richard Teng, talked about various issues in the crypto ecosystem, including a new era for digital assets in the US under the new regime, and Binance’s plans regarding potential HQ locations.
A Fresh Start for Crypto in the US
In an interview with Bloomberg News, Richard Teng said that, under the new US regime led by President Donald Trump, the crypto industry moved on from a regulatory regime marked by “a bit of oppression”.
Under the previous Biden administration, crypto executives have complained that the former regime sought to engage in “regulation by enforcement” filled by lawsuits and hefty fines on companies including Binance, Coinbase, and Ripple.
However, the new Trump administration has made various crypto-related promises in the months before the President’s inauguration, which included even a Strategic Bitcoin Reserve.
During the Consensus crypto conference in Hong Kong, Teng said that the crypto industry has a fresh reset and a restart in the US following Trump’s January inauguration.
Binance Weighs in US Operation Plans
Teng also said that Binance is currently waiting for more clarity from the US before it decides on its plans in the region.
The crypto exchange effectively halted its US operations following the June 2023 lawsuit from the SEC against Binance and its CEO, CZ. In November 2024, CZ pleaded guilty to sanctions violations, spending 4 months in prison, and Binance agreed to pay $4.3 billion in a settlement with the US.
Teng also said that Binance had some different locations under “careful consideration” and the board hopes to land on one soon.
He also expressed concerns about some of the regulatory restrictions in Hong Kong, including the number of tokens people can trade and limitations on futures trading.
For now, Binance hasn’t applied for a crypto license in Hong Kong, notes Bloomberg, citing the list of applications on the regulator’s website.
However, since the exchange’s US settlement, Binance has made strong efforts to reshape itself.
Binance’s Efforts Paved its Road to Success
After Richard Teng stepped into the role of Binance’s CEO, the exchange set up a board of directors, making occasional statements about establishing a global headquarters, but nothing has been decided so far.
Meanwhile, the crypto exchange continued its strong building efforts in the crypto ecosystem which led the exchange to the highest peaks of success.
As we previously reported, Binance’s recent 2024 report revealed multiple achievements from last year marked by the crypto exchange.
Also, recently Binance secured another win, becoming the best crypto app last year. After hitting the important milestone of 250 million registered users in 2024, the crypto exchange has just surpassed 260 million registered users on the platform.
Users who want to onboard Binance’s journey in Web3 can simply register on the platform and enjoy the exchange’s crypto services and offerings.
Binance’s road to success was not an easy one – it was flooded by multiple hardships along the way, but the crypto exchange continued its building efforts and boosted compliance.
The crypto exchange’s success is best mirrored by its resilient culture, significant achievements, and continually growing user base, becoming an example for others to follow.
Overall, the entire crypto industry has plenty of reasons to remain optimistic for 2025 and beyond.
