After Trump took office, the development of the cryptocurrency market in the United States is generally considered to be moving in a 'friendly' direction. At this critical moment, the public cannot help but wonder whether Binance, the world's largest cryptocurrency exchange, will re-enter the U.S. market and promote the BUSD stablecoin. Binance CEO Changpeng Zhao stated that these discussions are still premature.
In a Bloomberg TV interview on the 9th, when asked whether he would seek to return to the U.S. market or re-launch the Binance Dollar (BUSD) stablecoin, Zhao stated, "Is our return to the U.S. market? I think it is too early to discuss this." He added that Binance's current focus is on global development, prioritizing global expansion and attracting institutional investors. He hinted that Binance is looking to increase its market share and focus on institutional investors, sovereign funds, and high-net-worth individuals, believing that these clientele will begin to allocate assets to the cryptocurrency space.
Binance exited the U.S. market in November 2023 as part of a $4.3 billion settlement agreement with the U.S. government, which involved violations of sanctions, money laundering, and conducting remittance businesses without a license. The U.S. Department of Justice also appointed an independent compliance monitor for a three-year term, while the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) appointed a five-year monitor.
When asked whether Binance would seek to persuade the Trump administration to abandon or shorten the lengthy oversight mentioned above, Changpeng Zhao responded that any related discussions "are practically meaningless," stating, "I believe compliance is a road that must be taken," and "as regulations around the world become clearer, we have the capability to make significant investments in compliance, and I hope to make full compliance a competitive advantage."
Changpeng Zhao previously led Binance's regional markets and then took over as CEO of Binance in November 2023, succeeding Zhao Changpeng. Since taking office, Zhao has promoted Binance's high compliance with regulations in multiple jurisdictions and admitted to the media last month that "there are gaps in compliance."
Binance has been actively expanding its footprint in Southeast Asia by obtaining more cryptocurrency licenses and launching innovative products. Binance has over 240 million registered users and aims to make digital assets more accessible to a wider audience.
To attract institutional and high-net-worth individual investors, Binance launched Binance Wealth, a solution tailored for wealth managers and their high-net-worth clients to meet their growing interest in digital assets. This initiative underscores the company's strategy to solidify its position in the global cryptocurrency landscape.
"Binance returns to the U.S. market? CEO Changpeng Zhao: Discussions are too early, global expansion is the top priority" This article was first published on (BlockKe).
