Binance boss Richard Teng says re-entering US market a ‘premature discussion’

The world's largest cryptocurrency exchange, Binance, is contemplating re-entry into the U.S. market, although the final decision is yet to be made. The matter is currently under discussion, and it is considered premature to comment conclusively on the development. Richard Teng, the recently appointed CEO of Binance Singapore, shared these insights during an interview.

Despite its global presence and dominance in the crypto industry, Binance has been facing regulatory scrutiny in numerous countries, including the U.S., which led to its exit from the U.S. market in 2019. The exchange subsequently launched Binance.US, a separate entity that operates in compliance with local regulations, but it doesn't offer the full range of services available on the global platform.

Richard Teng, who previously worked for Singapore's market regulator, the Monetary Authority of Singapore (MAS), emphasized that Binance is keen on working with regulators across the globe to ensure a high standard of compliance. He believes that the crypto industry, including exchanges, needs to work hand-in-hand with regulators to shape the future of digital finance.

The CEO also expressed his views on the recent crypto market downturn, attributing it to a normal market cycle. He emphasized that such fluctuations are common in the crypto market, which is known for its volatility. In his opinion, the key to success in this sector is to focus on the long term and not to get swayed by short-term market movements.

When asked about Binance's future plans, Teng stated that the company aims to create an ecosystem that not only offers trading services but also includes other financial services such as staking, DeFi, NFTs, and more. He also hinted that Binance is exploring partnerships and collaborations to further expand its global footprint and service offerings.

Despite the challenges and uncertainties, Binance remains committed to innovating and leading the crypto industry. The possibility of its re-entry into the U.S. market signifies its intent to ensure wider accessibility and adoption of cryptocurrencies, while adhering to regulatory norms. However, the timing and manner of its potential return are yet to be determined.