Can Binance US Make A Comeback Under Donald Trump?

Binance chief executive officer Richard Teng is closely watching all the positive crypto regulatory developments taking place after US President Donald Trump took charge in January. He has expressed hope that they are weighing the possibility of resuming US operations once again.

What Are the Chances of Binance US Comeback?

In his latest interview with Bloomberg, Richard Teng, CEO of Binance Holdings Ltd. stated that the United States has finally transitioned away from a restrictive crypto regulatory environment earlier, to now with a more crypto-friendly approach under President Donald Trump.

Teng added that the previous Joe Biden administration was characterized by what industry executives described as “regulation by enforcement.” This approach included a wave of high-profile lawsuits and significant fines targeting companies such as Binance, Coinbase Inc., and Ripple LLC.

However, since Donald Trump has taken charge at the White House office, his team has taken an inclusive approach, signaling a potential shift in the crypto regulatory framework. “I think we have a fresh reset and a restart,” Teng said. However, for Binance US to resume operations, they would be waiting for more regulatory clarity moving ahead.

Crypto Exchange Recovers From Lawsuit Challenges

Binance US ceased its operations following a June 2023 lawsuit from the US SEC. The lawsuit alleged the exchange and Binance founder Changpeng Zhao ‘CZ’ mishandled customer funds, misled investors and regulators, and violated securities laws. However, the crypto exchange reached a landmark settlement with US authorities, agreeing to pay $4.3 billion to resolve the sweeping allegations.

Furthermore, Binance co-founder Changpeng Zhao has shown curiosity about Donald Trump’s decision to remove all DoJ members from the Biden administration. The US president said that he would “clean house” IMMEDIATELY.

Although Binance Global continues its legal battle with the SEC, the ongoing Binance lawsuit is on pause for 60 days amid the formation of the crypto task force by the securities regulator.

Reshaping Under the Donald Trump Administration

Following the Binance US settlement, the crypto exchange has been working on restructuring initiatives with Richard Teng in charge. Teng along with other board directors will be working to figure out the company’s global headquarters.

Speaking at the Hong Kong Convention & Exhibition Centre, Teng confirmed that Binance is weighing “a couple of different locations” for its headquarters and anticipates finalizing a decision “very soon.”

However, Teng also voiced concerns over local regulatory constraints in certain jurisdictions, particularly regarding limits on the number of tradable tokens and restrictions on futures trading. Recently, Binance co-founder Yi He also shrugged off reports of a Binance selloff.