Binance is Considering Moving Back to the US Under Trump Administration

Richard Teng, the CEO of Binance, sees a promising horizon under the new U.S. administration led by President Donald Trump. In an interview with Bloomberg News on the sidelines of the Consensus crypto conference in Hong Kong, Teng shared his optimism about what he describes as a “fresh reset and a restart” for the industry.

After years of what he calls a regulatory environment tinged with oppression in the United States, the Trump administration’s early actions suggest a more welcoming stance toward crypto and digital assets. Executives across the space have long voiced frustrations over the approach taken during President Joe Biden’s tenure, where regulators leaned heavily on lawsuits and steep fines to rein in major players like Binance, Coinbase, and Ripple. Teng’s comments reflect a cautious hope that the tide may be turning.

The Trump administration has wasted no time signaling its crypto-friendly intentions since taking office. This shift comes at a pivotal moment for Binance, the world’s largest crypto exchange, which has been dealing with its own challenges. Back in June 2023, the U.S. Securities and Exchange Commission filed a lawsuit against Binance and its then-CEO, Changpeng “CZ” Zhao, alleging mishandling of customer funds, deception of investors and regulators, and violations of securities laws. By November of that year, CZ pleaded guilty to charges tied to anti-money laundering and sanctions breaches, while Binance agreed to a hefty $4.3 billion settlement with U.S. authorities.

The fallout forced the company to effectively pause its operations in the U.S., leaving its future there uncertain. Teng, who stepped into the CEO role following these events, acknowledges that Binance is still waiting for clearer regulatory guidance before charting its next steps in the American market.

A Strategic Pivot for Binance’s Future

Beyond the U.S., Binance is actively rethinking its global strategy. Since the settlement, the company has taken steps to rebuild its reputation and structure. Under Teng’s leadership, Binance established a board of directors, a move aimed at strengthening governance as it eyes a more stable footing. One of the biggest decisions on the table is where to plant its global headquarters.

Teng revealed that the exchange has a couple of locations under serious consideration, with the board poised to finalize its choice very soon. This decision carries weight for a company that has historically operated without a fixed base, adapting to the fluid nature of the crypto world. While Hong Kong, the backdrop for Teng’s interview, might seem like a natural contender, he expressed doubts about its appeal. Speaking at the Hong Kong Convention & Exhibition Centre, he pointed to restrictive local regulations—such as caps on tradable tokens and barriers to futures trading—as hurdles for a giant like Binance. The exchange has yet to apply for a crypto license there, a sign that Teng believes the environment needs to better accommodate major players.

For Teng, the path forward involves balancing opportunity with pragmatism. The regulatory reset in the U.S. offers a chance to re-engage with a critical market, but Binance isn’t rushing in without assurances. Meanwhile, the search for a headquarters underscores a broader ambition to solidify its place in the evolving crypto ecosystem.

Binance.US Resumes USD Services

In addition to Binance considering moving to the United States, their US entity Binance.US has announced that they are resuming services in the US. After more than a year and a half of regulatory hurdles that halted fiat transactions, the US platform is rolling out the ability for all eligible customers to deposit and withdraw USD using bank transfers via ACH.

This feature, which will gradually become available to users in the coming days, allows seamless linking of bank accounts for USD deposits, withdrawals, and trading on USD pairs. This reopening marks a significant step forward for Binance.US, distinct from its global counterpart Binance.com, signaling a renewed commitment to serving the U.S. market with restored functionality and ease of access.