Binance’s CEO Richard Teng commented on the new crypto-friendly US administration and what could be the start of a “golden era” for the industry. He affirmed that the global crypto exchange will consider its options once the US regulatory framework offers more clarity.
A ‘Fresh Reset’ For The US Crypto Industry
On Tuesday, Richard Teng joined Bloomberg Television to discuss US President Donald Trump’s crypto policies, Binance’s relationship with the new administration, and what the regulatory agencies should focus on when developing the new framework for digital assets.
The CEO stated that there was “a bit of oppression” under the Biden administration, noting the Securities and Exchange Commission (SEC) had a “regulation by enforcement” approach, which included what many consider “Operation Chokepoint 2.0.”
Over the past four years, the Commission targeted crypto companies, launching several high-profile lawsuits against companies such as Binance, Coinbase, and Ripple. Nonetheless, Teng pointed out that the US is now shifting to a more welcoming approach under President Trump, which has allowed “a fresh reset and restart.”
The Binance CEO expects the crypto industry to continue its momentum from 2024, which saw increased institutional adoption and mainstream recognition. As a result, the sector is starting its “golden era” under the new administration
He wishes to see crypto regulations that manage user protection and the “risks aspects of the industry” and support innovation in the sector. “If you just focus on the research aspect, you’re missing out on all the new innovation that is coming into this space,” Teng added.
Is A Binance Comeback To The US Near?
Regarding a comeback to the US, the CEO emphasized the need for greater clarity on crypto in the US. He affirmed that the global crypto exchange prefers to wait for regulatory clarity before a US market comeback, noting that the exchange will “consider all options at that point in time.”
Nonetheless, the exchange announced on Wednesday its USD services would resume after operating as a “crypto-only” exchange for the past 19 months.
The US affiliate of the crypto exchange, Binance.US, suspended all fiat-based deposits and withdrawals in June 2023. According to the exchange, the decision was taken due to the SEC’s “aggressive and intimidating tactics” in its “pursuit of an ideological campaign against the American digital asset industry.”
After the most recent development, USD services returned to Binance.US today, with access to 10 USD trading pairs. The list includes BTC/USD, XLM/USD, DOGE/USD, SOL/USD, ETH/USD, ADA/USD, HBAR/USD, SHIB/USD, SUI/USD, and BNB/USD. The feature will gradually roll out to all eligible customers in the coming days, and more trading pairs will be added.
Moreover, Binance and the SEC recently agreed to pause their legal battle. In 2023, the Commission filed a lawsuit against the crypto exchange, arguing that Binance, its US affiliate, and the exchange’s former CEO, Changpeng Zhao, offered the sale of unregistered securities and had operated illegally in the US.
The two parties filed a joint motion to stay on February 10, soliciting a 60-day pause on the crypto lawsuit. The motion stated that the new Crypto Task Force, created by the Commission’s acting chair, Mark Uyeda, could impact the potential resolution of the case with their expected development of a comprehensive regulatory framework.
Judge Amy Berman Jackson approved the joint motion to stay on February 13 and ordered a joint status report be filed by April 14.
BNB trades at $656.79 in the one-week chart. Source: BNBUSDT on TradingView
