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While Binance, the world’s largest cryptocurrency exchange, is cautious about re-entering the US market, Ripple CEO Brad Garlinghouse argues that this return is inevitable.
Speaking to CNBC, Binance Co-CEO Richard Teng stated that the company is taking a “wait-and-see” strategy regarding its return to the US, while Garlinghouse expressed that Binance will contribute positively to the market by increasing competition.
Binance withdrew from the US market in 2023. This decision came after then-CEO Changpeng Zhao pleaded guilty to failing to meet anti-money laundering obligations and the company reached a $4.3 billion settlement with the US Department of Justice. Zhao was pardoned by Donald Trump in October. A Bloomberg report published in December stated that Binance was considering the possibility of returning to the US market.
Speaking to CNBC in Davos, Binance Co-CEO Richard Teng described the US as a “very important market,” adding that they would not rush into re-entry and were closely monitoring the regulatory environment. Following Teng’s remarks, Brad Garlinghouse gave a separate interview to CNBC, stating that he believed Binance would return to the US.
Garlinghouse said, “This is a very large market, and not so long ago, Binance was a significant player here.” Describing Binance as a capitalist and innovative company, Garlinghouse argued that the company would want to grow by focusing on larger markets. He also stated that a potential shift would increase competition and could drive prices down for users.
On the other hand, there are disagreements within the sector regarding crypto regulations in the US. While the GENIUS Act, which regulates stablecoins, was passed last year, the Clarity Act, which aims to provide a comprehensive framework for crypto assets, is still under debate. Coinbase CEO Brian Armstrong has stated that they do not support the bill in its current form.
However, both Teng and Garlinghouse supported the Clarity Act. Teng, a former regulator, stated that “any regulation is better than no regulation,” arguing that clear rules were necessary for the industry’s growth. Garlinghouse, meanwhile, expressed surprise at Armstrong’s strong opposition, saying that much of the industry was still at the table and that he was hopeful a compromise could be found.
*This is not investment advice.