Binance CEO Richard Teng on Monday said the United States is “firmly back in the driver's seat” to lead the global crypto industry, following a major regulatory development that saw U.S. authorities drop a lawsuit against the crypto exchange and its founder Changpeng Zhao.
What Happened: "This is a significant win not just for Binance, but for the entire industry," Teng said during an interview with CNBC. "The U.S. is firmly back in the driver's seat to become the crypto hub of the world."
Teng credited the shift to the regulatory approach taken by the current administration, praising what he called a "considerate and thoughtful" stance that favors regulatory clarity over enforcement-first tactics.
The CFTC's original complaint had accused Binance of allowing illegal access to U.S. users, inflating trading volumes, and co-mingling customer funds.
Its dismissal now marks a turning point in the broader U.S. regulatory landscape, according to the CEO.
Looking ahead, Teng expressed optimism about bipartisan efforts to create clear rules for the industry, stating that greater clarity will benefit investors, companies and regulators alike.
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"We are deeply supportive of a regulatory framework that protects users," he said, citing Binance's milestone of surpassing 275 million global users.
Teng also addressed concerns over the proliferation of meme coins tied to political figures like President Donald Trump.
While avoiding direct comment on their legitimacy, Teng emphasized the decentralized and permissionless nature of token creation in crypto.
Beyond the legal developments, Teng highlighted Binance's growing compliance infrastructure.
The platform now employs over 1,400 people in its compliance division and is regulated in more than 22 countries.
"We are the most regulated global platform today," Teng said. "Our focus is on security, compliance, and user protection."
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