Binance is planning to return to the U.S. market as the co-founder Changpeng Zhao outlines the new efforts the exchange is making to expand its services to the country.
Just a few months after receiving a presidential pardon from Donald Trump, Zhao was seen at an event hosted by World Liberty Financial at Mar-a-Lago in Palm Beach, Florida. His appearance is currently his most ‘high-profile visit’ to the United States since he stepped down from his role as Binance CEO.
During the forum, Zhao outlined what he believes could be a new chapter for Binance. US as the United States attempts to take back its position as a global center for cryptocurrency. He stressed that his comments were focused only on the American affiliate of the exchange and not the global parent company.
“We want to do much more business in the U.S.,” Zhao said during the event. He explained that Binance. US aims to introduce what he described as a superior product offering and make the products more accessible to American consumers. He also added that the exchange sees renewed opportunity in a regulatory environment as more supportive of innovation.
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In 2023, Zhao stepped down as chief executive of Binance after pleading guilty to failing to maintain an effective anti-money laundering program at the global exchange. As part of the legal resolution with U.S. authorities, the exchange agreed to pay billions of dollars in fines.
Zhao was allowed to retain his ownership stake in the company but agreed to give up his executive role, describing that phase of his career as “a chapter that’s closed.”
Although he no longer runs the global exchange, Zhao remains a major shareholder of the exchange. US, which operates under the Binance brand but has its own management team and corporate structure.
Source: CNN Business
With those legal pressures easing, Zhao suggested that the options that were once considered unrealistic, they are now back on the table. He shared that he also plans to rebuild ties with banks and potentially pursue a formal charter. However, he shared that it would only work depending on assembling the right legal and operational team.
Binance Ties to Trump’s Crypto Network Raise Questions
Zhao’s appearance at Mar-a-Lago has drawn attention not only because of his pardon but also because of Binance’s connections to projects associated with the Trump family.
The exchange has in the past promoted World Liberty Financial’s USD1 stablecoin, which was later used to settle a $2 billion investment in the exchange by Abu Dhabi-based investment firm MGX.
While the exchanges co-CEO Richard Teng previously said the exchange did not select the payment token for the transaction, the coincidence has fueled scrutiny.
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