Richard Teng, co-CEO of Binance, during the DC Blockchain Summit in Washington, March 26, 2025. Bloomberg | Bloomberg | Getty Images
Ripple's CEO predicted Binance would reenter the U.S., as the cryptocurrency exchange's co-CEO said it would adopt a "wait-and-see" approach. Binance, the world's largest crypto exchange, exited the U.S. in 2023 as part of a deal in which then-CEO Changpeng Zhao pleaded guilty to criminal charges over the failure to prevent money laundering on the exchange as part of a $4.3 billion settlement with the Department of Justice. Zhao was pardoned by President Donald Trump in October. A Bloomberg report in December said the company was mulling reentering the U.S. market.
Former Binance CEO Changpeng Zhao, center, departs federal court in Seattle on April 30, 2024. Jason Redmond | AFP | Getty Images
In an interview with CNBC in Davos on Tuesday, Binance's co-CEO, Richard Teng, said it was taking a "wait-and-see" approach to reentering the U.S., which he called "a very important marketplace." Shortly after, in a separate interview with CNBC, Brad Garlinghouse, the CEO of blockchain company Ripple, predicted it would happen. "It's a very large market, and ... not that many years ago, they were a material player," he said of Binance. "I think they'll come back because they're a capitalistic, innovative company that wants to solve ... larger markets and continue to grow," Garlinghouse added. Garlinghouse said Binance's reentry would increase competition and bring more people into the market. "I think it will actually have the positive impact of bringing more people into the market, in part because it'll reduce pricing," Garlinghouse said. "Today their [Binance] pricing is lower on a global basis than what we see here in the U.S."
Crypto industry clash over new regulation