Nikolas Sargeant
As the U.S. crypto landscape looks to shift under a potential pro-crypto administration led by President-elect Donald Trump, major exchanges Binance and Bitget are re-evaluating their strategies for re-entering or expanding in the U.S. market.
Binance CEO Richard Teng, who took over the role in November 2023, recently told Bloomberg TV that it is "too early" to discuss whether the exchange will re-establish itself in the U.S. after its forced exit in 2023.
Although the U.S. is expected to become more crypto-friendly under the incoming administration, Teng emphasized that Binance is focused on expanding globally and capturing institutional market share. He also stated that the company is committed to building compliance into its operations as a competitive advantage, given the clearer regulatory landscape emerging worldwide. Binance.US continues to operate as a crypto-only exchange, though it is unable to transact with U.S. dollars due to ongoing legal challenges, including accusations from the SEC of selling unregistered securities.
Meanwhile, Bitget, a fast-growing exchange with a daily trading volume of around $8 billion, is also revisiting its U.S. entry strategy. CEO Gracy Chen, who recently took the helm of the company, revealed that Bitget is considering partnerships with U.S. firms to circumvent the complexities of obtaining state-based licenses and federal regulatory approval.
After initially exploring acquiring U.S. state licenses in 2022, the exchange paused its plans in the wake of the FTX collapse. However, with a pro-crypto stance likely from the new administration, Bitget is re-evaluating its options. Chen suggested that a joint venture with a local partner possessing the necessary licenses could provide a streamlined path into the U.S. market.
Both exchanges are navigating the regulatory maze and geopolitical shifts as they look to capitalize on the growing crypto market, but for now, their U.S. market strategies remain in flux as they monitor political and regulatory developments.
