Binance Plans a Comeback in the U.S.: CZ May Reduce Stake and Pursue Trump and BlackRock Deals

Binance is preparing to re-enter the U.S. market by evaluating potential structural changes to its operations in America. According to a Bloomberg report, founder Changpeng Zhao (CZ) is reconsidering his controlling stake in Binance.US to address regulatory challenges. Despite regulatory hurdles, Zhao has expressed his commitment to making the U.S. a significant hub for cryptocurrency.

Key Takeaways

Binance is planning a return to the U.S. market, focusing on restructuring its American operations.
Changpeng Zhao may reduce his stake in Binance.US to navigate regulatory challenges more effectively.
The U.S. crypto regulatory climate is shifting, potentially benefiting companies like Binance.
Collaborations with financial giants like BlackRock and ties with Trump's administration are part of Binance's strategy.
Binance.US is currently restricted from operating in many U.S. states.

Binance's Quiet Preparations for U.S. Market Return

Binance is quietly shaping its strategy to make a comeback in the U.S. This involves assessing structural changes within its American operations, as founder Changpeng Zhao shows a renewed interest in the market the exchange previously exited, according to a report by Bloomberg.

The discussions around the potential recapitalization of Binance.US could result in Zhao reducing his controlling stake, an important step viewed internally as critical for overcoming regulatory hurdles in various states.

Sources familiar with the situation indicated that Zhao's majority ownership has long been a barrier to expansion, particularly after U.S. regulators charged him and the company in 2023 for inadequately maintaining anti-money laundering controls.

Binance.US Faces Regulatory Challenges Amid Comeback Speculation

Zhao no longer has a formal role at Binance following a plea agreement, limiting his direct involvement in the company. Nevertheless, his influence remains significant. Recently pardoned by President Donald Trump, Zhao has taken a public stance in support of the administration’s pro-crypto policies, emphasizing the importance of the U.S. for the future of the industry.

During Binance Blockchain Week earlier this month, Zhao expressed his “full intention to help make America the capital of crypto,” describing the U.S. as an “emerging land” for the exchange after years of withdrawal.

Binance has denied claims that its global operations are pushing for a return to the U.S. market, insisting that the two branches operate independently without shared control.

Requests for comments from Binance.US, Changpeng Zhao, and current CEO Richard Teng went unanswered.

The speculation about a possible comeback comes after a significant decline in Binance.US’s operations, which was once a major player in the American crypto landscape. Zhao previously stated that the platform controlled about 35% of U.S. trading volume at its height, but a series of regulatory actions sharply decreased its market presence.

Various state regulators have taken action against the exchange, leading to the revocation of licenses in several states, while others, such as New York, never approved its operation. Consequently, Binance.US remains barred from operating in more than a dozen states and territories in the U.S.

A Shifting Crypto Regulatory Landscape

While efforts to clarify the crypto market structure are currently stalled in Congress, the overall regulatory mood in Washington is evolving. The Trump administration has relaxed enforcement pressure, dismissed several notable lawsuits, and moved forward with initiatives like the GENIUS Act for stablecoins. Executives in the industry believe these changes could reshape access to the U.S. market.

This evolving climate is prompting other crypto firms to refocus on the U.S. market. Exchanges like Kraken and Gemini are preparing for potential listings in the country, while institutional participation has surged through spot Bitcoin ETFs.

As regulatory clarity, institutional acceptance, and the attractiveness of the U.S. market grow, it becomes increasingly challenging for global exchanges to overlook these opportunities.

Strengthening Partnerships with Major Financial Entities

Alongside these developments, Binance is enhancing its partnerships with established financial institutions. Reports suggest that the exchange is exploring deeper collaborations with BlackRock, which already offers a tokenized money-market fund used as collateral on Binance. Discussions have included the potential introduction of additional products and revenue-sharing agreements, although BlackRock has chosen not to comment.

Simultaneously, Binance is also strengthening its ties with World Liberty Financial, a crypto venture associated with Trump’s family. To support continuity within the company, Binance has restructured its leadership, promoting co-founder Yi He to co-CEO alongside Teng, allowing her to take on a more prominent public role.