Binance is quietly laying the groundwork for a return to the US market, weighing structural changes to its American operations as founder Changpeng Zhao shows renewed interest in a country the exchange once retreated from, according to a Bloomberg report.
The discussions, which remain ongoing, include a possible recapitalization of Binance.US that could reduce Zhao’s controlling stake, a move seen internally as key to overcoming regulatory and licensing barriers in several states.
People familiar with the matter said Zhao’s position as a majority owner has long complicated efforts to expand, particularly after US regulators charged both him and the company in 2023 for failing to maintain effective anti-money laundering controls.
Binance.US Still Blocked in Many States as Comeback Speculation Grows
Zhao no longer holds any formal role at Binance following that plea agreement, which also restricts him from direct or indirect involvement in the company’s operations. Still, his influence remains significant.
Recently pardoned by President Donald Trump, Zhao has emerged publicly as a vocal supporter of the administration’s pro-crypto stance and has repeatedly described the US as central to the industry’s future.
Speaking earlier this month at Binance Blockchain Week, he said it was his “full intention to help make America the capital of crypto,” calling the country an “emerging land” for the exchange after years of retrenchment.
Binance has rejected claims that its global business is behind a planned return to the US market, saying the two entities operate independently and do not share control.
Binance.US did not respond to requests for comment. Neither did Changpeng Zhao, the company’s founder, nor current CEO Richard Teng.
Talk of a possible comeback follows a steep decline for Binance.US, which was once a major player in the American crypto market. Changpeng Zhao previously said the platform controlled about 35% of US trading volume at its peak before a wave of regulatory actions dramatically reduced its presence.
State regulators moved against the exchange on multiple fronts as several states withdrew its licenses, while others, including New York, never granted approval for it to operate.
As a result, Binance.US is still blocked from doing business in more than a dozen states and US territories.
Why Crypto Firms Are Turning Their Attention Back to the U.S.
While bills aimed at clarifying crypto market structure remain stalled in Congress, the broader regulatory mood in Washington has shifted.
The Trump administration has eased enforcement pressure, dropped several high-profile lawsuits, and advanced legislation such as the GENIUS Act for stablecoins, steps that industry executives say could reshape access to the US market.
That shift is drawing other crypto firms back into focus on America. Exchanges, including Kraken and Gemini, are preparing for potential US listings, while institutional participation has accelerated through spot Bitcoin ETFs.
For global exchanges, the combination of regulatory clarity, institutional acceptance, and the size of the US market has become increasingly difficult to ignore.
Binance Quietly Expands Partnerships With Major Financial Players
Binance has also been strengthening ties with established financial players.
According to people familiar with the matter, the exchange has discussed deeper collaboration with BlackRock, which already offers a tokenized money-market fund used as collateral on Binance.
Talks have included additional products and possible revenue-sharing arrangements, though BlackRock declined to comment.
At the same time, Binance has moved closer to World Liberty Financial, a crypto venture linked to Trump’s family.
Internally, Binance has reshuffled leadership to emphasize continuity. Co-founder Yi He, Zhao’s partner, was promoted to co-CEO alongside Teng and has taken on a more visible public role.
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