Binance, the leading cryptocurrency exchange globally by trading volume, is contemplating a strategic restructuring to bolster its position in the US market. This could lead to a reduction in Binance co-founder Changpeng “CZ” Zhao’s majority stake in the company.
According to Bloomberg, Zhao’s controlling interest has been an impediment to the company’s expansion into critical US states. While no specific plans have been disclosed, discussions about possible actions are said to be “fluid.”
The exchange is also exploring partnerships with US firms, such as asset manager BlackRock and decentralized finance (DeFi) platform World Liberty Financial (WLFI), associated with former President Donald Trump, to enhance its presence in the nation.
Speculation about Binance’s re-entry into the US started in October following Trump’s pardon of Zhao, spurred by comments from cryptocurrency industry leaders and Zhao’s own social media remarks.
“We will do everything we can to help make America the capital of crypto and advance Web3 globally,” Zhao stated in October after receiving the pardon.
Back in June 2019, Binance announced it would cease offering services to US customers, establishing a separate entity, Binance.US, operated by BAM Trading Services, to provide compliant services to US users.
In 2023, the US Securities and Exchange Commission claimed that Binance Holdings Ltd. operated both Binance.com and BAM Trading Services.
Binance.US does not provide access to crypto derivatives or the global Binance exchange’s liquidity and functions as a completely distinct crypto exchange.
Cointelegraph attempted to contact Binance and Binance.US but did not receive a response prior to publication.
The US is regarded as a vital market for cryptocurrency exchanges and ranks second in global crypto adoption, according to Chainalysis’ 2025 Global Crypto Adoption Index. Expanding into the US would provide the world’s largest crypto exchange with access to US liquidity.
Related: Binance names co-founder Yi He co-CEO alongside Richard Teng
Several US lawmakers voice opposition to the CZ pardon and the crypto industry
Trump’s pardon of Zhao in October faced backlash from various Democratic Party lawmakers in the US, including Senator Elizabeth Warren of Massachusetts and Congresswoman Maxine Waters of California.
Waters stated that the pardon resembled a pay-to-play scheme and accused Trump of performing political favors for the crypto industry that “helped line his pockets.”
Warren, a prominent critic of the crypto sector, also denounced the pardon, labeling it as “corruption.”
The reactions reflect pockets of resistance among some Democratic lawmakers to the ongoing growth of the crypto industry in the US and may indicate potential opposition to Binance’s return to the US.
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