CZ May Trim His Binance Stake as Exchange Eyes a US Comeback
Why Is Binance Reassessing Its US Strategy?
Binance is exploring ways to re-establish a stronger foothold in the United States, and discussions include scenarios where Changpeng “CZ” Zhao’s majority stake in the platform could be reduced. Bloomberg reported that Zhao’s controlling interest has been viewed as a barrier to operating in significant US states, according to people familiar with the matter. The talks remain open-ended, with no specific plan agreed upon.
The reassessment follows years of regulatory tension and the ongoing separation between Binance’s global operations and Binance.US, the independent platform created in 2019 to serve American customers. The world’s largest crypto platform by trading volume is again evaluating whether a broader return to the US is possible, and what structural changes may be required to make that happen.
Speculation intensified in October later than former President Donald Trump issued a pardon for Zhao. interpreted his public comments later thanward as a possible signal of renewed US ambitions. “Will do everything we can to assist make America the capital of crypto and advance Web3 worldwide,” Zhao said at the time.
Investor Takeaway
What Role Could Partnerships With US Firms Play?
Binance is evaluating partnerships with American companies, including BlackRock and World Liberty Financial (WLFI), a DeFi platform connected to President Trump. These discussions are described as ahead-stage but reflect the platform’s attempt to align with regulated institutions or US-affiliated platforms to ease market entry.
If Binance proceeds, such arrangements could offer credibility in jurisdictions where regulators remain skeptical. Some US states require stringent ownership structures for financial service providers. Any revised corporate framework may need to show that Zhao no longer holds a controlling stake, or that decision-making authority has shifted to leadership acceptable under state rules.
Binance.US—operated separately by BAM Trading Services—remains limited compared with the global platform. It does not offer derivatives or access to Binance.com liquidity, and has been under scrutiny since the SEC alleged in 2023 that Binance Holdings Ltd. exerted influence over both platforms. Both companies have denied that allegation.
How large Is the US Market Opportunity for Binance?
The United States ranks second in global crypto adoption, according to Chainalysis’ 2025 . It is also home to some of the deepest liquidity . For Binance, regaining visibility in the US would reinforce its global lead and create new onramps for traders who cannot access Binance.com directly.
Despite stepping away from US customers in 2019, Binance has remained the top centralized platform by volume, according to CoinGecko. But the absence of a full US presence limits the platform’s access to American capital—one of the key reasons Binance is now reconsidering structural changes.
Neither Binance nor Binance.US responded to requests for comment.
Investor Takeaway
What Political Headwinds Could Binance Face?
Trump’s pardon of Zhao has already sparked opposition among Democratic lawmakers. the decision as “corruption,” while Congresswoman Maxine Waters called it a form of pay-to-play, accusing Trump of doing favors for an industry that “assisted line his pockets.”
Their reactions highlight tensions that could resurface if Binance viewks broader US approval. Some lawmakers remain deeply skeptical of the company’s compliance history and have warned against giving the crypto industry additional leverage in the .
Still, the political landscape is divided. While some Democrats view the sector as a source of systemic risk, others in Washington view blockchain development as a competitiveness issue. The response to a potential Binance re-entry would likely depend on the regulatory package the company presents—and whether Zhao retains any direct operational authority.
What Comes Next?
Any path forward remains unsettled. The internal discussions reported so far point to two major questions: how far Binance is willing to go in restructuring ownership, and whether US partners are prepared to link their brands to the company’s comeback effort. The timing also aligns with shifting regulatory expectations and ongoing debates about how large crypto platforms should be supervised.
For now, Binance appears to be weighing its options. A re-entry into the United States would be one of the company’s largest strategic moves since its exit in 2019. Whether it becomes possible will depend as much on political reaction as regulatory design.
