Binance weighs fresh US push as CZ may scale back ownership
Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly rethinking its approach to the U.S. market — a shift that could involve co-founder Changpeng “CZ” Zhao reducing his controlling stake in the company.
According to people familiar with the discussions cited by Bloomberg, Zhao’s majority ownership has been viewed internally as a significant obstacle to expanding Binance’s reach into key U.S. states. While no formal decisions have been made, sources say the conversations remain ongoing and subject to change.
As part of the potential reset, Binance is also said to be exploring partnerships with U.S.-based firms to strengthen its local presence. Those discussions reportedly include major asset manager BlackRock and decentralized finance platform World Liberty Financial (WLFI), an entity linked to U.S. President Donald Trump.
Speculation grows after CZ pardon
Talk of Binance returning to the U.S. gained momentum in October following Trump’s pardon of Zhao. The move sparked widespread speculation across the crypto industry, amplified by Zhao’s own public comments.
“Will do everything we can to help make America the capital of crypto and advance Web3 worldwide,” Zhao wrote on social media shortly after the pardon.
Binance originally exited the U.S. market in June 2019, announcing it would stop serving American customers. Shortly afterward, a separate entity — Binance.US, operated by BAM Trading Services — was created to offer crypto services designed to comply with U.S. regulations.
Despite the branding connection, Binance.US operates independently from the global Binance platform. It does not offer crypto derivatives and lacks access to Binance’s global liquidity pool.
Regulatory history still looms
In 2023, the U.S. Securities and Exchange Commission alleged that Binance Holdings Ltd. effectively controlled both Binance.com and BAM Trading Services, raising questions about the separation between the two platforms.
At the time of publication, neither Binance nor Binance.US had responded to requests for comment.
The U.S. remains one of the most strategically important markets for crypto exchanges. According to Chainalysis’ 2025 Global Crypto Adoption Index, the country ranks second worldwide in crypto adoption. Reentering the market could unlock deep pools of U.S. liquidity for Binance, reinforcing its global dominance.
Political pushback continues
Zhao’s pardon has not been without controversy. Several Democratic lawmakers criticized the decision, including Senator Elizabeth Warren of Massachusetts and Representative Maxine Waters of California.
Waters accused the Trump administration of engaging in “pay-to-play” politics, claiming the pardon benefited a crypto industry that, in her words, helped “line his pockets.” Warren, a long-time critic of digital assets, labeled the move “corruption.”
These reactions highlight ongoing resistance among some U.S. lawmakers toward the crypto industry’s expansion — a factor that could complicate any attempt by Binance to make a full return to the American market.
