Binance (CRYPTO: BNB) is reassessing its U.S. strategy as co-founder Changpeng Zhao re-enters the public spotlight following a presidential pardon, signaling renewed interest in an American market the exchange once dominated.
Zhao Signals Renewed Focus On U.S. Crypto Market
Zhao, who no longer holds any formal role at Binance, has increasingly praised President Donald Trump's approach to digital assets and described the U.S. as central to the industry's future.
Speaking earlier this month at Binance Blockchain Week, Zhao said it was his "full intention to help make America the capital of crypto," calling the country "an emerging land" for the sector.
Although barred from operational involvement under a 2023 plea agreement tied to anti-money laundering failures, Zhao remains a controlling shareholder and influential figure.
That ownership stake has complicated Binance's ability to expand in several U.S. states, people familiar with the matter said, according to Bloomberg.
Binance Explores Options To Revive Binance.US
Binance has discussed potential steps to reboot its U.S. affiliate, Binance.US, including a recapitalization that could dilute Zhao's majority stake.
The talks remain preliminary, and no final decisions have been made.
Binance said it could not comment on speculative scenarios, adding that such reports do not reflect confirmed facts.
Leadership Changes Add To Scrutiny
The exchange recently promoted co-founder Yi He to co-CEO alongside Richard Teng.
Yi He, who has become the public face of Binance in recent months, described Zhao as "retired" during the company's flagship event, though he remained prominently visible.
Her expanded role has raised questions among some observers about how effectively Binance can distance itself from Zhao as it attempts to navigate U.S. regulatory hurdles.
Regulatory Barriers And Political Timing
Binance.US has lost access to several state licenses since U.S. authorities charged the company and Zhao in 2023.
At one point, Zhao said Binance.US held roughly 35% market share, a figure that has since fallen sharply.
Supporters argue that pending market-structure legislation could introduce a federal licensing framework that would reshape the landscape for crypto exchanges.
However, the bill has stalled amid political disagreements, and its future remains uncertain.
Wall Street Ties And Strategic Positioning
Binance has also sought closer relationships with established U.S. financial institutions, including BlackRock Inc. (NYSE:BLK), which offers a tokenized money-market fund used by institutional clients trading on Binance.
The firms have discussed deeper collaboration, though BlackRock declined to comment.
Separately, Binance has strengthened ties with World Liberty Financial Inc. (CRYPTO: WLFI), a crypto venture linked to Trump family members, underscoring how the exchange is repositioning itself amid a more favorable political environment.
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