Binance Explores US Market Expansion as CZ May Reduce Majority Ownership

TLDR

Table of Contents

Binance is considering new strategies to strengthen its presence in the US market.
Co-founder Changpeng Zhao may reduce his controlling stake to facilitate expansion.
Binance is exploring partnerships with US firms including BlackRock and WLFI.
Binance.US operates independently and lacks access to global Binance derivatives.

The potential reshuffle could involve partnerships with US-based firms and structural changes to facilitate regulatory compliance. Conversations are ongoing, and no formal announcements have been made. The shift comes amid renewed attention on Zhao following his presidential pardon, raising questions about Binance’s future operations in the US.

Binance Considers New US Strategy

Binance, the world’s largest cryptocurrency exchange by trading volume, is exploring steps to strengthen its US presence. According to sources cited by Bloomberg, Zhao’s majority stake in the company has been a hurdle in expanding to key US states.

The exchange is reportedly in discussions about structural changes that may allow more flexibility in the US market. “The conversation is fluid,” sources said, indicating that no concrete plans have been finalized. Binance has yet to comment publicly on the potential strategy.

The company may also form partnerships with US-based firms to improve its regulatory compliance and operational reach. These steps aim to facilitate smoother access to the US market while meeting local requirements.

Partnerships Under Consideration

Reports indicate Binance is weighing alliances with asset manager BlackRock and DeFi platform World Liberty Financial (WLFI), the latter linked to former President Donald Trump. Partnerships could help Binance navigate regulatory hurdles and gain local support.

These discussions follow renewed US attention on Zhao after Trump pardoned him in October. Zhao previously stated on social media, “Will do everything we can to help make America the capital of crypto and advance Web3 worldwide.”

The partnerships would support Binance in accessing US liquidity and extending its services to American users. The move is seen as part of a broader push to re-enter the US market after Binance.US was created in 2019 to comply with local regulations.

Binance.US and Regulatory Context

Binance.US operates independently under BAM Trading Services and does not provide crypto derivatives or access to the global Binance liquidity. In 2023, the US Securities and Exchange Commission alleged that Binance Holdings operated both Binance.com and BAM Trading Services.

US regulators maintain close scrutiny over Binance’s operations. Expanding access could require structural adjustments and potential stake reductions by Zhao to satisfy local authorities. Such changes could enable Binance to compete more effectively in the highly regulated US market.

The US remains a key market, ranking second in global crypto adoption according to Chainalysis’ 2025 Global Crypto Adoption Index. Gaining traction in the US would open significant liquidity and trading opportunities for Binance.

Political and Industry Reactions

Trump’s pardon of Zhao drew criticism from several Democratic lawmakers. Massachusetts Senator Elizabeth Warren described the pardon as political favoritism benefiting the crypto industry. California Congresswoman Maxine Waters said the pardon was a form of pay-to-play and criticized the decision for benefiting private interests.

These statements indicate resistance from some lawmakers to the expansion of crypto platforms in the US. Binance’s potential return could face regulatory and political scrutiny, especially amid ongoing discussions about corporate structure and stake adjustments.

The exchange continues to monitor opportunities for growth in the US while maintaining compliance with local regulations. Zhao’s role and the company’s strategic direction remain central to the ongoing conversations.