Binance, the world’s largest cryptocurrency exchange by volume, is considering a strategic reshuffle to facilitate its return to the United States. Discussions reportedly include reducing Changpeng Zhao’s majority stake and forging alliances with regulated US firms to address longstanding compliance hurdles.
Sources familiar with the matter told Bloomberg that CZ’s controlling interest has been a barrier to securing state-level approvals. By diluting his ownership, Binance could meet regulatory requirements for key markets and reestablish its onshore presence.
Potential partners under consideration include asset manager BlackRock and World Liberty Financial, a DeFi platform linked to political interests. These collaborations aim to align Binance’s corporate structure with US financial oversight frameworks and mitigate policy concerns.
The conversations follow President Trump’s decision to pardon Zhao in October, a move that reignited speculation about regulatory détente. Binance’s leadership has expressed a commitment to making the US “the capital of crypto” and supporting the expansion of Web3 technologies.
Since its 2019 exit, Binance.US, operated by BAM Trading Services, has served domestic customers under a separate corporate entity. However, it lacks access to Binance’s global liquidity and derivatives offerings, prompting calls for consolidation under a unified regulatory-compliant structure.
Regulatory scrutiny of Binance intensified after SEC allegations in 2023, citing unregistered securities offerings and operational concerns. A revamped ownership model and strategic partnerships could pave the way for formal license applications and expanded product listings in the US.
Market analysts view a potential US reentry as a watershed for global exchange competition. Renewed access to US liquidity would reinforce Binance’s dominance and set a precedent for other international platforms seeking similar regulatory accommodations.
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