Binance, the world’s largest cryptocurrency exchange by trading volume, is exploring strategic options that could reshape its ownership structure as it looks to deepen its presence in the United States. The discussions include a possible reduction of cofounder Changpeng Zhao’s controlling stake, a move that sources say could help the company overcome regulatory and political barriers in key US states.
According to Bloomberg, Zhao’s majority ownership has been viewed internally as a significant obstacle to expansion in strategically important US markets. While no final decision has been made, people familiar with the matter say the situation remains fluid, with multiple options under consideration. Binance has not publicly confirmed any change in ownership plans.
The company is also said to be exploring partnerships with US based firms as part of its broader strategy. These discussions reportedly include asset manager BlackRock and decentralized finance platform World Liberty Financial, which has links to US President Donald Trump. Any such partnerships would be aimed at strengthening Binance’s operational and regulatory standing in the country.
Speculation around Binance returning more actively to the US gained momentum in October, following Trump’s pardon of Zhao. The move sparked industry discussion and renewed attention on Binance’s long term plans in the world’s largest financial market. In a post following the pardon, Zhao said he would do everything possible to help make America the capital of crypto and advance Web3 globally.
Binance and the regulatory backdrop in the US
Binance exited the US retail market in June 2019, announcing that it would stop serving American customers. A separate entity, Binance.US, operated by BAM Trading Services, was later established to provide crypto services designed to comply with US regulations. Unlike the global platform, Binance.US does not offer crypto derivatives and does not have access to the broader Binance liquidity pool.
In 2023, the US Securities and Exchange Commission alleged that Binance Holdings Ltd. effectively operated both Binance.com and BAM Trading Services. Binance has disputed aspects of the allegations, while Binance.US continues to function as a separate exchange with a more limited product offering.
The United States remains a critical market for global crypto firms. According to Chainalysis’ 2025 Global Crypto Adoption Index, the US ranks second worldwide in crypto adoption. Access to US liquidity would be strategically valuable for Binance, especially as competition among exchanges intensifies.
However, Zhao’s pardon has drawn criticism from several Democratic lawmakers, highlighting ongoing political resistance to parts of the crypto industry. Massachusetts Senator Elizabeth Warren described the pardon as corruption, while California Congresswoman Maxine Waters called it a pay to play move that favored crypto interests. These reactions underscore the regulatory and political challenges Binance could face if it seeks a larger role in the US market.
While Binance and Binance.US declined to comment to Cointelegraph, the discussions reflect a broader effort by Binance to navigate regulatory scrutiny while positioning itself for growth. Any reduction in Zhao’s stake or new partnerships would likely be designed to address governance concerns and rebuild trust with US regulators.
As Binance continues to assess its options, the outcome could have lasting implications for how the exchange operates in the US and how global crypto firms adapt to evolving regulatory expectations.
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