Catenaa, Thursday, December 25, 2025- Binance is preparing a potential comeback to the US market, exploring structural changes to Binance.US as founder Changpeng Zhao considers reducing his controlling stake, Bloomberg reported.
The move aims to address regulatory and licensing hurdles in multiple states that have hindered the exchange’s American operations.
Zhao’s previous majority ownership complicated U.S. expansion, particularly following 2023 charges over alleged anti-money laundering failures.
Though he no longer holds a formal role at Binance under a plea agreement, Zhao remains influential and has publicly supported the Trump administration’s pro-crypto policies, framing the U.S. as central to the industry’s growth.
Binance.US is currently barred in more than a dozen states and territories, with regulators historically withdrawing licenses or denying approvals.
The platform’s US trading share, once around 35%, has declined sharply amid regulatory actions.
The broader regulatory environment is shifting. The Trump administration has relaxed enforcement, dropped some lawsuits, and advanced legislation like the GENIUS Act for stablecoins.
Other crypto firms, including Kraken and Gemini, are eyeing U.S. market expansion as institutional participation grows.
Binance is also strengthening partnerships with financial firms, including talks with BlackRock on tokenized products and potential revenue-sharing, and collaboration with World Liberty Financial, linked to Trump’s family.
Internally, leadership changes have elevated co-founder Yi He to co-CEO alongside Richard Teng, signaling continuity as the company plans its U.S. strategy.
