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Binance is discussing a possible reshuffle of ownership as it seeks a path back into the United States. The talks focus on reducing co-founder Changpeng “CZ” Zhao’s controlling stake. People familiar with the matter say the discussions remain early and fluid. Still, they reflect how critical US access remains to Binance’s long-term strategy.
According to Bloomberg, Zhao’s majority ownership has limited expansion in key states. US regulators closely examine control, governance, and compliance when granting licenses. The exchange understands that reentering the US requires navigating state-by-state rules. It also depends on whether Congress creates a federal licensing framework.
Could a change in ownership reopen doors that regulation has kept closed?
Zhao signed a plea deal in 2023 after admitting failures in Binance’s anti-money laundering program. That agreement bars him from any direct or indirect role in company operations. Binance also pleaded guilty to federal charges and agreed to pay billions in penalties. No clear guidance exists on how a Trump pardon affects those restrictions.
Meanwhile, political dynamics in Washington continue to shift. Industry participants monitor whether enforcement priorities may change under new leadership. Since charges emerged two years ago, Binance.US has steadily lost ground. Zhao said the platform once held 35% of the US market but now holds nearly none.
Several states revoked Binance. US licenses. Others, including New York, never approved. These actions sharply limited operations nationwide.
A market-structure bill in Congress could introduce a national licensing system. Supporters say it would reshape access for crypto exchanges operating nationwide, while lawmakers remain divided on the final language. Some expected passage by year-end, yet, whether the bill will reach a vote remains uncertain.
Chris Hayes of Thorn Run Partners explained how compromise is difficult, still, he believes the bill retains a strong chance of eventual passage. Alongside legislative hopes, Binance is exploring US-based partnerships. Reported candidates include BlackRock and World Liberty Financial, both of which are linked to President Donald Trump.
Such partnerships could align Binance with established institutions. They may also signal a renewed effort to meet US regulatory expectations.
Binance has adjusted its leadership structure during this period. The company promoted Yi He to co-CEO alongside Richard Teng. Yi He now leads public events and growth planning. Her visibility complicates efforts to distance the company from Zhao’s influence.
Bloomberg estimates Zhao’s fortune at $36 billion, primarily tied to Binance. That connection continues to draw regulatory attention. Binance.US operates as a standalone platform run by BAM Trading Services. It does not offer derivatives or share liquidity with the global exchange.
The platform remains blocked in over a dozen states. Securing money-transmitter licenses will take time and regulatory approval.
Also Read: Binance Launches $5M Reward Program to Fight Fraudulent Listing Agents
Binance is weighing changes to its ownership structure and US partnerships to overcome regulatory barriers and rebuild its American presence. Legal limits on Changpeng Zhao and stalled federal legislation continue to shape the path forward. The outcome may determine how quickly Binance.US can compete again in the US market.
