Binance Explores US Return as CZ’s Majority Stake Faces Scrutiny

Binance is exploring new strategies to boost its foothold in the US, and one of them is a scenario where Changpeng Zhao’s (CZ) majority stake in the exchange could be reduced, according to a recent report by Bloomberg.

The report added that Zhao’s controlling interest has been viewed as a barrier to operation in important US states, citing insiders familiar with the matter. The talks remain open-ended, but there is still no specific plan or definitive strategy on how to move forward.

Interestingly, this reassessment comes after years of regulatory tensions and the ongoing separation between Binance’s main platform and Binance.US – the independent branch of the exchange dedicated to American crypto users, which was launched in 2019.

At the time, Binance launched a US-dedicated version of its exchange due to a specific set of rules in the country, which would require it to considerably change its main platform if it was to offer services to US customers.

Now, however, the world’s largest exchange by volume is once again evaluating whether a broader return to the US might be possible, and what structural and other changes might be required to make it happen.

Speculation was high earlier this year, in October, after US President Donald Trump decided to pardon Zhao. At the time, Zhao said that he wishes to help make America the capital of crypto and advance Web3 worldwide, which some have taken as hints of renewed US ambitions for the exchange.

Binance Might Be Considering Ways To Enter US Market

Internally, Binance is now evaluating partnerships with US firms such as BlackRock and World Liberty Financial, a DeFi platform with strong ties to the Trump family. These discussions are described as early-stage, but they suggest that the exchange is attempting to align with regulated institutions or US-affiliated platforms to enable and ease market entry.

If the exchange decides to proceed with this plan, such arrangements might offer credibility in jurisdictions where regulators remain skeptical, as some US states require stringent ownership structures for financial service providers.

Any revised corporate framework would likely have to prove that CZ is no longer holding a controlling stake, or that decision-making authority has moved to leadership that would be acceptable under state rules.

Meanwhile, Binance.US remains limited in comparison with the global exchange, unable to offer derivatives or access to the main platform’s liquidity. Not to mention that it has been under scrutiny ever since 2023, when the SEC claimed that Binance Holdings Ltd. exerted influence over both platforms.