In a strategic pivot amid a thawing regulatory landscape, Binance, the world's largest cryptocurrency exchange, is charting a path back to the lucrative US market. Sources indicate that the company is contemplating a relaunch of its American arm, Binance.US, through recapitalization efforts that could dilute founder Changpeng Zhao's (CZ) controlling stake - a move aimed at securing elusive licenses in key states.
This development comes as the crypto industry rides a wave of optimism under the Trump administration, but with looming risks tied to political shifts and stalled federal legislation.
The Roadblock: CZ's Ownership and Regulatory Hurdles
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CZ's majority ownership in Binance.US has long been a thorn in the side of regulators, particularly in states with stringent licensing requirements. Despite his pardon by President Trump in October 2025, which cleared personal legal barriers, his stake continues to hinder approvals.
Recapitalization could involve injecting fresh capital and potentially onboarding new investors, reducing CZ's influence to appease state authorities. This isn't just about compliance; it's about tapping into the US, ranked second globally in crypto adoption according to Chainalysis' 2025 Global Crypto Adoption Index, which boasts immense liquidity potential.
Binance's global dominance - commanding around 50% of the spot market share and recording $1.17 trillion in trading volume for 2025 - underscores the stakes. A successful US re-entry could integrate this liquidity with global flows, but failure to address ownership issues might keep Binance.US sidelined in major markets like New York and California.
Strategic Overhaul: Embracing Wall Street and Political Ties
Binance's new playbook emphasizes integration with traditional finance and leveraging political goodwill. The exchange is in discussions with BlackRock, the asset management giant and issuer of the largest Bitcoin ETF, for deeper collaborations.
These talks include developing joint products, such as using BlackRock's tokenized money-market fund as collateral, and exploring revenue-sharing models. BlackRock's expertise could help Binance navigate US regulations while blending crypto with conventional investment vehicles.
Politically, Binance is aligning with World Liberty Financial (WLFI), a DeFi platform linked to the Trump family. Recent moves include expanding access to WLFI's USD1 stablecoin with fee-free trading pairs, signaling a strategic courtship of pro-crypto policymakers.
This partnership could capitalize on the administration's favorable stance, especially after CZ publicly vowed in October 2025 to make America the "capital of crypto."
Leadership Shake-Up: Yi He Steps into the Spotlight
Internally, Binance has fortified its executive team to drive this expansion. In a notable reshuffle, co-founder Yi He - CZ's long-term partner and mother of his three children - was elevated to co-CEO alongside Richard Teng in early December 2025.
Yi, who co-founded Binance in 2017, has been instrumental in shaping the company's user-focused strategy and culture.
Her promotion emphasizes continuity and innovation, with Teng, a former regulator from Singapore and the UAE, handling compliance and outreach. This duo brings complementary skills: Yi's insider perspective and Teng's regulatory acumen, positioning Binance to rebuild trust in the US.
Looming Risks: Regulatory Volatility and Political Winds
Despite the momentum, Binance's US ambitions face significant headwinds. The favorable regulatory climate under Trump could shift dramatically after the 2026 midterm elections, potentially empowering Democrats who have historically been more skeptical of crypto giants.
A key federal crypto regulation bill remains stalled in Congress, leaving a patchwork of state laws that could prove hostile in Democrat-led jurisdictions.
Moreover, while the GENIUS Act and other 2025 reforms have eased some barriers, broader clarity on market structure - such as the proposed CLARITY Act - is pending. If progress falters, Binance's efforts could stall, echoing past retreats from the US in 2019 amid scrutiny.
Outlook: A High-Stakes Gamble for Crypto's Giant
Binance's push to reclaim US ground reflects the industry's maturation, blending global reach with local compliance. Success could solidify its dominance, but it hinges on deft navigation of ownership, partnerships, and politics.
As CZ transitions from exile to advocate, the exchange's moves will be closely watched - potentially reshaping the US crypto landscape or underscoring the perils of regulatory roulette. With trading volumes soaring and institutional interest peaking, 2026 could be Binance's make-or-break year in America.
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Author: Slava Vasipenok
Founder and CEO of QUASA (quasa.io) - Daily insights on Web3, AI, Crypto, and Freelance. Stay updated on finance, technology trends, and creator tools - with sources and real value.
Innovative entrepreneur with over 20 years of experience in IT, fintech, and blockchain. Specializes in decentralized solutions for freelancing, helping to overcome the barriers of traditional finance, especially in developing regions.
This is not financial or investment advice. Always do your own research (DYOR).
