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Binance, the world’s largest crypto exchange by volume, is weighing structural changes to revive its US presence via Binance.US, including a potential reduction in founder Changpeng “CZ” Zhao’s majority stake, according to a Bloomberg report on December 17, 2025.
Sources say Zhao’s controlling ownership has hindered licensing in key states. A recapitalization could dilute his holdings, easing regulatory hurdles amid a more favorable political climate post-Trump’s October pardon of Zhao. Discussions remain fluid, with no final decisions.
Binance is also pursuing partnerships to bolster credibility. Talks with BlackRock focus on expanding beyond current integration—where the asset manager’s tokenized money-market fund (BUIDL) serves as institutional collateral on Binance—potentially including new products and revenue-sharing. BlackRock declined comment.
Additionally, Binance has deepened ties with World Liberty Financial (WLFI), a DeFi platform linked to the Trump family, by listing its USD1 stablecoin and adding fee-free trading pairs.
Once dominant in the US (peaking at ~35% market share), Binance.US has near-zero presence after 2023 regulatory actions and a $4.3B settlement. The US ranks second in global crypto adoption (Chainalysis 2025 index), offering vast liquidity.
Leadership shifts underscore continuity: Co-founder Yi He was elevated to co-CEO alongside Richard Teng. Zhao, barred from operations but influential, has praised Trump’s pro-crypto stance.
Challenges persist, including Democratic opposition to Zhao’s pardon and evolving regulations. Success hinges on compliance and transparency. If realized, these moves could reshape competition, blending TradFi and crypto while leveraging institutional and political alignments.
