Binance, the world's largest cryptocurrency exchange, is reportedly considering a new strategy for its U.S. operations, potentially involving a reduction in founder Changpeng Zhao's (CZ) ownership stake. This move comes as the company seeks to navigate the complex regulatory landscape in the United States and improve its standing with authorities.
CZ's continued influence and majority stake in Binance.US has been viewed as an impediment to the company's expansion efforts in the U.S.. Executives at Binance.US reportedly fear that CZ's majority ownership could hinder the company's ability to obtain necessary regulatory licenses. The exchange has faced intense scrutiny from U.S. regulators, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
In 2023, the SEC sued Binance and Zhao, accusing the exchange of artificially inflating trading volumes, diverting customer funds, and misleading investors about its surveillance controls. Binance was also accused of unlawfully facilitating the trading of cryptocurrency tokens that the SEC believed should have been registered as securities. Separately, the CFTC filed a lawsuit against Binance and CZ, alleging violations of trading and derivatives regulations and accusing the exchange of operating an "illegal" and "sham" compliance program.
Adding to these challenges, Binance pleaded guilty in November 2023 to federal charges of money laundering, unlicensed money transmitting, and sanctions violations. As part of the plea agreement, the company agreed to pay $4.3 billion in fines, and CZ stepped down as CEO, paying a $50 million fine. Richard Teng succeeded Zhao as CEO. Despite stepping down as CEO, Zhao has maintained his ownership stake in Binance.
However, in October 2025, CZ received a pardon from U.S. President Donald Trump, which has seemingly rekindled enthusiasm for a potential return to the U.S. market. CZ himself has alluded to the importance of the U.S. market, stating his intention to "help make America the capital of crypto".
Binance is now exploring various options to relaunch Binance.US, including a potential recapitalization that could involve CZ relinquishing his controlling stake. While Zhao holds no official role at Binance, he remains an influential voice, and his recent comments suggest a renewed focus on the U.S. market.
Binance's potential U.S. comeback aligns with broader trends in the cryptocurrency industry, as platforms adapt to localized regulatory demands and seek to rebuild trust with institutional clients. The exchange has implemented stricter financial controls and compliance mechanisms. The U.S. regulatory environment is also evolving, with the FDIC expected to propose stablecoin regulations and the GENIUS Act advancing a more supportive policy framework. These developments could facilitate mainstream crypto adoption and create a more predictable environment for Binance and other crypto companies.
Binance has maintained a commitment to compliance and risk management. Binance.US is registered as a Money Services Business (MSB) and maintains Anti-Money Laundering (AML) policies and controls. The exchange also utilizes technologies and analytics to screen data against sanctions watchlists and perform screenings for politically exposed persons.
