Binance, the world’s largest cryptocurrency exchange by trading volume, is reportedly preparing a comeback to the U.S. market following the presidential pardon of its co-founder Changpeng “CZ” Zhao, according to multiple industry sources. The plan, still in discussion, could involve structural changes and new alliances to satisfy regulatory requirements and unlock growth in what remains a key global market.
Key Developments
A Dec. 17 Bloomberg report indicates that Binance is examining ways to reboot its American affiliate, Binance.US, which has lost substantial market share since regulatory charges and licensing issues pushed it to the sidelines. One option under review is a recapitalization that could dilute CZ’s majority stake, a control issue seen as a regulatory hurdle in several U.S. states.
CZ, who stepped down as Binance CEO in 2023 as part of a plea deal that resulted in a multi-billion-dollar fine and prison time for anti-money-laundering failures, was pardoned by President Donald Trump in October 2025. While he is barred from formal operations, the pardon has revitalized discussions within Binance about reestablishing a U.S. presence.
In public remarks at a recent Binance event, CZ reaffirmed his intention to support broader U.S. adoption of crypto, stating a goal to make America a central hub for digital assets even as he no longer holds an official executive role.
Strategic Partnerships and Regulatory Context
Binance is said to be exploring partnership opportunities with major U.S. firms, including asset manager BlackRock and the Trump-linked World Liberty Financial (WLFI), to strengthen its institutional footprint and address compliance concerns. Such alliances could help navigate America’s complex state-by-state licensing environment.
Those discussions come amid a broader political backdrop in which Democrats and some lawmakers have criticized the pardon and potential preferential treatment tied to political influence, while crypto proponents argue it reflects a more innovation-friendly policy environment.
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Market Impact
Binance.US once commanded roughly 35% of the U.S. crypto market, but its share has dwindled close to zero following legal setbacks and the departure of CZ from operational leadership. A successful return could inject fresh competition into U.S. crypto trading and liquidity dynamics, especially if it secures federal clarity on licensing and oversight.
Industry analysts say that reducing CZ’s stake, partnering with established financial firms, and aligning with evolving regulatory frameworks could reset Binance’s positioning and help bridge trust with U.S. regulators and institutional clients.
Conclusion
While no formal timeline has been announced, Binance’s consideration of a U.S. comeback anchored by structural adjustments, strategic partnerships, and the political shift following CZ’s pardon reflects both regulatory opportunity and ongoing challenges. How these plans unfold could influence broader crypto sector engagement with U.S. markets and policymaking.
