Changpeng “CZ” Zhao is back on top, talking up President Donald Trump’s crypto stance and pointing directly at the US as the center of where this whole industry goes next.
As you should know, CZ was pardoned by Trump in October, and even though he has no position at the exchange, his voice is loud enough that everyone can see he still plays a major role in shaping where the company goes.
Binance is now studying how to reboot Binance.US, and the idea on the table includes a recapitalization that may cut CZ’s majority stake. Sources say his large stake is blocking access to key states, and talks around this plan are still shifting.
He told the crowd at Binance Blockchain Week, “It is my full intention to help make America the capital of crypto,” calling the country “an emerging land for us.” He also watched from the front row as Yi He, his co-founder and partner, spoke on stage and said he had “retired,” even though he was clearly active at the event.
Navigating restrictions and planning a US comeback
The company knows that a real push inside the US means fighting through different state licensing rules or hoping that Congress finally creates a federal system.
CZ signed a plea deal in 2023 for failing to maintain an effective anti-money laundering program at Binance, and that deal blocks him from any direct or indirect involvement in the company’s operations.
The global exchange itself pleaded guilty to federal charges and agreed to pay billions in fines. Nobody has given a clear answer on how much Trump’s pardon affects the restrictions in that plea, but everyone sees the political shift happening in Washington.
Since regulators charged CZ and the exchange two years ago, Binance.US has been sinking. CZ told the crowd in December that the platform once held 35% of the US market, and now that number is basically zero.
He said, “When I stepped down as Binance CEO, I actually cried. It took me a little bit to get over it.” Several states have revoked Binance.US licenses, and others like New York refused to issue one at all.
A market-structure bill sitting in Congress could create a national licensing system. Supporters of the bill argue that it would change the landscape for companies like Binance, but the bill is stuck because lawmakers cannot agree on the final text.
Some thought it would pass by year-end. Now, nobody is sure it will even reach a vote. Chris Hayes from Thorn Run Partners said, “Compromise text that can be reached that satisfies both parties’ political interests, as well as the traditional finance and crypto industries will be challenging,” though he still thinks the bill has a strong chance.
Building alliances and reshuffling leadership
Sources say Binance has looked at buying some or all of CZ’s stake to install new leadership and unlock new strategies in the US. The pressure to act is real.
If Democrats gain power next year in midterm elections or retake the White House later on, the warm climate the company enjoys right now could shift fast. Lobbyists in Washington already think the tide may be turning.
At the same time, Binance is trying to strengthen ties with BlackRock.The asset manager has a tokenized money-market fund that institutions can use to back trades on Binance, and both sides have discussed deeper products and revenue-sharing ideas.
The exchange has also been getting closer to World Liberty Financial, a crypto group linked to Trump family members. Some of these moves started before the pardon, but they show how Binance is adjusting to the political moment.
Inside the company, leadership is shifting again. Binance promoted Yi He to co-CEO with Teng. She has become the face of the company, leading events, shaping plans, and restarting the growth story.
Her role makes it harder for the company to show that CZ is distant, especially since he still has a $36 billion fortune tied to Binance, according to Bloomberg Billionaires Index.
People watching the company expect it to go hard once it enters the US again. Binance has a history of grabbing market share using zero-fee or low-fee trading. That approach rattles rivals like Coinbase. But the comeback will not be fast.
Binance.US is blocked from operating in more than a dozen states, including New York, and it’ll be a big challenge for them to get money-transmitter licenses.
But it sure will be interesting to watch the biggest exchange on earth go band-for-band with Coinbase on Wall Street.
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