Cryptocurrency exchange Binance is evaluating plans to revive its U.S. subsidiary, Binance.US, including a recapitalization that would lower founder Changpeng Zhao’s ownership stake, a move aimed at resolving long-standing regulatory barriers tied to his control.
Discussions remain preliminary and no final decision has been made, Bloomberg reported.
Yellow.com has reached out to Binance CEO Richard Teng for a comment.
CZ’s Ownership Remains The Central Roadblock
Zhao’s status as a controlling shareholder has prevented Binance.US from operating in multiple U.S. states.
The issue intensified after his November 2023 guilty plea to violating U.S. anti-money-laundering laws as part of a $4.3 billion settlement with the U.S. Department of Justice.
Zhao began serving a four-month federal prison sentence in June 2024, one of the most consequential enforcement outcomes ever imposed on a crypto executive.
Under the settlement, Binance was barred from operating in the U.S. without strict oversight, while Zhao stepped down as CEO and agreed to restrictions limiting his involvement in the company’s operations.
His ownership stake has since remained one of the key obstacles to Binance.US regaining regulatory traction.
Also Read: 'Resilience, Not Narrative': Why Top Crypto Builders Expect Fundamental Overhauls In 2026
Binance’s Retreat Opened The Door For A U.S. Market Shift
Binance.US rapidly lost market share after the DOJ settlement, operational cutbacks, and state-level restrictions.
As Binance retreated, Coinbase, already the only publicly listed U.S. crypto exchange and a registered national securities exchange operator candidate, consolidated its position as the dominant American trading venue.
Coinbase’s share of U.S. spot crypto trading climbed sharply through 2024 and 2025 as institutions preferred a fully regulated counterpart following Binance’s exit from the market.
Any relaunch of Binance.US would therefore enter a significantly reshaped landscape, one where regulatory compliance, transparency, and governance have become primary competitive factors.
What A Relaunch Would Seek To Fix
A recapitalized structure that reduces CZ’s influence could address the most acute regulatory concerns, potentially reopening pathways to operate in states where the exchange has been restricted.
However, as of now, Binance faces the challenge of rebuilding credibility in the world’s most heavily regulated crypto market, while competing against a strengthened Coinbase and a tightening U.S. compliance regime.
Read Next: Why Google Is Backing Hut 8’s 245MW And Potential 2GW AI Data Center Ambition
