Changpeng “CZ” Zhao is back at the top, defending President Donald Trump’s stance on cryptocurrencies and pointing directly to the United States as the next center for the entire industry to move forward.
As you may know, CZ was pardoned by Trump in October, and even though he holds no position at the exchange, his voice is loud enough for everyone to know that he still plays a key role in shaping the direction of the company.
Binance is currently considering ways to relaunch Binance.US, and ideas under consideration include a possible recapitalization that could reduce CZ’s majority stake. Mr. Trump’s huge interests block his access to key states, and talks over the plan remain in flux, people familiar with the matter said.
“My heart is to help make America the capital of crypto,” he told the Binance Blockchain Week audience, calling the country “an emerging land for us.” He also had a front row seat to watch as his co-founder and partner Yi He spoke on stage and said he was “retired” despite being clearly active at the event.
Plan to return to the U.S. despite restrictions
The company understands that a real push in the U.S. means navigating various state licensing rules or hoping that Congress eventually creates a federal system.
CZ signed a plea agreement in 2023 for failing to maintain an effective anti-money laundering program at Binance, which would prevent him from being directly or indirectly involved in the company’s operations.
Global Exchange itself has pleaded guilty to federal charges and agreed to pay billions of dollars in fines. No one has a clear answer as to how much President Trump’s pardons will affect the limits on that petition, but everyone can see a political shift taking place in Washington.
Binance.US has continued to sink since regulators brought charges against CZ and the exchange two years ago. CZ told an audience in December that the platform once accounted for 35% of the U.S. market, but now that number is essentially zero.
Source: BTC Inc., Bitcoin MENA 2025
“When I stepped down as CEO of Binance, I actually cried. It took me a while to recover,” he said. Several states have revoked Binance.US’s license, and others, such as New York, have refused to issue a license at all.
A national licensing system could be created if the Market Structure Bill is submitted to Parliament. Supporters of the bill say it would be a game-changer for companies like Binance, but it has stalled as lawmakers cannot agree on the final language.
Some thought it would be over by the end of the year. Currently, no one is sure whether it will reach a vote. “It will be difficult to find a compromise that satisfies the political interests of both parties, as well as the traditional financial and crypto industries,” said Chris Hayes of Thorn Run Partners, but said he still thinks the bill has a good chance of passing.
Building alliances and realigning leadership
Binance is considering buying some or all of CZ shares to establish new leadership in the U.S. and unlock new strategies, according to people familiar with the matter. The pressure to act is real.
The warm weather the company currently enjoys could change quickly if Democrats take control in next year’s midterm elections or later retake the White House. Washington lobbyists think the tide may already be turning.
At the same time, Binance is looking to strengthen its relationship with BlackRock. The asset management company has a tokenized money market fund that institutional investors can use to back their trades on Binance, and the two sides have been discussing deeper products and revenue sharing ideas.
The exchange is also approaching World Liberty Financial, a crypto group with ties to the Trump family. Although some of these moves began before the pardon, they are indicative of how Binance is adapting to the political landscape.
Leadership is changing again within the company. Binance promoted Yi He to co-CEO with Teng. She became the face of the company, leading events, developing plans, and restarting its growth story.
Her role makes it difficult for the company to show that CZ is far away, especially since he still has $36 billion in assets tied to Binance, according to the Bloomberg Billionaires Index.
Those watching the company predict it will be in trouble if it re-enters the United States. Binance has a history of leveraging zero- or low-fee trading to gain market share. This approach scares rivals like Coinbase. However, his return won’t be quick.
Binance.US is banned from doing business in more than a dozen states, including New York, and obtaining a money transfer license will be a major challenge.
But it would certainly be interesting to see the largest exchange on the planet go toe-to-toe with Wall Street’s Coinbase.
