Binance Reopens U.S. Strategy Talks After CZ Pardon

• Zhao’s renewed influence revives Binance.US hopes, but ownership dilution remains a hurdle
• Binance weighs US reentry timing as state licenses lag and federal clarity stalls
• Leadership optics, Trump-linked ties, and rivals raise scrutiny on any Binance return

Binance has restarted internal talks about its long-term position in the United States as Changpeng Zhao regains visibility across crypto. Zhao no longer runs day-to-day operations, but Trump’s October 23, 2025 pardon changed the backdrop for how investors and regulators read Binance’s next move. 

Recently pardoned by President Donald Trump, Zhao has signaled strong support for US crypto policy. Consequently, his comments have fueled speculation about Binance.US restarting its stalled growth. The exchange now faces a narrow window to act, while political and regulatory conditions remain uncertain.

Related: CZ Pledges to Invest $4.3B in the U.S. as “Appreciation” for Controversial Trump Pardon

Binance.US Reboot Plans Run Into Licensing and Ownership Friction

Binance.US has struggled since U.S. enforcement actions forced leadership changes and narrowed operations, and the exchange lost ground as access to payment rails and licenses tightened. Binance has looked at structural options for its U.S. unit, including a possible recapitalization that could change ownership optics regulators have flagged in the past. 

State-by-state licensing still slows any national rollout, and New York remains a gating market for credibility even when volumes sit elsewhere. Binance has to decide whether it pushes forward under today’s patchwork rules or waits for clearer federal guardrails that Congress has not delivered yet. 

Related: CZ-Backed YZi Labs Launches Hostile Takeover of CEA Industries After 90% Stock Collapse

Leadership Optics Matter as Binance Tries to Look U.S.-Ready

Binance recently elevated Yi He to co-CEO alongside Richard Teng. The company framed the move as continuity during a sensitive period. Additionally, Yi He has taken a larger public role, steering messaging and strategy. Her visibility, however, complicates efforts to show distance from Zhao. He still owns a large stake and influences industry dialogue.

Meanwhile, Teng continues managing regulatory outreach and global compliance efforts. He helped stabilize Binance after legal setbacks. Now, observers question how decision-making authority splits between the two leaders. Significantly, Binance must balance internal control with external credibility as it eyes the US market again.

BlackRock BUIDL Collateral Adds Institutional Weight to the Binance Story

Besides leadership changes, Binance has strengthened ties with established financial players. Discussions with BlackRock highlight that effort. BlackRock already supports tokenized products used on Binance platforms. 

Additionally, Binance has increased engagement with crypto ventures linked to the Trump family. These steps signal a broader attempt to align with influential US institutions.

However, reentry will not come easily. Binance.US still lacks approval in many major states. Moreover, competitors like Coinbase hold regulatory advantages and entrenched user bases. If Binance returns aggressively with low fees, rivals will feel pressure. Consequently, regulators may scrutinize every move more closely.