Speculation about a U.S. return intensified following a presidential pardon for Zhao, though the move faces sharp criticism from Democratic lawmakers who view the expansion as a political favour.
Binance is weighing changes to its ownership and business relationships as it looks to rebuild and expand its presence in the US, Bloomberg reported, citing people familiar with the matter.
One option under discussion is reducing co-founder Changpeng “CZ” Zhao’s majority stake in the exchange. The report said Zhao’s controlling ownership has been a major obstacle to Binance expanding into some strategically important US states. Talks are ongoing and no final plan has been set.
A Few Options on the Table
Binance is also considering partnerships with US-based firms to strengthen its position, the report said. Potential partners mentioned include asset manager BlackRock and Web3 platform World Liberty Financial (WLFI), which is linked to US President Donald Trump.
Moreover, the speculation about Binance returning to the US picked up in October after Trump pardoned Zhao, as Crypto News Australia reported. After the pardon, Zhao posted that he would help “make America the capital of crypto” and support broader Web3 adoption.
The pardon triggered criticism from some Democratic lawmakers. Senator Elizabeth Warren called it “corruption,” while Congresswoman Maxine Waters described it as pay-to-play and accused Trump of doing political favors for the crypto industry.
The pushback highlights that parts of the Democratic Party remain resistant to the crypto industry’s expansion and could oppose any move by Binance to re-enter the US market.
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