Bloomberg cited informed sources reporting that cryptocurrency exchange Binance is evaluating the possibility of re-entering the U.S. market. Its co-founder Zhao Changpeng (CZ) views the U.S. as a core part of the future of the cryptocurrency industry, thus also implying that the U.S. is a key factor in Binance's future development.
According to informed sources, Binance is exploring various options to restart its U.S. affiliate Binance.US, including a potential capital structure adjustment that could reduce CZ's majority stake. Sources indicate that CZ's role as the controlling investor is seen as a significant obstacle for Binance's expansion in several key states. Related discussions are still evolving.
If Binance wants to significantly expand in the United States, it must address the varying licensing systems across dozens of states or bet on a still 'hypothetical' federal regulatory framework.
The Binance spokesperson stated: "We cannot comment on hypothetical statements, as these speculative scenarios do not align with the facts."
According to reports, since U.S. law enforcement agencies charged Binance and CZ two years ago, Binance.US's market share has significantly diminished. CZ reminisced at a Binance event held in December that the platform once held a 35% market share, but it has now nearly dropped to zero.
Currently, multiple states have revoked Binance.US's operating licenses, while others (such as New York) have never issued relevant permits from the beginning. Some supporters argue that if the pending market structure bill passes, it could establish a federal licensing system, thereby changing the operational calculations for companies like Binance. However, the legislation has stalled due to political disagreements, and its passage remains uncertain.
Informed sources indicated that if Binance buys back part or all of CZ's shares, it would help the company introduce new leadership, accelerate growth business strategies, and rely on its political network in Washington. However, Binance.US's resurgence is unlikely to happen overnight, as the company is still prohibited from operating in more than a dozen states and U.S. territories.
Lee Reiners, a lecturer at Duke University, stated: "They will face significant challenges in obtaining a money transmitter license, especially in states governed by Democrats. Clearly, these states are less likely to be receptive to such overtures, and there are reasonable concerns."
Additionally, some informed sources revealed that Binance is also seeking to establish closer ties with the world's largest asset management company, BlackRock, indicating that this cryptocurrency company aims to deepen its connections with traditional financial institutions in the United States. Last month, Binance announced that BlackRock's tokenized money market fund, BUIDL, could serve as collateral for over-the-counter trading on Binance. Informed sources stated that both parties have also discussed deepening financial cooperation, including launching more products and potential profit-sharing arrangements.
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