Binance founder Zhao Changpeng (CZ) has returned to the center of the crypto stage after receiving a pardon from U.S. President Trump. Even though CZ is legally prohibited from participating in Binance's operations, his influence and political energy are quickly flowing back. With He Yi elevated to co-CEO and the company actively aligning with U.S. financial and political forces, rumors of Binance's return to the U.S. have resurfaced.
CZ's halo of return is not diminished; is holding shares the biggest obstacle for Binance's return to the U.S.?
Zhao Changpeng admitted to anti-money laundering violations in 2023 and stepped down as CEO of Binance, but after Trump's pardon in October, he quickly regained high visibility in the industry. He has publicly praised Trump's stance on crypto multiple times and indicated, 'We want to make the U.S. the capital of crypto.' Although he is legally barred from participating in Binance's formal or informal operations, his words and actions still influence the market.
(Money into the White House: Behind Trump's pardon of CZ, a year of spending millions lobbying Trump and the former SEC chair candidate)
Bloomberg cited multiple informed sources stating that Binance is assessing specific plans to restart its U.S. subsidiary Binance.US, including a possible capital restructuring that might reduce CZ's shareholding.
They stated that the reason is that CZ's shareholding status hinders applications for licenses in multiple states, becoming a major barrier to business expansion. However, Binance officially clarified that Binance.US is completely legally independent, denying the claim of 'headquarters guiding the restart of the U.S. subsidiary.'
He Yi appointed co-CEO: A stable signal or an extension of CZ's influence?
A few weeks ago, Binance appointed co-founder He Yi, who has a close relationship with CZ, as co-CEO, which is seen as a symbol of positioning the company for 'stability and transformation.' However, the close relationship between He Yi and CZ also makes it harder for CZ and Binance to draw clear boundaries.
She became the company's most visible figure after CZ's imprisonment, leading strategic direction and reinterpreting Binance's growth narrative. However, the regulatory background of fellow CEO Richard Teng has raised concerns about the power balance between him and He Yi after the law enforcement crisis.
(He Yi's interview: From 'I want to try' to Binance co-CEO, a new management structure of '1+1>2')
From financial giants to political allies: Is Binance courting BlackRock and the Trump family?
Binance.US once held a 35% market share, but after being impacted by U.S. law enforcement actions two years ago, multiple states consecutively revoked its licenses, now it is nearly zero.
Recently, Binance seems to be actively courting American financial and political forces. This includes deepening product collaboration with BlackRock in the field of tokenization and establishing relationships with the Trump family's World Liberty Financial.
These actions are seen as Binance paving the way for a return to the U.S., re-establishing a network of allies in the financial and political spheres.
Returning to the United States is not a quick fix: regulatory issues in various states remain the biggest obstacle.
Currently, Binance.US still cannot provide services in more than a dozen states, which seems to involve political maneuvering. Duke University financial law scholar Lee Reiners pointed out:
Obtaining a remittance license will be a significant challenge, especially in states governed by the Democratic Party, due to past regulatory violations and market regulatory concerns.
Even if the overall political environment turns friendly, the obstacles Binance faces in state-level regulations still make returning to the United States a long and difficult road.
This article, from courting the Trump family to considering equity restructuring: CZ's aura becomes the biggest obstacle for Binance's return to the U.S. First appeared in Chain News ABMedia.