Binance founder CZ(CZ) has returned to the center stage of the crypto world after receiving a pardon from US President Trump. Even though CZ is legally prohibited from participating in Binance's operations, his influence and political power are rapidly returning. With the appointment of He Yi as co-CEO and the company's active alignment with US financial and political forces, rumors of Binance's return to the US have resurfaced.
CZ's return to the US market doesn't diminish his appeal; is holding shares the biggest obstacle to Binance's return to the US?
CZ admitted to anti-money laundering violations and stepped down as CEO of Binance in 2023. However, after Trump's pardon in October, he quickly regained high visibility in the industry, not only repeatedly praising Trump's crypto stance but also stating that he wanted to "make America the crypto capital." Although he is legally prohibited from participating in Binance's formal or informal operations, his words and actions and influence still affect the market.
Bloomberg , citing multiple sources familiar with the matter, reported that Binance is evaluating specific plans to relaunch its US subsidiary, Binance.US, including a potential capital restructuring that could reduce CZ's stake.
They stated that CZ's shareholding structure hindered the application for licenses in multiple states, becoming a major barrier to business expansion. However, Binance officially clarified, emphasizing that Binance.US is completely independent in law and denying the claim that "headquarters guided the restart of the US subsidiary."
He Yi appointed as co-CEO: A sign of stability or an extension of CZ's influence?
A few weeks ago, Binance appointed co-founder Yi He, who has close ties to CZ, as co-CEO, a move seen by outsiders as a symbol of positioning the company as "stable and transformative." However, He Yi close relationship with CZ also makes it more difficult for CZ to distance himself from Binance.
After CZ's imprisonment, she became the company's most high-profile figure, leading strategic direction and reinterpreting Binance's growth narrative. However, the regulatory background of fellow CEO Richard Teng and his power balance with He Yi also attracted attention after the law enforcement crisis subsided.
From financial giant to political ally: Is Binance courting BlackRock and the Trump family?
Binance.US once held a 35% market share, but after being affected by US law enforcement actions two years ago, several states revoked its licenses, and it has now almost lost all of its market share.
Recently, Binance appears to be actively courting US financial and political forces, including deepening its product collaboration with BlackRock in the tokenization field and establishing a relationship with World Liberty Financial, owned by the Trump family.
These moves are seen as Binance paving the way for its return to the United States and rebuilding its network of allies in the financial and political spheres.
Returning to the United States is not something that can be achieved overnight: state regulations remain the biggest obstacle.
Binance.US is currently unable to provide services in more than a dozen states, which appears to be related to political maneuvering. Lee Reiners, a financial law scholar at Duke University, points out:
Obtaining a remittance license will be a major challenge for them, especially in states governed by Democrats, due to reasons including past violations and concerns about market regulation.
Even though the overall political environment has become more friendly, Binance's obstacles in state-level regulation still make its return to the United States a long and difficult road.
This article, which discusses Binance's efforts to win over the Trump family and consider a shareholding restructuring, first appeared on ABMedia, a ABMedia .
