The cryptocurrency landscape looks significantly different from what it was in 2022.
Binance, the world’s largest cryptocurrency exchange by trading volume, is quietly exploring a return to the U.S. market, but the strategy under discussion would significantly dilute Changpeng Zhao’s influence, as the exchange tries to win back regulators and institutional trust.
According to Bloomberg, internal talks reportedly include lowering Zhao’s majority stake to meet regulatory expectations in key U.S. states.
Executives are also exploring ways to relaunch Binance.US, the exchange’s American subsidiary, which was spun out to comply with U.S. regulations in 2019. While no formal plan has been approved, sources say discussions remain fluid.
Can Binance win back the U.S.? Inside its quiet governance reset
Binance exited direct U.S. operations in June 2019 and launched Binance.US as a separate entity operated by BAM Trading Services. The platform remains limited compared with Binance’s global exchange, offering no derivatives and no access to international liquidity.
In 2023, the SEC alleged Binance exerted influence over both entities, an accusation the company has denied.
Since then, Binance has adjusted its leadership structure. Yi He and Richard Teng now serve as co‑CEOs, with Teng, a former regulator, positioned as the public face of a compliance-focused strategy.
Insiders stated the company is reportedly considering recapitalization of Binance.US and exploring partnerships with U.S.-based firms to rebuild trust with regulators and institutions.
Potential partners mentioned in reports include:
- BlackRock, a leading U.S. investment management firm
- World Liberty Financial (WLFI), a DeFi platform linked to President Donald Trump
While no formal partnerships have been confirmed, these discussions indicate Binance’s intention to align with regulated and politically connected entities.
Notably, rumors of Binance’s return to the US surfaced in October after Trump pardoned its former CEO.
Following his pardon, former Binance CEO Changpeng Zhao (CZ) commented that he would do everything possible to help make America the capital of crypto, comments that intensified speculation about a return.
Life after Binance: Who really controls the U.S. crypto market now?
Binance’s retreat from direct U.S. operations has quietly reshaped the balance of power in the American crypto market. Today, the U.S. crypto landscape looks more consolidated, more regulated, and increasingly dominated by publicly listed, compliance-forward firms.
Coinbase Emerges as the Clear Market Leader
At the center of this shift is Coinbase, which has effectively become the default gateway to crypto in the United States. The exchange now accounts for an estimated 60–65% of U.S. centralized exchange trading activity, a level of dominance not seen since the early days of the market.
Coinbase’s monthly users reached 120 million in Q2 2025, up from 96 million a year earlier, reflecting a 20% year-on-year increase.
Bullish, Gemini, and the Rise of “Regulated Rivals”
Beyond Coinbase, other exchanges have capitalized on Binance’s absence by positioning themselves as compliant alternatives.
Bullish, backed by prominent institutional investors, has rapidly expanded its U.S. footprint following its $13.2 billion NYSE listing. The exchange now posts more than $2.5 billion in daily spot trading volume, showing strong demand from professional and high-net-worth traders seeking regulated venues.
Gemini, founded by the Winklevoss twins, has also deepened its domestic presence. With over 523,000 monthly active traders, nearly 89% of whom are U.S.-based, Gemini has leaned into its long-standing “regulation-first” strategy.
Overall, the United States remains a critical market. Chainalysis ranked the country second globally for crypto adoption in its 2025 index, and access to U.S. liquidity would reinforce Binance’s global dominance.
