Binance Eyes U.S. Comeback, Weighs Recapitalization and Ties With BlackRock

Binance is considering a strategic return to the U.S. market, potentially restructuring its American affiliate in a move that could reduce founder Changpeng Zhao’s majority ownership, Bloomberg reported Thursday. People familiar with the matter said the exchange is also pursuing closer relationships with institutional investors, including BlackRock, through potential new products and revenue-sharing arrangements.

The deliberations come as Zhao, recently pardoned by former President Donald Trump, signals renewed interest in U.S. operations. Bloomberg noted Zhao has publicly described the U.S. as “an emerging land” for crypto and emphasized his desire to make America a central hub for the industry.

Binance’s American affiliate, Binance.US, has lost market share in recent years, with state licensing hurdles and regulatory restrictions constraining its reach. Zhao, who stepped down from operational roles following legal challenges, remains a controlling shareholder. A recapitalization could allow the company to install new leadership and pursue growth strategies without his direct involvement, sources said.

The timing of a U.S. return may also be politically motivated. Binance insiders view a potential Democratic shift in Congress after the midterms as a risk to favorable regulatory conditions. The company has reportedly accelerated planning in anticipation of these changes.

Separately, Binance has been expanding its ties with BlackRock, which currently offers a tokenized money-market fund usable for trading on the platform. Discussions reportedly include broadening product offerings and exploring revenue-sharing mechanisms. Bloomberg also reported Binance’s engagement with World Liberty Financial, a venture linked to the Trump family, highlighting a broader push into politically aligned partnerships.

Binance has not confirmed these plans. A spokesperson told Bloomberg, “We cannot comment on hypothetical storylines, none of these speculative scenarios reflect accurate facts.”

Yi He, co-founder and Zhao’s domestic partner, was recently promoted to co-CEO alongside Richard Teng, who has been managing government and regulatory engagement. The leadership changes aim to reinforce stability while maintaining strategic oversight during Zhao’s diminished operational involvement.