en.bitcoinsistemi.com
Changpeng Zhao (CZ), co-founder and former CEO of Binance, the world’s largest cryptocurrency exchange, has once again become the center of attention amid changes in cryptocurrency policies in the United States.
Zhao, who was pardoned by US President Donald Trump, remains an influential figure both at Binance and within the global crypto ecosystem, despite not holding an official position.
Zhao, who has recently openly supported Trump’s crypto-friendly approach, describes the US as a critical hub for the future of the industry. This stance has also strengthened claims that Binance is working on a restructuring and possible comeback plan for its US arm, Binance.US.
According to sources close to the matter, Binance is exploring various scenarios to revive Binance.US. These include a recapitalization option that could involve reducing Zhao’s majority stake in the company. Zhao’s position as a controlling investor is seen as a significant obstacle to obtaining licenses, particularly in some states. The discussions are said to be in their early stages, and no final decision has been made.
Zhao, speaking at Binance Blockchain Week this month, stated, “I intend to help make America the capital of crypto. This is an emerging field for us.” At the same event, it was announced that Binance’s other co-founder, Yi He, had been promoted to co-CEO alongside Richard Teng. While Yi He mentioned Zhao as “retiring” during the event, Zhao’s prominent role throughout the organization was noteworthy.
On the other hand, Zhao’s plea agreement in 2023 for failing to implement an effective anti-money laundering (AML) program at Binance prohibits him from holding any official or unofficial role in the company’s operations. Binance’s global structure also pleaded guilty to federal charges during the same period and agreed to pay billions of dollars in fines. It is not yet clear to what extent the presidential pardon in October has affected these restrictions.
Following legal proceedings in the US, Binance.US lost a significant amount of market share. Zhao stated that their US market share, which at one point reached 35%, has now fallen to almost zero. “I actually cried when I left the CEO position at Binance,” said Zhao, adding that the process was very difficult for him. While licenses were revoked in many states, Binance never received permission to operate in some major markets, such as New York.
Industry representatives argue that if the market structure law being debated in the US is passed, it could create a federal licensing regime, paving the way for companies like Binance. However, the bill is struggling to move forward due to political disagreements. Lobbyists in Washington are now more cautious about the fate of the regulation, which is expected to pass by the end of the year.
Binance Seeks to Deepen Relationship with BlackRock
It is also alleged that Binance is trying to deepen its relationship with BlackRock, the world’s largest asset manager. While it is known that BlackRock’s tokenized currency market fund is used as collateral for transactions on Binance, it is claimed that the parties are discussing new products and possible revenue-sharing models. BlackRock has not commented on this matter.
*This is not investment advice.