Binance is exploring bold new strategies to re-enter the U.S. market following President Donald Trump’s controversial pardon of founder Changpeng Zhao. According to Bloomberg, the exchange is weighing whether to consolidate its U.S. affiliate into its global operations or allow its main platform to serve American investors directly.
What was once a legal roadblock is now a potential launchpad for the world’s largest crypto exchange to reshape the American market—and the timing couldn’t be more politically charged.
Zhao, who pleaded guilty in 2023 to failing to maintain adequate anti-money laundering controls, was granted clemency Wednesday by President Donald Trump. The pardon instantly reignited debates over potential conflicts of interest, particularly after Binance’s $2 billion deal with Trump’s family crypto firm, World Liberty Financial.
Even hours after receiving the pardon mid-flight, Zhao announced his ambitious plans for the exchange, saying he would “do everything we can to help make America the Capital of Crypto and advance web3 worldwide.” Markets responded immediately, with Binance’s native token BNB surging 8% the following day.
Clemency Opens Doors for Expansion
The pardon removes legal restrictions that had kept Zhao on the sidelines since his guilty plea, according to Jonathan Groth, partner at DGIM Law, Bloomberg reported.
With a net worth of $61.4 billion and influence over $8.7 billion in blockchain assets, Zhao now has the freedom to shape Binance’s next chapter. This development comes at a time when Trump has positioned digital assets as a cornerstone of his political platform, making Binance’s U.S. strategy as much a political story as a financial one.
U.S. Market Strategy in Focus
Binance is reportedly weighing options to either consolidate Binance.US into its global operations or allow its main platform to serve American investors directly. Currently, Binance.US captures less than 1% of U.S. Bitcoin trading volume, far behind Binance’s global dominance of nearly 40% market share.
Experts say the opportunity is ripe. Markus Thielen, CEO of 10x Research, notes that institutional investors and structured crypto products are driving the current market cycle—precisely where Binance could leverage its technology and liquidity. Thielen predicts that Binance.US “will likely be reintegrated into the global Binance ecosystem, giving US investors direct access to the platform’s deep liquidity and comprehensive derivatives offerings.”
Despite this potential, Coinbase Global remains a dominant force domestically. Owen Lau, analyst at Clear Street, highlights Coinbase’s first-mover advantage and established trust. However, Patrick Horsman, CIO of Applied DNA Sciences, argues that Binance’s superior platform and competitive fees could quickly make it “a dominant powerhouse in the American crypto market.”
The presidential pardon has sparked intense backlash from Democratic lawmakers, including Senator Elizabeth Warren, who raised concerns in May directly with the White House Counsel. Congresswoman Maxine Waters also criticized the move, arguing that it effectively legitimizes Zhao’s prior conviction and grants him “the green light to continue operating his crypto platform with virtually no guardrails to protect the hard-earned funds of everyday investors.”
Defending the decision, White House spokeswoman Karoline Leavitt stressed that the pardon was carefully reviewed by legal counsel. She positioned the move as a response to what she called Democratic overreach, asserting that the Biden administration waged a “war on cryptocurrency” against Zhao despite the absence of fraud charges or identifiable victims.
