Binance plots a comeback in the US as Changpeng Zhao unveils a new expansion strategy

Binance plans to return to the US market, as co-founder Changpeng Zhao outlines new efforts the exchange is making to expand its services to the country.

Just a few months after receiving a presidential pardon from Donald Trump, Zhao was spotted at an event hosted by World Liberty Financial at Mar-a-Lago in Palm Beach, Florida. His appearance is currently his most high-profile visit to the United States since he left his position as CEO of Binance.

During the forum, Zhao outlined which he believes could be a new chapter for Binance. The US and the United States are trying to take back their position as the global center for cryptocurrency. He emphasized that his comments were aimed only at the exchange’s U.S. affiliate and not its global parent company.

“We want to do a lot more business in the US,” Zhao said at the event. He explained that to Binance. US aims to introduce what he described as a superior product offering and make its products more accessible to American consumers. He also added that the exchange sees new opportunities in a regulatory environment that is more supportive of innovation.

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In 2023, Zhao stepped down as CEO of Binance after pleading guilty to failing to maintain an effective anti-money laundering program at the global exchange. As part of the legal resolution with US authorities, the exchange agreed to pay billions of dollars in fines.

Zhao was allowed to retain his ownership stake in the company but agreed to give up his executive role, describing that phase of his career as “a chapter that has been closed.”

Although he no longer heads the global exchange, Zhao remains a major shareholder of the exchange. US, which operates under the Binance brand, but has its own management team and corporate structure.

Source: CNN Business

With legal pressure easing, Zhao suggested that options once considered unrealistic are now back on the table. He said he also plans to repair ties with the banks and possibly pursue a formal charter. However, he said this would only work if the right legal and operational team is put together.

Binance ties with Trump’s crypto network raise questions

Zhao’s appearance at Mar-a-Lago has drawn attention not only because of his pardon, but also because of Binance’s connections to projects linked to the Trump family.

The exchange has in the past promoted World Liberty Financial’s USD1 stablecoin, which was later used to settle a $2 billion investment in the exchange by Abu Dhabi-based investment firm MGX.

Although the exchange’s co-CEO Richard Teng previously said the exchange had not selected the payment token for the transaction, coincidence fueled the investigation.

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