Binance (BNB) is trying to figure out how to make a comeback in America, and there's one rather large complication: Changpeng Zhao still owns most of it.

The Retired Founder Who Won't Go Away

Zhao no longer has any official role at Binance, and his colleagues have taken to calling him "retired." But at a recent Binance Blockchain Week event, he made his priorities pretty clear: "It was my full intention to help make America the capital of crypto," he told attendees, describing the U.S. as "an emerging land" for the industry.

That's an interesting position for someone who supposedly stepped away from the business. Zhao has been increasingly vocal in praising President Donald Trump's approach to digital assets and positioning the U.S. as central to crypto's future. The enthusiasm isn't just talk—it's creating real strategic implications for the exchange he founded.

Here's the problem: Zhao remains a controlling shareholder, even though he's barred from any operational involvement under a 2023 plea agreement related to anti-money laundering failures. That ownership stake has become a roadblock to expansion in several U.S. states, according to people familiar with the matter.

Reviving Binance.US Won't Be Simple

Behind the scenes, Binance has been discussing potential ways to breathe new life into Binance.US, its American affiliate that has seen better days. One option on the table: a recapitalization that would dilute Zhao's majority stake and potentially make regulators more comfortable.

The discussions remain early-stage, and nothing has been decided. Binance said it couldn't comment on speculative scenarios, noting that such reports don't reflect confirmed facts. Translation: they're talking about it, but don't expect announcements anytime soon.

The stakes are real. Binance.US has lost access to multiple state licenses since U.S. authorities charged both the company and Zhao in 2023. Zhao once said the platform commanded roughly 35% market share—a figure that has since collapsed.

New Leadership, Same Questions

Binance recently promoted co-founder Yi He to co-CEO alongside Richard Teng. Yi He has become the exchange's most visible public figure in recent months, and she's the one who described Zhao as "retired" during the company's flagship event—even though he remained prominently visible throughout.

Her expanded role has raised eyebrows among some observers who wonder how effectively Binance can distance itself from Zhao while he remains so influential. It's a delicate dance: the company needs to show regulatory independence while not alienating its founder and largest shareholder.

Waiting on Washington

Some industry supporters believe pending market-structure legislation could introduce a federal licensing framework that would transform the regulatory landscape for crypto exchanges. That would theoretically give Binance a clearer path forward.

But the bill has stalled amid political disagreements, and its future is anybody's guess. In the meantime, Binance is playing a different game.

Cozying Up to Wall Street

Binance has been cultivating relationships with established U.S. financial institutions. The exchange now works with BlackRock Inc. (BLK), which offers a tokenized money-market fund used by institutional clients trading on Binance. The two firms have discussed deeper collaboration, though BlackRock declined to comment on specifics.

Perhaps more revealing: Binance has strengthened ties with World Liberty Financial Inc., a crypto venture connected to Trump family members. It's a strategic bet that the political environment has shifted in crypto's favor—and that proximity to power might smooth the regulatory path ahead.

So Zhao may call himself retired, but Binance's U.S. strategy suggests his vision for American crypto dominance is very much alive. Whether regulators will play along is another question entirely.