Binance Plots U.S. Comeback: Weighs Recapitalization and BlackRock Alliance

Binance isn't done with America.

The global crypto behemoth is quietly engineering a path back into the world's largest financial market. Forget retreat—this is a strategic recalibration. The plan hinges on two powerful levers: a major recapitalization effort to fortify its balance sheet and a potential high-stakes partnership with asset management titan BlackRock.

The Recapitalization Gambit

Fresh capital isn't just about padding the books. It's a statement of intent and a necessary war chest for navigating the costly compliance maze of U.S. regulation. A stronger balance sheet sends a clear signal to regulators and institutional players: Binance is here, and it's built to last.

Why BlackRock Changes Everything

A tie-up with BlackRock isn't your average business deal—it's a legitimacy unlock. Imagine the world's largest crypto exchange joining forces with the world's largest asset manager. It bridges the gap between digital asset natives and traditional finance's old guard, potentially greasing the wheels for ETF approvals, institutional custody solutions, and a flood of mainstream capital. It’s the kind of move that makes Wall Street analysts—usually cynical about anything that doesn't have a century-old prospectus—suddenly pay attention.

The comeback trail is fraught with regulatory landmines and skeptical watchdogs. But with deep pockets and even deeper partnerships, Binance is betting it can buy its way back to the table. After all, in finance, the second act is always more expensive than the first.

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.