Binance plots a comeback to rival Coinbase’s US dominance

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Brian Armstrong has been in control of the US crypto market for years with barely any real rivals. But oh, not anymore.

The return of Changpeng Zhao has turned the U.S. crypto market into a direct contest between him and Brian, and neither of them can afford to pretend otherwise.

After that presidential pardon from Donald Trump, CZ is no longer restricted from taking part in the exchange he built, and that changes the entire balance of power in America, where Binance has been mostly locked out.

CZ’s first public act after the pardon was a message posted mid-flight.

“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice. Will do everything we can to help make America the Capital of Crypto and advance web3 worldwide.”

The market understood CZ immediately. His presence matters, because for as long as he has been in this industry, CZ has been one of the top 5 people everyone loves and respects in the community.

And that matters, because Brian does not have that kind of likability. He doesn’t have fans fighting for his honor under X posts that dare to criticize him, even just in the slightest way.

Binance is coming for Coinbase's US dominance. What will their competition look like?

Anyway, right now, Binance handles about 50% of global Bitcoin trading, while its U.S. affiliate manages less than 1%. Meanwhile, Coinbase is all over Wall Street and Silicon Valley, with deep ties to banks, investment firms, asset managers, and now, even regulators.

Attorney Jonathan Groth said, “The effect of a presidential pardon is rather sweeping. It appears CZ can now re-engage and be more involved with Binance and or its subsidiaries and other ventures.”

Binance plans US reintegration under CZ’s restored influence

According to Bloomberg, Binance is considering either merging Binance US into the global exchange or allowing the global exchange to directly enter the U.S. market. Both options mean the same thing: U.S. users would gain access to the same liquidity, derivatives, and token depth available elsewhere.

Markus Thielen, CEO of 10x Research, said the American affiliate will likely be “reintegrated into the global Binance ecosystem, giving US investors direct access to the platform’s deep liquidity and comprehensive derivatives offerings.”

As you should know, Trump has repeatedly aligned himself with crypto-friendly messaging since returning to the White House, and his family continues to benefit financially through involvement in token ventures, with Eric Trump specifically making hundreds of millions in mere weeks!

But Binance also assisted the Trump-backed company World Liberty in launching a stablecoin project expected to generate tens of millions annually.

Democrats like Senators Liz Warren and Chuck Schumer described CZ’s pardon as a conflict of interest, but Trump’s press secretary Karoline Leavitt said the pardon had been “thoroughly reviewed,” adding that it is “100% deserved.”

But the pardon also removes barriers to ownership control in markets like Thailand, Malaysia, and South Korea, where Binance recently secured approval to acquire the exchange GOPAX after two years of review.

Patrick Horsman, chief investment officer at Applied DNA Sciences, said Binance’s strengths make it likely to become “a dominant powerhouse in the American crypto market.”

Political capital, global expansion, and direct pressure on Coinbase

Moments after the pardon, Binance’s BNB token surged by nearly 10%. Bloomberg data shows that CZ’s net worth is now about $58 billion, and his family office, YZi Labs, backs multiple ecosystem projects. The BNB chain hosts around $8.7 billion in assets and ranks third behind Ethereum and Solana, as of press time.

Since his release from prison in September last year, CZ has been extremely active. He backed Aster, a decentralized exchange competing with Hyperliquid, and has been building an education platform. He has met with leaders in Malaysia, Pakistan, and Kyrgyzstan, pushing national-level crypto adoption.

On stage in Dubai, CZ said, “I am still young. I can’t play golf all day, you still have to do stuff.” He described doing eight to ten meetings per day.

CZ’s return also prompts speculation about whether he will reclaim the CEO position from Richard Teng, who has been leading Binance since CZ stepped down, saying he has no plans to return. David Namdar, who runs a BNB treasury business backed by CZ’s office, said, “I’d be surprised if he stepped back into running it again.”

So, for now, it seems CZ will pursue US dominance without a CEO title, which is fine since the man has done a fine job of proving that he doesn’t need it to shine.

But technological setbacks remain. During a historic market crash earlier this month, Binance suffered technical failures that triggered forced liquidations that led to compensation of nearly one billion dollars. Binance’s token listing fees have also been scrutinized.

Whether CZ’s name ends up on the office door again or not, one thing’s clear right now. Binance isn’t knocking anymore. It’s walking in. And Coinbase better clear some space.

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