CoinDesk
CZ sat down with CoinDesk in Washington earlier this month on a self-described mission to reintroduce himself to the U.S. after stepping down from Binance at prosecutors' request, serving a four-month prison stint and receiving a presidential pardon. The former CEO framed himself as a hands-off largest shareholder of both Binance.com and Binance.US, the latter of which he now sits on the board of, while pitching a new pitch to American crypto traders.
The pitch is liquidity. CZ argued that U.S. consumers face higher slippage and fees than traders on offshore platforms because domestic venues cannot match the depth of the global Binance book, and he suggested Binance.US could tap that depth through a licensing relationship with the global exchange. The two companies maintain separate leaderships, investor groups and operational teams, and he said the CEOs of the two entities almost never speak. Binance.US already licenses the product and technology from Binance Global under an existing agreement, and CZ said he would prefer to advise from the background rather than rejoin an exchange in any executive or formal advisory capacity.
Why it matters
The pitch lands while the global exchange industry is resetting. Combined spot volumes across major venues fell 3.45% in May to $4.41 trillion, the lowest monthly total since September 2024. RWA perpetual futures were a bright spot, up 10.4% month-over-month to a new all-time high, and any effort by Binance.US to import offshore liquidity would compete directly for that marginal flow.
It also lands inside a regulatory perimeter. The 2023 Binance settlement in the U.S. explicitly required structural separation between Binance.US and the global entity, and any expansion of cross-venue liquidity access would test that firewall. CZ's framing, that Binance.US and Binance.com are "two very separate companies" that license technology rather than share books, is the same defense the firms have run since the consent order.
Market impact
For U.S. retail, the actionable bet is slippage.
Frequently asked questions
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What is CZ proposing for Binance.US liquidity?
CZ argued that U.S. crypto traders face higher slippage and fees than offshore users because no domestic venue can match the depth of the global Binance book. He suggested Binance.US could tap that depth through its existing licensing relationship with Binance Global, while stressing the two firms remain operationally…
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Is CZ running Binance or Binance.US?
No. CZ stepped down from Binance at prosecutors' request, served a four-month prison stint and later received a presidential pardon. He remains the single largest shareholder of both Binance and Binance.US, sits on the Binance.US board, and said he prefers to advise from the background rather than take an executive…
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How separate are Binance and Binance.US?
CZ described the two firms as "two very separate companies" with separate leaderships, investor groups and operational teams, and said the CEOs of the two entities almost never speak. Binance.US licenses the product and technology from Binance Global under a formal agreement rather than sharing order books.
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What does the 2023 Binance settlement require?
The 2023 settlement required structural separation between Binance.US and the global Binance entity, including distinct management, compliance and disclosure regimes. Any expansion of cross-venue liquidity access would test that firewall and likely draw fresh review from the SEC and DOJ.
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How is the broader crypto exchange market trending?
Combined spot volumes across major venues fell 3.45% in May to $4.41 trillion, the lowest monthly total since September 2024. RWA perpetual futures bucked the trend, rising 10.4% month-over-month to a new all-time high.
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