Binance.US, the American affiliate of the global cryptocurrency exchange, is plotting a strategic comeback to regain its lost market share in the United States. The effort is now spearheaded by its new CEO, Stephen Gregory, a compliance veteran appointed in March 2024, who succeeds Norman Reed. Gregory brings a regulatory-focused background from previous leadership roles at Currency.com, Gemini, and CEX.io.
The push for a reset follows a period of intense regulatory turbulence for Binance globally. The company faced lawsuits from both the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ). While the SEC dropped its long-running case in the summer of 2023, Binance was criminally charged with violating sanctions and money-transmitting laws, agreeing to pay a $4.3 billion penalty—one of the largest corporate penalties on record. Founder Changpeng "CZ" Zhao pleaded guilty to violating the Bank Secrecy Act, paid a $50 million fine, and stepped down as CEO. He was later pardoned by former President Donald Trump. Richard Teng, a former Abu Dhabi regulator, now leads Binance's global operations.
Against this backdrop, Gregory's strategy for Binance.US is to evolve beyond basic spot crypto trading. The company plans to expand into new product areas, specifically retail derivatives and prediction markets, to differentiate itself from competitors like Coinbase and Kraken. "Prediction markets are super hot. Everybody’s talking about that," Gregory noted, highlighting one area under active consideration.
This product expansion reflects a broader industry shift. As trading fees compress and offerings become commoditized, exchanges are seeking alternative revenue streams. Gregory pointed to the equities market, where commissions largely disappeared, forcing firms to innovate. For Binance.US, this means building a platform that could include event-based markets tied to real-world outcomes, in addition to spot and derivatives trading.
However, product expansion alone is insufficient. The company must also rebuild trust with regulators and users. Although Binance.US was not directly charged like its global affiliate, its association with the Binance brand brought significant scrutiny. Gregory emphasized that the U.S. entity now operates independently with its own governance and a strengthened compliance framework. "We’ve really built a very, very strong compliance program," he stated.
Gregory described a crucial chain reaction for success: restoring trust to bring assets back onto the platform, which would increase trading volumes and help rebuild liquidity. Liquidity is a key advantage for Binance globally, and replicating that depth in the U.S. is seen as vital for competing effectively. "The best customer protection is competition," Gregory argued.
The challenge remains significant. Regulatory clarity in the U.S. is still uncertain, and rivals have fortified their positions while Binance.US retrenched. The company's bet is that a broader, compliance-first product suite can help it re-enter the conversation in the world's largest crypto market. At its peak in 2022, Binance.US held roughly 20% of the U.S. market, a share that has since fallen to nearly zero, according to CoinDesk Indices data.
