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The crypto firm is considering the recapitalization because the majority stake held by its Canadian co-founder has been a problem for regulators in some states, given his now-pardoned guilty plea to violating anti-money-laundering laws in 2023, Bloomberg reported. (Bloomberg)
Talking point: The reported talks highlight the hurdles that remain to Binance’s U.S. expansion plans, despite President Donald Trump’s October pardon of Zhao. Binance also pleaded guilty to anti-money laundering failures and agreed to restrictions and oversight requirements on its U.S. business. Earlier this month, Binance announced Binance co-founder and Zhao’s life partner Yi He will serve as co-CEO of the crypto giant, alongside Richard Teng, who took over when Zhao resigned in 2023. Yi He referred to Zhao as “retired” at an event hosted by Binance earlier this month.
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