From hibernation mode to growth mode
Mr. Gregory revealed his plans to restart the company in a recent interview. Binance.US once accounted for about 20% of U.S. crypto trading, but its business has been hollowed out by a two-year downturn due to regulatory issues with the broader Binance brand. The exchange is now squarely focused on getting its shares back.
Price is the first weapon. “We are essentially a near-free exchange,” Gregory said, noting that maker fees are 0% and taker fees are just 2 basis points, a fraction of the fees that larger rivals like Coinbase and Kraken charge for comparable trades. The company plans to generate revenue from services such as storage alongside transactions, while keeping costs low with a lean team.
Gregory, a compliance veteran who was appointed to the top job in March, said the turnaround will be practical. He explained that liquidity will be restored through incentives and direct outreach, including personally contacting the exchange’s top users to ask for feedback.
Separate company, shared name
Since taking office, Gregory has continued to emphasize that Binance.US is exclusively licensed to serve customers in the United States, and although it shares a beneficiary and brand name with Binance.com, it operates as a separate, US-only entity with its own governance structure.
The difference is notable as the exchange is taking to court American traders who fled during the chaos in which a global brand’s legal battle left its U.S. affiliate contaminated with radioactive material.
Meanwhile, the parent brand celebrated its 9th anniversary earlier today, with co-founder Changpeng Zhao thanking users and looking ahead to “the next 90 years.” Binance’s global division has separately discussed tokenization as the next defining area for the industry, highlighting how the two businesses are positioned differently, with one pursuing new frontiers and the other rebuilding at home.
The timing of this comeback push is not surprising, as Gregory believes the increasingly favorable U.S. regulatory environment could allow Binance.US to expand beyond spot trading, and expects the company to pursue additional licenses to enable derivatives, perpetual futures, and prediction markets (product lines that have supported the growth of rivals).
Congress is also considering the CLARITY Act, a market structure law that would clarify which regulators would oversee digital asset trading.
That said, whether Binance.US can convert its near-zero fees into permanent market share remains an open question. Coinbase maintains a commanding lead in spot trading in the US, and Kraken is also aggressively expanding. In all of this, a fee-free economy is only sustainable if storage and other services pick up the slack.
