Binance.US once commanded roughly 20% of the US crypto trading market. Then came the SEC lawsuit, a string of state-level restrictions, and a slow-motion collapse that brought that share to nearly zero. Now, under new leadership, the exchange says it wants all of it back.

Stephen Gregory, who took over as CEO in March 2026, laid out a rebuilding strategy on July 13 that targets a return to that 20% market share. The plan hinges on product diversification, regulatory credibility, and a clean break from the global Binance brand’s lingering baggage.

From dominant to dormant

Rewinding to 2022, Binance.US was a legitimate force in American crypto trading. It had the liquidity, the brand recognition, and the fee structure to compete with Coinbase and Kraken for retail and institutional flow alike.

Then 2023 happened. The SEC filed suit, alleging a litany of securities violations. State regulators piled on with their own restrictions. Users fled. Liquidity dried up.

Gregory, who succeeded Norman Reed in the CEO role, inherits an exchange that is functionally starting over. The global Binance operation faced its own reckoning: a $4.3 billion Department of Justice settlement, founder CZ Zhao’s guilty plea and subsequent pardon, and a leadership transition that installed Richard Teng as co-CEO of the parent entity.

The Gregory playbook

Gregory’s strategy involves expanding into retail derivatives and prediction markets, two product categories that have exploded in popularity across the broader crypto landscape. Polymarket’s massive volumes during the 2024 US election cycle proved there’s genuine retail demand for event-based trading.

The compliance-first framing is deliberate. Gregory’s approach centers on operating the US entity with a distinct governance structure and enhanced compliance protocols, essentially building a firewall between Binance.US and its global counterpart. This matters because much of the SEC’s original case revolved around the relationship between the two entities and alleged commingling of operations.

Independence as a feature, not a bug

That independence is arguably the most important piece of the puzzle. Regulators want to see corporate separation, not just press releases about it. If Gregory can demonstrate genuine operational autonomy, with its own board, its own compliance team, and its own risk management framework, it becomes much harder for regulators to treat Binance.US as an extension of the global platform.

What this means for investors

A 20% market share target is ambitious for an exchange that currently sits near zero. If Binance.US can successfully relaunch with derivatives, prediction markets, and competitive spot trading, it would meaningfully reshape the competitive landscape for US exchanges. Coinbase has enjoyed a near-monopoly on compliant US trading for the better part of two years. A credible Binance.US comeback would pressure fees, improve execution quality, and give traders more options.