Binance Wallet Spur DeFi Growth With EVM Network Flexibility Boost

Binance Wallet Update and U.S. Market Strategy

Binance Wallet has launched a new feature allowing users to add custom network support for EVM-compatible blockchains through the browser extension. This update, part of version 1.5.0, enables greater on-chain flexibility by letting users manage multiple networks directly from the wallet. The functionality enhances liquidity tracking and improves user experience for decentralized finance (DeFi) interactions.

The development comes as Binance continues to expand its ecosystem tools amid growing interest in EVM-compatible chains. Non-EVM networks remain excluded from the current release, with integration expected in future updates. Users must update their Binance Wallet to the latest version to access the feature.

Meanwhile, Binance has reportedly entered into preliminary talks with BlackRock, the world's largest asset manager, to deepen their financial collaboration. BlackRock already offers tokenized products, including its BUIDL money-market fund, which institutional investors use as collateral for trading on Binance. The two firms are exploring potential revenue-sharing arrangements and the development of new products.

Strategic Moves to Reenter the U.S. Market

Binance is actively considering a strategic overhaul to reestablish its presence in the U.S. market, where it previously held significant market share before regulatory challenges led to its withdrawal in 2019. The company's co-founder, Changpeng Zhao (CZ), has seen a resurgence in influence after receiving a presidential pardon from U.S. President Donald Trump in October. However, Zhao's controlling stake has been a major regulatory hurdle in key U.S. states.

The company is exploring potential partnerships with U.S. financial institutions, including BlackRock and DeFi platform World Liberty Financial, to navigate regulatory barriers. These alliances could help Binance meet compliance requirements and expand its services to American users. Some sources suggest that Binance may even repurchase Zhao's stake to install new leadership and strengthen its political and business strategies.

Regulatory Uncertainty and the Path Forward

The U.S. market remains a focal point for Binance's future plans. In 2023, the U.S. Securities and Exchange Commission (SEC) filed charges against the company, citing compliance issues. Binance has since settled those charges by paying a multi-billion-dollar penalty. Despite regulatory hurdles, Binance has not ruled out a return to the U.S., and a potential recapitalization of Binance.US is being considered.

A federal market-structure bill, which could create a unified regulatory framework for crypto exchanges, remains under consideration in Congress. If passed, the bill could ease the path for Binance and other crypto firms to operate in the U.S. However, political disagreements have stalled the legislation, leaving the regulatory environment uncertain.

Expanding Product Offerings and Ecosystem Tools

In parallel with its strategic and regulatory efforts, Binance continues to enhance its product suite to attract and retain users. The company recently added five new tokens -ASTER, ENA, ZEC, UNI, and AAVE- to its Dual Investment platform, offering USDC/USDT trading pairs for these assets. This expansion reflects Binance's ongoing commitment to providing diversified investment options while maintaining strict risk controls.

Binance has also taken steps to address concerns over its token listing process, which has been criticized for potential inefficiencies. The exchange has launched a $5 million reward program for whistleblowers who provide information about fraudulent listing agents. This move comes as part of a broader effort to improve transparency and trust within the ecosystem.