Binance.US may join Coinbase as the company works toward becoming a publicly traded corporation in the coming years.
Changpeng Zhao, founder, and CEO of Binance stated that the cryptocurrency exchange’s US subsidiary could follow Coinbase’s lead and conduct an initial public offering within the next 36 months.
In a recent interview with The Information, Binance CEO Changpeng Zhao disclosed that Binance.US — the company’s US subsidiary – intends to conduct an initial public offering within the next three years: “Binance.US is simply going to replicate what Coinbase did.” – Zhao stated.
Coinbase – another prominent cryptocurrency exchange – became the industry’s first publicly-traded company. When the platform went public in mid-April, it began trading on Nasdaq at a price of roughly $400. However, as of present, COIN shares have fallen to roughly $265.
Changpeng Zhao – popularly known as CZ – stated during his interview that Binance.US is near to concluding a big private fundraising round in the next months. The plan would erode the CEO’s board control. It’s worth noting that Brian Brooks, the former CEO of Binance.US, just resigned from his job. The top executive did not go into detail, merely stating that there were disagreements over the exchange’s strategic direction.
Despite the fact that the trading platform has drawn the attention of numerous regulators, Zhao estimates that it earned between $800 million and $1 billion last year. Thus, the Financial Conduct Authority (FCA) said last week that it had resolved all past disputes with Binance, the world’s largest cryptocurrency exchange:
The FCA placed regulations on Binance Markets Limited on June 25th, 2021. The firm met all of the requirements.” However, shortly afterward, the British watchdog warned that the trading venue poses a major risk and cannot be successfully supervised “based on the firm’s engagement to date.”
This is not the first time CZ has discussed an initial public offering. In July of this year, the executive hinted at such a possibility.
Also Read: Singapore’s Authority Places Binance.Com On Its Investor Alert List
Wallets