- Binance US could go public in the next three years, this is according to CEO Changpeng Zhao.
- The company is also set to close a large private fundraising round in the next two months.
Founder and CEO of Binance Changpeng Zhao (CZ) has said the firm’s US arm will go public in three years. “Binance US is just going to do what Coinbase did,” he said on Sept. 1.
Additionally, CZ disclosed that Binance US will in two months finalize large private funding. With it, the firm’s board CEO will have lesser authority. Moreover, the company is looking to raise investment and protection through government funds at a $200 billion valuation. This information is, however, yet to be officially confirmed.
In 2020, Binance, the world’s largest crypto exchange, generated a profit of between $800 million and $1 billion. The exchange boasted of a $3.88 billion daily trading volume, which is a 36 percent rise year-over-year (YoY).
Now, the exchange intends to make it to Wall Street, following the footsteps of Coinbase. The latter went for an IPO listing on the NASDAQ in April 2021. In the next 2-3 years, several crypto trading platforms are also looking forward to a public listing. Other than Binance, others are Kraken, Circle, and Blockchain.com.
Binance strives to clean its record
Despite being an embattled crypto exchange owing to disagreements with regulatory bodies, the firm strives to maintain its momentum. CZ is quite confident that the exchange will pull through all the regulatory hindrances. Just recently, the exchange was declared as compliant by the UK FCA (Financial Conduct Authority) and authorized to continue operations.
More so, the company has been on a hiring spree, taking in personnel with experience in matters regulatory compliance. New hires include Greg Monahan, former IRS (Internal Revenue Service) criminal investigator who is an official of anti-money laundering operations.
Nevertheless, it has only been a few weeks since the former chief executive for Binance US, Brian Brooks, resigned abruptly. After a six-month tenure at the company, Brooks quit citing “differences in strategic direction.” Binance’s Brazil manager also stepped down mid-July just six months after he resumed the role citing “misalignment” in role expectations.
The deeper the roots, the greater the fruits
In addition to going public, Binance is advancing its services by setting up shop in the crypto-friendly nation of Singapore. The launch comes after venture capitalist firm Vertex invested in the company in October. Users in the country can now purchase cryptocurrencies using the nation’s currency, in what is known as fiat ramps.
Before that, Binance had advanced similar services to Uganda and Jersey, and now the Singapore venture makes the third. The company is also working towards a Liechtenstein joint-venture, while currently monitoring the usefulness of the Singapore offering.
Binance Coin (BNB), was trading at $494.83, up 5.4 percent in the day as of this writing, our data shows. The fourth-largest cryptocurrency by market cap is about 40 percent less than its May all-time high of nearly $700. However, it remains 1909.6 percent higher YoY.