Binance US intends to close a significant private investment round within the next two months in order to become more autonomous from the parent company, Binance.
According to Binance CEO and founder Changpeng Zhao, the cryptocurrency exchange Binance US, which is situated in the United States, is aiming to go public in 2024 through an initial public offering (IPO) of its stock.
A substantial private investment round for BinanceUS is expected to be completed within the next two months, which would allow the company to become more independent from its parent company, according to CEO Changpeng Zhao in an interview with tech journal The Information published on Sept. 1.
Founder and CEO Changpeng Zhao is sure that Binance will withstand the continuing regulatory crackdown by global regulators and that Binance US would progress toward a public offering in three years. “Binance.“
The United States is simply going to do what Coinbase did,” Zhao remarked. In the previous year, he said that Binance made between $800 million and $1 billion in profit.
A number of worldwide regulators are voicing their concerns about Binance’s operations recently, with the Monetary Authority of Singapore (MAS) placing the cryptocurrency exchange’s website to its investor alert list on September 1.
The list keeps track of unlicensed and unregulated individuals who may have been mistakenly identified as being licensed or controlled by the MAS.
In accordance with local reports, Binance Asia Services (BAS), the Singapore-based unit of Binance, operates as a distinct corporation and does not provide any services through Binance’s website, instead operating a separate platform, Binance.sg.
The Malaysian Anti-Money Laundering (MAS) announced in June that it will be reviewing BAS’ application for a license under the Payment Services Act. Binance has previously applied to operate in Singapore under the act in February 2020, but the application was denied.
The MAS did not react to a request for comment from Cointelegraph soon after receiving it.
Binance has come under heightened attention from global regulators in recent months, with warnings issued by authorities in nations such as the United Kingdom, Canada, Japan, Italy, Thailand and other jurisdictions. The exchange has reiterated its commitment to working with regulators on a number of different occasions.
