Binance US (the cryptocurrency exchange’s American subsidiary) expects to raise hundreds of millions of dollars in a capital round, according to Changpeng Zhao, the company’s CEO.
Zhao (also known as CZ) stated at the Bloomberg New Economy Forum in Singapore that he did not know the precise amount of new money. However, it will be a sizable amount, and it will almost certainly be followed by others before Binance US launches an IPO:
“I think it’s a couple hundred million dollars. For an IPO perspective, it’s probably best to have a few rounds of financing before that.”
It’s worth remembering that Zhao established a timeline for a prospective Binance US public offering two months ago. He said at the time that the project will be finished in the next three years because the business “is going to do what Coinbase did.”
CZ also said that the bitcoin exchange would relocate to a new location, which will be revealed “very shortly” in an official statement.
Binance, like other top digital asset exchanges, has experienced a significant surge in trading volumes as most cryptocurrencies have charted all-time highs in recent weeks. When asked whether his company was profitable in the billions of millions, CZ said, “pretty much, yeah.” Binance expects to start providing cheaper costs than its competitors as a result of these improvements, according to the CEO.
Various regulatory bodies, including the UK’s FCA, the EU, and the FSCA of South Africa, have slammed the world’s biggest cryptocurrency platform in recent months. According to the most recent, Binance is not registered to provide brokerage services or provide financial advice in the nation.
In an attempt to tackle these concerns, Zhao announced in September that his company will modify its structure. He promised to develop the business into a regulated financial institution with a single headquarters:
“Four years ago, we wanted to embrace decentralization, but we do run a decentralized exchange. We need a shift. We need to enhance. We are making those changes to make it easier for regulators to work with us.”
Zhao underlined his support for creating laws in the digital asset market during his most recent appearance:
“We want regulation, I am not a complete libertarian, I’m not an anarchist.”
