Head of Binance called the timing of U.S. branch of the cryptocurrency for an IPO

According to Changpeng Zhao, CEO of the trading platform, Binance US is close to completing a major private fundraising round
Head of Binance called the timing of U.S. branch of the cryptocurrency for an IPO

The head of the world’s largest cryptocurrency exchange by trading volume, Binance Changpeng Zhao during a conference at Zoom said the U.S. branch of the trading platform (Binance US) to IPO within three years, writes The Information.

According to Zhao, Binance US is close to completing a major private fundraising round. In July, the head of Binance already admitted the possibility of an IPO by the U.S. branch of the cryptocurrency, but then he did not name a specific timeline.

Zhao noted that the company may face tough regulatory requirements in the future as it transitions from a technology startup to a financial service. That is why Binance US is creating structures that will help it ease the IPO process, Zhao stressed.

The head of Binance has denied rumors of a possible IPO several times. In March, the head of the cryptocurrency exchange claimed that an initial public offering is not part of the site’s plans, as the exchange has no problems with finances.

The Binance US exchange was launched in 2019 as a separate company that only provides services to U.S. citizens.

In 2021, Binance faced pressure from global financial regulators. On Aug. 13, it announced that residents of South Korea and Malaysia were no longer able to access some of its products, particularly trading pairs with the Korean Won (KWN) and Malaysian Ringgit (MYR), payment options for those same currencies, and P2P applications. Binance attributed the changes in operations to the demands of local authorities.

In July, Binance warned that it would stop trading cryptocurrency derivatives in Europe. The first countries for which this opportunity was not available were Germany, the Netherlands and Italy. Their residents cannot open new accounts to trade futures or derivatives. The crypto exchange has also been the subject of investigations in Thailand, Singapore and the Cayman Islands.

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The post was written by Crypto Expert John Belford

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