- Binance CEO — Changpeng Zhao (CZ), says that an IPO is on the horizon.
- The exchange’s US branch will likely launch an IPO after 3 years.
- This decision will help the brand with its regulatory issues.
Binance CEO — Changpeng Zhao (CZ), says that the exchange’s US arm may have an Initial Public Offering (IPO) after the next 3 years. This means that the US branch of the popular cryptocurrency exchange will be making a public listing soon.
This decision most likely came to meet the challenges that Binance is currently facing all over the world. As of late, crypto regulations have been getting much tighter over the past year. Binance alone has had to make some hard decisions and pull out of certain countries.
For instance, Binance stopped providing its services to its Ontario-based users. Similarly, it had to limit its services in the UK as well. Many other crypto exchanges also found themselves in the same boat as Binance. Kraken for example is one such crypto exchange.
In detail, countries like the UK, Japan, and South Korea have been working hard to bind crypto exchanges to stricter crypto regulations. Most exchanges were given a deadline to meet in order to continue their services in these countries.
Upbit was the only one out of many to come out standing in South Korea. Many other exchanges have already begun to close shop before the deadline reaches them. It seems that Binance.US is making headway with a plan to make an IPO in the future.
This gives the exchange an opportunity to get ahead of all its legal regulatory problems. At the moment, Binance.US is working on closing a large private funding round. This will result in CZ having less control over the board. In short, CZ says that Binance.US will do what Coinbase did.
All in all, Binance has collected $800 million to $1 billion in profits over the last year. This shows that Binance has managed to come out strong despite its hardships. Not long ago, CZ wrote a letter that showed his determination to keep Binance afloat no matter the regulatory issues. He said that progress could not be made without any hiccups. We shall soon see how he will take the exchange to further heights.
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