Binance US, the United States arm of the leading crypto exchange, is planning to go public and is already raising funds.
Binance US is planning to go public
Changpeng Zhao, the CEO of Binance cryptocurrency exchange, has revealed that Binance US is raising pre-IPO funds, and the funding round will close in a month or two. This latest development comes despite Binance coming under heavy regulatory pressure in Europe and other parts of the world.
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CZ revealed this while speaking at the Bloomberg New Economy Forum in Singapore earlier today. He stated that Binance US is planning to raise a few hundred million dollars, but he is not certain of the exact amount.
Binance US had planned to raise funds a few months ago, but the effort was thwarted by investors’ concerns about its independence from Binance, its parent company. Since then, Binance has made numerous regulatory changes to ensure that it operates within the purview of the law.
CZ maintains that the only connection between Binance.com and Binance US is that he currently sits on the board of the Binance US company. He added that he is not involved in Binance US’s day-to-day operations. CZ further added that he doesn’t have the American unit’s Slack, which the company uses for internal communications, installed on his device.
CZ said Binance was looking to set up its headquarters and mentioned France, the United Arabs Emirate and Singapore as possible destinations. When asked about Binance.com, the parent company, becoming a publicly-listed entity, CZ said the company is too big at the moment, and they would have to consider where it could go public. He stated that;
“To be honest, in five, ten years, we might see crypto exchanges merge with stock exchanges, which means that Binance.com could list on a crypto exchange.”
Cryptocurrency companies are starting to list on stock exchanges as the market continues to grow. Coinbase became a publicly-listed company in April 2021, and a few leading companies, including Blockchain.com, Binance and Kraken, have all indicated the desire to list on stock exchanges.