While global crypto exchange Binance has been recently under regulatory scrutiny, it hasn’t stopped the firm from making bold moves ahead. Changpeng Zhao, the founder and CEO of crypto exchange Binance recently said that its U.S. arm could be heading for a public listing in the coming three years.
The Information was the first to report this news on Wednesday, September 1. The Binance CEO is pretty much confident that the exchange will sail through all the incumbent regulatory hurdles.
Interestingly, Zhao also disclosed that Binance U.S. is all set to close large private funding just in the next two months. This move will reduce the control of the CEO of the board. For the last year of 2020, Binance has generated a profit of $800 million to $1 billion. “Binance.US is just going to do what Coinbase did,” Zhao said.
The latest announcement comes just weeks after former chief executive at Binance U.S. – Brian Brooks – quit the company just in three months of joining. Brooks cited “differences over strategic direction” as the reason to quit.
Riding the Hot IPO Wave
With Coinbase (NASDAQ: COIN) going for an IPO earlier this year in April 2021, other crypto firms have gained confidence for making their way to the Wall Street.
As a result, a number of crypto trading platforms have recently shown interest to go for a public listing in this super hot IPO market. Over the next 2-3 years, a number of crypto trading platforms like Circle, Kraken, Blockchain.com, and Binance are looking for a Wall Street listing.
Amid all the regulatory backlash, Binance has been managed to keep the momentum going. The exchange is keen on expanding it footprint in the crypto-friendly nation of Singapore.
A recent report noted that Binance is looking to raise investment and protection through government funds at $200 billion valuations. However, we have yet to hear any official word from the firm so far.