Binance US, a US-based cryptocurrency exchange operating separately from Binance, is looking to go public despite ongoing regulatory pressure on Binance.
Changpeng Zhao said that Binance will face heavy regulation in the future with the mindset of moving from a tech start-up project to a financial service.
🔥Will Go Public Despite Pressures
Binance US, a US-based cryptocurrency exchange operating separately from Binance, is looking to go public despite ongoing regulatory pressure on Binance.
Changpeng Zhao, founder and CEO of global exchange Binance, spoke about the ongoing regulatory issues and future plans at the REDeFiNE Tomorrow 2021 virtual blockchain summit on Friday.
The CEO expressed confidence that Binance will face heavy regulation in the future, noting that the company is “in the mindset of moving from a technology start-up project to a financial service.” Zhao reiterated that Binance is aggressively ramping up its compliance efforts, including hiring legacy regulators.
Binance US looks at the IPO route. Most regulators are familiar with headquarters with a particular pattern or organizational structure. However, we are establishing these structures to facilitate the realization of an IPO.
🔥He's been in trouble lately
Launched in 2019, Binance US operates a separate entity from Binance, licenses the technology and receives brand support from the global exchange. Brian Brooks, former acting auditor of the United States Office of the Currency Controller, became CEO of Binance USA earlier this year to help the exchange compete with the Coinbase exchange and expand in the United States.
Binance has come under increasing scrutiny from global regulators recently, including the United States. As previously reported, both the US Department of Justice and the Internal Revenue Service are investigating Binance for alleged illegal trading activity involving US users. In March, it was reported that Binance was the subject of an investigation by the US Commodity Futures Trading Commission regarding alleged trades by US customers.