In the next three years, the American arm of the cryptocurrency exchange Binance may conduct a public offering on the U.S. stock market. This was disclosed by the company’s chief Changpeng Zhao in an interview with The Information.
“Binance.US is going to do the same thing as Coinbase,” he said.
According to him, within the next two months the unit will close a ‘large private financing round’. The deal will reduce the CEO’s control over the board.
Zhao noted that the exact timing of the listing will depend on market conditions and the growth of Binance.US’s business.
“If the business can grow steadily over the next three years, that period will be enough for an IPO. If we enter a bear market that lasts, I don’t know, three or four years, then it may take a little longer,” he explained.
In June 2021, Zhao first spoke about Binance.US to go public on the stock market. He said at the time that the unit was focused on developing and growing the business.
In March, the CEO said that the main Binance platform does not plan to conduct an IPO. According to him, the company has no funding problems, so an IPO is not being considered.
The statement came amid regulatory troubles facing the Bitcoin exchange.
In June, the UK’s Financial Conduct Authority barred Binance Markets Limited from any regulated activity in the country without prior written approval.
Cayman Islands began a review of the exchange’s operations, Thailand and Hong Kong accused the company of operating without a license, Japan issued another warning.
Polish regulators warned consumers about the risks of interacting with the platform, and Italy and Malta warned about Binance’s unregulated activity.
Malaysia’s Securities Commission announced enforcement actions against the trading platform for ‘illegal management of a digital asset exchange’.
In August, the Dutch central bank said that Binance has no registration to provide services in the country.
In September, the Monetary Authority of Singapore warned investors that Binance’s activities are not regulated by the regulator
The Bitcoin exchange is considering raising funds from Singapore’s sovereign wealth funds at a $200 billion valuation, according to Colin Wu.
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