According to the CEO and founder of Changpeng Zhao, it is a branch of the stock exchange Binance.US focused on the initial public offering (IPO) as early as 2024.
The exchange plans to close a large round of private financing over the next two months. This would allow the company to gain greater independence from the global exchange, stated Zhao in an interview.
Zhao is convinced that the global crypto exchange will survive the ongoing regulatory interventions and that Binance.US will move to public listing in three years. ,,We are going to do what Coinbase does Zhao said. He added that the exchange reached last year profit $ 800 million to $ 1 billion.
Binance still under more scrutiny
This news comes in the middle of how More and more global regulators are raising concerns about the operation of the stock exchange. The Singapore Monetary Authority (LAG) added the exchange’s website to its list of investor warnings on Wednesday. This list provides a record of unregulated persons who “may have been misunderstood as a licensed or regulated LAG”.
Exchange based in Singapore operates as a separate entity and does not offer any services through the Binance website. Instead, it runs another platform, Binance.sg. In June, the LAG announced that it planned to examine BAS’s application for a license under the Payment Services Act. The exchange previously applied to operate in Singapore by law in February 2020.
The regulator blacklisted the Binance website because the company did not apply for a license under the Payment Services Act. A LAG spokesman added that the application for a BAS license was being examined in the meantime.
As previously announced, the exchange has been under increased supervision by global regulators in recent months. Alerts have been issued by authorities in countries such as the United Kingdom, the United States, Canada, Japan, Italy, Thailand and others. Binance has already emphasized several times its commitment to cooperate with regulatory authorities.