archyworldys

Changpeng Zhao Announces Binance.US Plans To Go IPO

The American division of the bitcoin exchange Binance may conduct an initial public offering (IPO) in the future. This was stated by the CEO of the platform Changpeng Zhao during a speech at the REDeFiNE Tomorrow 2021 blockchain event.

The head of Binance added that the company is currently focused on business growth. According to him, the bitcoin exchange will open a headquarters and build an organizational structure to facilitate the process of entering the exchange.

Zhao did not rule out an increase in regulatory pressure after the close attention that the authorities paid to the platform.

Binance is in a transition from a tech startup to a financial service, he said. This is reflected in the growth of the team responsible for compliance with regulations, including at the expense of ex-employees of the regulators themselves.

“Until now, communication with the authorities has not been our strong point. Localization of communications is also necessary “Zhao admitted.

Binance CEO believes that against the backdrop of pressure from the Chinese authorities in relation to the industry, the development vector is shifting from the PRC to North America. But in the US, he said, there are few exchange-traded startups due to heavy regulation.

Zhao noted the continued huge growth potential in Asia, in particular in its southeastern part. Africa is also of interest, where the development of the industry remains at its initial stages. For each region its own strategy, he added.

When asked about the prospects for the development of the industry, Changpeng Zhao noted that further growth will be based on new applications in the field of NFT and DeFi, as well as the creation of additional areas of application. But this is a long way due to the need to build the appropriate infrastructure, said the CEO of Binance.

As a reminder, in June, the UK Financial Conduct Authority banned Binance Markets Limited from any regulated activity in the country without prior written approval.

Read also  Huawei share: company expands partnership with Chongqing Changan Smart Car!

The Cayman Islands began checking the work of Binance, Thailand and Hong Kong accused the company of operating without a license, Japan issued another warning to it.

Polish regulators warned consumers about the risks of interaction with the platform, while Italy and Malta warned about unregulated activities of Binance.

Amid pressure from regulators, Changpeng Zhao issued an open letter outlining Binance’s plans to ensure compliance and protect customers.

Previously, the FTX crypto derivatives exchange bought back shares sold by Binance. Its founder, Sam Bankman-Freed, attributed this move to a difference in business management styles.

Subscribe to ForkLog news in Twitter!

Found a mistake in the text? Select it and press CTRL + ENTER

.

Trending