Binance Founder Says Its US Arm Targets IPO in 3 Years: Report

Global cryptocurrency exchange Binance’s founder and chief executive officer Changpeng Zhao said that its US arm could have an initial public offering in the next three years, The Information reported on Wednesday.

“Binance.US is just going to do what Coinbase did,” Zhao said, according to the report.

Binance.US is also set to close on a large private fundraising round in the next two months that should reduce his control of the board, Zhao said in an Zoom interview with The Information.

Loading...

Binance generated $800 million (roughly Rs. 5,840 crores) to $1 billion (roughly Rs. 7,300 crores) in profit last year, according to Zhao, the report added.

Last month, Brian Brooks, chief executive of the US arm of the cryptocurrency exchange resigned just three months after taking up the role.

The exchange has come under pressure from regulators across the world due to concerns over the use of crypto in money laundering and risks to consumers.

Loading...

Binance said last month it would demand stricter background checks on customers to bolster efforts against money laundering, with immediate effect.

The exchange, whose holding company is registered in the Cayman Islands, has scaled back its product offerings, including leveraged trading and tokens linked to equities, and has said it wants to improve relations with regulators.

The potential for cryptocurrency exchanges to launder money has long worried regulators, with US Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde among those this year to voice concerns.

Loading...

The Dutch central bank on Monday said Binance was not in compliance with its anti-money laundering and anti-terrorist financing laws.

Binance said on its website that users would have to complete a verification process to access its products and services. Those who have not done so will only be able to withdraw funds, cancel orders, and close positions.

Until now, document-based ID checks at Binance were only required for users who wanted higher limits on trading. Users will now have to upload an ID card, driver’s licence or passport to prove their identity, Binance said.

Loading...

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

Loading...

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Loading...
Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.