Binance’s CZ says he doesn’t believe in maximising profits

Binance chief Changpeng ‘CZ’ Zhao says the latest funding round for Binance may raise “a couple hundred million dollars” in its latest funding round.

“For an IPO perspective, it’s probably best to have a few rounds of financing before that,” he added, before stressing that he still doesn’t believe in maximising profits in the short term.

Speaking at Bloomberg’s New Economy Forum, Zhao confirmed that the round was likely to close in the next two months, and added the exchange has also decided on a new headquarters.

Zhao said the company’s US affiliate has the option to go for an initial public offering (IPO) using rival Coinbase (COIN.O) as an example, and that he was not against listing the parent company in the future.

CZ Zhao also noted his company was making “pretty much billions” of dollars of profit but he didn’t reveal the exact amount.

However, he pointed out that since Binance was profitable, it could potentially charge even lower fees than rivals.

Recently, Binance has come under scrutiny from regulators, with some banning the platform and others warning it was unlicensed to operate. Also, its US affiliate has been allegedly under investigation as well.

“We want regulation, I am not a complete libertarian, I’m not an anarchist,” he said.