With regulators circling amid a cascade of bad press, Binance chief Changpeng Zhao has boldly revealed he will take Binance.US public within three years.
The CEO insists that, despite ongoing pressure from financial officials around the globe, business operations are running smoothly in the United States now the cryptocurrency exchange has put down a regulatory anchor.
Binance.US launched in late 2019 following a suspension of its services to US customers – a move aimed at ensuring complete compliance with organisations such as the SEC and CFTC.
By beefing up internal regulation, Binance is now able to protect its access to the US crypto markets as it can adjust its exchange platform operations to meet the specific requirements imposed by federal regulators.
Walking in Coinbase’s footsteps
The world’s largest crypto exchange is walking in the footsteps of Coinbase – which was the first cryptocurrency exchange to go public back in April.
It would represent a huge boost for the Binance image if Zhao was able to pull off a successful IPO. The move would deeply legitimise the exchange, serve as a roadmap to regulatory compliance, bolster BNB – the exchange’s native token – and make investors a lot of money.
The rivalry between the two major exchange platforms isn’t a big secret, so this revelation isn’t a significant surprise.
Zhao revealed the plans shortly after Singapore’s financial watchdog listed the exchange as unregulated in an investor alert.
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