Binance.US is working on closing a major private funding round in the coming two months as it works towards gaining more independence from Binance.
Binance.US is an affiliate of Binance and it is solely a United States-based cryptocurrency exchange. Binance CEO and Founder Changpeng Zhao has stated that Binance.US is targeting an initial public offering (IPO) in 2024.
Confidence at the Helm
In the coming two months, Binance.US has already planned out the closure of a large private funding round that is meant to give the firm more independence from the global exchange. Zhao made these claims on Wednesday in an interview with The Information, a tech publication.
The Binance CEO is optimistic of his global crypto exchange emerging unscathed from the ongoing regulatory crackdown by global regulators. As a matter of fact, Zhao is confident that in just three years, Binance.US will move toward a public listing. He stated that “Binance.US is just going to do what Coinbase did,” and added that as for last year alone, Binance generated $800 million – $1 billion in profit.
More Scrutiny Brewing
This new air of confidence comes amid more raised concerns from global regulators on Binance’s operations. The latest entity to shine a bright light on the global crypto exchange is the Monetary Authority of Singapore (MAS) on Wednesday, after adding Binance’s website to their investor alert list. The list generated by MAS serves as a record of unregulated persons who “may have been wrongly perceived as being licensed or regulated by MAS.”
Local reports claim that the Singapore-based unit of Binance, Binance Asia Services (BAS), runs a separate entity and offers no services via Binance’s website. Instead BAS runs a different platform, Binance.sg. BAS had applied for a license under the Payment Services Act and in June the MAS claimed that it would review this application. Binance had made a similar application earlier in February 2020 to operate in Singapore under the act.
As previously reported, recent months have seen Binance dealing with increased scrutiny from global regulators. Authorities in different nations such as Thailand, the United Kingdom, the United States, Italy, Japan, Canada, and others have already issued warnings to the global crypto exchange.
Despite all these warnings, the exchange remains adamant in stressing its commitment to cooperate with regulators multiple times. The exchange emphasizes that the crypto industry has evolved massively over the past four years since its launch and regulatory uncertainty still exists around crypto.
Image courtesy of Binance