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CZ Says Binance.US Is Considering Going Public, but Binance Currently Doesn't Have IPO Plans

3y ago
bullish:

5

bearish:

0

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Key highlights:

  • Binance CEO Chanpeng "CZ" Zhao says that Binance.US is considering an IPO, but hasn't made a decision yet
  • As for Binance, the exchange currently doesn't have plans to go public
  • CZ says he is looking at candidates for a potential new Binance CEO, who would preferably have a strong regulatory background

Binance.US is considering going public, but hasn't made the decision yet

The Binance.US exchange is considering going public, according to recent comments made by Binance CEO Changpeng “CZ” Zhao. CZ made the comments at the Redefine Tomorrow event held by SCB 10X (the panel with CZ starts at about 4 hours and 8 minutes into the video).

Binance.US is operated by BAM Trading Services, and technically operates separately from Binance.com. However, the two exchanges are partners and share similar branding and underlying technology.

According to CZ, Binance U.S. is considering an IPO, but hasn’t yet reached a decision on whether they want to go public or not. While several businesses in the cryptocurrency and blockchain business have announced plans to go public, either through IPOs or SPAC mergers, cryptocurrency exchanges are approaching this area carefully. 

Coinbase is an example of a cryptocurrency exchange that has gone public in the United States, and now trades on the NASDAQ under the ticker COIN. Bullish, a cryptocurrency exchange that’s being developed by EOS creators Block.one, recently announced its plans to go public through a merger with Far Peak Acquisition. 

Kraken CEO Jesse Powell has also mentioned that the exchange is considering going public, but the Kraken hasn’t made a decision so far, at least publicly. 

Binance currently doesn't have IPO plans, CZ is looking for a potential new Binance CEO

Binance itself doesn’t currently have plans to go public, although CZ isn’t excluding that possibility. According to him, Binance would have to change the structure of its company before it could go public – for example, Binance’s ambiguity when it comes to the location of their headquarters and offices is not received very well by regulators. CZ said that the business is making changes that could eventually open up the way towards an IPO:

“We are setting up those structures. Once those structures are in place, you may make it easier for an IPO to happen. So that's not out of the question. But right now, we are still in the early stages.”

CZ also said that he plans to eventually step down from his role as the CEO of Binance. He says that Binance is looking for a candidate that would be able to assume the CEO role, preferably someone with a “very strong regulatory background”. As for CZ, he says giving up the CEO role would allow him to focus more on growing BNB and Binance Smart Chain. 

3y ago
bullish:

5

bearish:

0

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