Binance US Is Planning an Initial Public Offering IPO

by in Cryptocurrency News

Binance CZ about IPO

Binance CEO Changpeng Zhao (CZ) revealed that the company's U.S. branch may go public via an IPO.

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The announcement was made during an online conference REDeFiNE Tomorrow held on July 23.

CZ also said that the major crypto exchange Coinbase helped to form a "playbook" for crypto firms before IPOs. Note that Coinbase was the first crypto exchange to go public and get listed on the stock market NASDAQ in April.

While the company has been facing regulatory problems, Zhao stated the team is strengthening its compliance efforts. He finds it is effective to employ different strategies for different places as each country has its own approach for regulation.

Talking about the Binance Smart Chain, Zhao said it surpassed the expectations and continues to develop. The Binance CEO finds the crypto industry has a huge potential to advance further.

According to CZ, the majority of regulators want to see businesses having headquarters and corporate structures. Although Binance is a global business, and most of its operations are virtual, the company is setting up those frameworks to make the IPO launch simpler.

As crypto adoption is growing, CZ says the entire crypto industry must do a pivot. Binance itself, intends to turn from a tech startup to a financial services firm.

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There are no direct plans for now but things may change.

The native token of Binance, BNB is the fourth largest by market cap (over $51 B). Currently, the token trades at around $303.