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Binance founder Changpeng Zhao says its U.S. crypto exchange arm targets IPO in three years -The Information

Binance founder Changpeng Zhao says its U.S. crypto exchange arm targets IPO in three years -The Information

reuters.com · 09/01/2021 21:29
Binance founder Changpeng Zhao says its U.S. crypto exchange arm targets IPO in three years -The Information

- Global cryptocurrency exchange Binance's founder and chief executive officer Changpeng Zhao said that its U.S. arm could have an initial public offering in the next three years, The Information reported on Wednesday.

"Binance.US is just going to do what Coinbase did," Zhao said, according to the report.

Binance.US is also set to close on a large private fundraising round in the next two months that should reduce his control of the board, Zhao said in an Zoom interview with The Information.

Binance generated $800 million to $1 billion in profit last year, according to Zhao, the report added.

Last month, Brian Brooks, chief executive of the U.S. arm of the cryptocurrency exchange resigned just three months after taking up the role. nL4N2PD3S0

The exchange has come under pressure from regulators across the world due to concerns over the use of crypto in money laundering and risks to consumers. nL8N2PR1HD


(Reporting by Sabahatjahan Contractor in Bengaluru. Editing by Gerry Doyle)

((Sabahatjahan.Contractor@thomsonreuters.com; within U.S. +1 646 223 8780 outside the U.S. +918067492635;))