In recent months, worldwide regulators have escalated their scrutiny on Binance, issuing warnings in countries such as the United Kingdom, the United States, Canada, Japan, Italy, Thailand, and others. Several times, the exchange has emphasized its commitment to working with regulators.
Changpeng Zhao, the founder, and CEO of global cryptocurrency exchange Binance indicated that the company’s US arm might have an initial public offering in the next three years. Binance made $800 million to $1 billion in profit last year, according to Zhao.
Binance is To grow more independent from Binance, the United States hopes to close substantial private funding round in the next two months. Binance, US is an affiliate operating in the United States, is planning an initial public offering (IPO) in 2024.
In an interview with the tech website The Information on Wednesday, Zhao stated that the US is planning to close a big private investment round in the next two months.
Zhao was sure that Binance.US will withstand the impending regulatory crackdown by worldwide regulators and will go public in three years. Zhao stated, “Binance.US is just going to do what Coinbase did.” According to him, Binance made between $800 million and $1 billion in profit last year.
The Monetary Authority of Singapore (MAS) added Binance’s website to its investor alert list on Wednesday, indicating that additional global regulators are concerned about the company’s operations. The list keeps track of uncontrolled individuals who “could have been mistakenly believed to be licensed or regulated by MAS.”
Binance Asia Services (BAS), Binance’s Singapore-based subsidiary, operates as a separate corporation and does not provide services through Binance’s website, instead of using a different platform called Binance. sg. The MAS said in June that it will be reviewing BAS’ application for a license under the Payment Services (PS) Act. In February 2020, Binance applied to operate in Singapore under the statute.