Binance CEO Changpeng "CZ" Zhao explained in a recent interview that the company plans to launch a US-based initial public offering (IPO) in the future. The crypto exchange has been stuck in regulatory crosshairs for the past few weeks and has had issues with payment providers. CZ also noted during his interview that the company is looking for a new CEO with "very solid regulatory background ".
Au Virtual Blockchain Summit Redefine 2021, Binance Changpeng CEO "CZ " Zhao discussed some of the company's regulatory issues and the possibility of a future US IPO. Binance got into trouble with the UK's Financial Conduct Authority (FCA) when the regulator posted a consumer warning against crypto trading platform.
Besides the UK, Binance has received warnings from Italy , Lithuania , Thailand , Japan , Ontario , and South Africa . Payment providers like Visa and Mastercard monitor Binance, and financial institutions like Barclays , Santander , Clear Junction , and others suspended their services with the company c. CZ spoke in another interview as all regulatory crackdowns were happening and stated : "compliance is a journey, especially in new industries like cryptography.
CZ still seems to have a bullish outlook and Binance, despite all the regulatory issues, is still the the largest cash and derivatives crypto exchange in the world. Speaking at the Redefine 2021 virtual blockchain summit, CZ explained that building crypto infrastructure is a difficult and time-consuming process. In order to "build products that people use ", CZ says it 'sa "long journey as the infrastructure will have to be built along the way". Additionally, the CEO of Binance suggested that the company is looking for another CEO.
The new leader will have "very solid regulatory experience," CZ explained at the "Redefining Tomorrow" event. ".ent hosted by SCB 10X, a subsidiary of Siam Commercial Bank.
Binance is in the process of "put in place structures to facilitate completion of an IPO
In addition, Binance is considering an initial public offering (IPO) in the United States. The company's subsidiary, Binance US, is already putting in place the necessary requirements to achieve this goal.
“Our partner in the US is exploring the possibility of an IPO. Most regulators know a certain model, or have a head office, corporate structure. But we are putting these structures in place to make it easier to complete an IPO, ”CZ said. He also mentioned that the IPO was not "100%".
In addition to the United States, CZ spoke of other parts of the world with significant potential . Binance CEO Sees Huge Growth Potentialthis in Asia and SEA. ”He also noted that“ Africa is also a blank slate for development. ”Each region has different strategies for different locations, the Binance executive pointed out. when it comes to digital currencies, he understands that his business needs to operate as a responsible financial institution.
"[Cryptocurrencies] are very well understood as a type of financial asset, we just have to treat it as such, and we have to run the business as such, ”CZ explained at the Redefine 2021 summit.
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