Binance.US is targeting an initial public offering (IPO) in 2024, according to Binance CEO and founder Changpeng Zhao. Furthermore, Binance.US plans to complete important private financing round over the next two months. Thus, this would enable the company to become more independent of global exchanges, Zhao said in an interview with a publication, The Information on Wednesday.
Zhao is optimistic that the global crypto exchange would withstand worldwide regulatory crackdowns. Moreover, that Binance.US will progress to a public listing in the upcoming three years.
Zhao stated: “Binance.US is just going to do what Coinbase did.”
Moreover, it has earned profits of up to $1 billion in the past year, triple the net income of Coinbase at the same time.
Some analysts claimed the public listing of Coinbase, the first one for a major crypto-exchange, was similar to the Google IPO used to be for the internet.
Created in 2017, Binance provides traders worldwide with hundreds of cryptocurrencies. Moreover, its aspirations for an IPO mirror the widespread acceptance of cryptocurrencies last year. With more conventional financial firms starting to integrate digital assets into their customer offerings.
While Binance US is the US partner of Binance, US profit is autonomous.
Regulatory Concerns Across Multiple Nations
The news comes amid worldwide authorities concerned about the activities of Binance. With the addition in the website of Binance to their investor alert list on Wednesday by the MAS.
As previously reported, in the last few months, Binance has been more under investigation by global regulators. With warnings from authorities in several nations. The exchange has highlighted its willingness to cooperate many times with authorities.
Before making a stock market debut, Binance US will need to recruit a new leader since Brian Brooks has resigned after only three months of being CEO. Thus, Zhao proposed that one of the new senior employees of the business might be his substitute.