Following the company’s development, CEO Changpeng Zhao recently said to The Information that Binance intends to make a public offering for its US office in three years. He said Binance had a cheaper cost structure than Coinbase.
Changpeng Zhao, CEO, said:
“The users using Binance.US pay about one-fifth of the fees that they pay on Coinbase – so it’s about five times cheaper.”
According to Zhao, Binance US will execute significant private funding rounds in the next two months, reducing board control. Then comes the IPO, he adds.
With all the global regulatory limitations, Binance will need to double its global compliance workforce by 2021. Binance has gotten several warnings and has been banned from operating in certain countries for failing to register with local authorities.
Triple the Net Income of Coinbase
Binance was founded in 2017 and offered hundreds of cryptocurrencies globally. Its plans for an IPO after cryptocurrencies gained broad acceptability last year, with more traditional financial institutions beginning to provide digital property to clients.
The firm made up to $1 billion last year, Zhao told The Information. That’s triple of Coinbase’s net income in the same timeframe. While Binance US is Binance’s US partner, its profits are standalone.
In less than three months, Brian Brooks, Binance US’s CEO, stepped down. As a possible successor, Zhao suggested one of the company’s new senior employees.
Aside from Bitcoin and Binance, Zhao said in the interview that he owns just a BNB token. Apart from time constraints, he said he was open to other digital currencies.