Binance CEO Changpeng Zhao has announced an IPO within three years.
The CEO of the Binance crypto exchange, Changpeng Zhao, took part in an interview with the news site The information took part. In this he spoke openly about a possible IPO of the US company division. If the CEO of the crypto exchange has his way, such an IPO could take place in the next three years. So Zhao told the news site The information:
Binance will just do what Coinbase did.
According to coingecko.com, the exchange had a trading volume of $ 29 billion over the past 24 hours. Coinbase made it to number two of the largest crypto exchanges with $ 5.4 billion.
Regulatory pressure on Binance in Singapore
Meanwhile, the world’s largest crypto exchange continues to struggle with major regulatory pressures. In Singapore, for example, the Monetary Authority of Singapore (MAS) announced on September 2nd that it would prevent Binance from offering unlicensed payment services for customers from Singapore. That comes from a report by The Business Times emerged.
Since Binance has not applied for a license under the PS Act, the Central Bank of Singapore has added Binance.com to its investor warning list. With this, the MAS warns consumers that the Singapore crypto exchange is not regulated or licensed to offer payment services,
according to the Monetary Authority of Singapore.
Meanwhile, Binance Asia Services (BAS), which is responsible for the Singaporean branch, counters that Binance.com is not one of them. Because BAS claims to have applied for the license required by the central bank.
Opposite to The Business Times said the Singaporean branch:
Binance Singapore is a separate legal entity from Binance.com. After all, we have our own local leadership and management team. We do not offer any products or services through the Binance.com website or any other affiliate. Also vice versa. The location in Singapore focuses exclusively on expanding the crypto ecosystem in Singapore (…).
In this case, the largest crypto exchange benefits from the fact that it is not one large company, but rather is divided into several smaller ones. Because the regulatory pressure continues to increase worldwide. So you don’t have to fight one big battle, but several small ones. That being said, the crypto exchange could take some positive news.