Binance US Is Expected to Close a Massive Funding Round

Friday, 19/11/2021 | 09:17 GMT by Arnab Shome
  • The exchange is considering going public.
Binance US Is Expected to Close a Massive Funding Round
Binance CEO Changpeng Zhao

The United States affiliate of global crypto Exchange , Binance is expected to close a funding round, raising a ‘couple hundred million’, the Binance Founder and CEO, Changpeng Zhao said on Friday.

Though Zhao said that he is unaware of the exact number when speaking at the Bloomberg New Economy Forum, the official confirmation of the funding round might come in ‘about a month or two’. Binance US earlier disclosed that it is seeking at least US$100 million in a funding round.

Earlier this year, Zhao revealed that Binance US is considering the possibility of going public through an initial public offering (IPO) route, especially after rival Coinbase listed itself on Nasdaq. He is not even ruling out the possibility of the parent company in the future.

“[From] an IPO perspective, it's probably best to have a few rounds of financing before that,” Zhao added. However, he confirmed that he only sits as the Chair of the Binance US board and is not involved in the US exchange’s day-to-day operations.

A Profitable Crypto Exchange

Binance is the largest cryptocurrency exchange in terms of the trading volume. The spot trading volume on the exchange touched $789 billion in September, according to CryptoCompare. Morever, Zhao confirmed that the exchange is making ‘pretty much’ billions of dollars in profits, but did not provide any number.

He even said that being a profitable exchange, Binance is now considering to undercut its rivals in terms of trading fees.

Binance faced critical regulatory scrutiny earlier this year as it was operating in several jurisdictions without obtaining relevant authorizations. Many regulators red-flagged the exchange, while a few even took enforcement actions.

Zhao said that the exchange is now in talks with regulators and will soon announce the location of its headquarters.

“We want Regulation , I am not a complete libertarian, I'm not an anarchist,” he said.

The United States affiliate of global crypto Exchange , Binance is expected to close a funding round, raising a ‘couple hundred million’, the Binance Founder and CEO, Changpeng Zhao said on Friday.

Though Zhao said that he is unaware of the exact number when speaking at the Bloomberg New Economy Forum, the official confirmation of the funding round might come in ‘about a month or two’. Binance US earlier disclosed that it is seeking at least US$100 million in a funding round.

Earlier this year, Zhao revealed that Binance US is considering the possibility of going public through an initial public offering (IPO) route, especially after rival Coinbase listed itself on Nasdaq. He is not even ruling out the possibility of the parent company in the future.

“[From] an IPO perspective, it's probably best to have a few rounds of financing before that,” Zhao added. However, he confirmed that he only sits as the Chair of the Binance US board and is not involved in the US exchange’s day-to-day operations.

A Profitable Crypto Exchange

Binance is the largest cryptocurrency exchange in terms of the trading volume. The spot trading volume on the exchange touched $789 billion in September, according to CryptoCompare. Morever, Zhao confirmed that the exchange is making ‘pretty much’ billions of dollars in profits, but did not provide any number.

He even said that being a profitable exchange, Binance is now considering to undercut its rivals in terms of trading fees.

Binance faced critical regulatory scrutiny earlier this year as it was operating in several jurisdictions without obtaining relevant authorizations. Many regulators red-flagged the exchange, while a few even took enforcement actions.

Zhao said that the exchange is now in talks with regulators and will soon announce the location of its headquarters.

“We want Regulation , I am not a complete libertarian, I'm not an anarchist,” he said.

About the Author: Arnab Shome
Arnab Shome
  • 6421 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6421 Articles
  • 85 Followers

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