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05-09-2021 | Business

Binance CEO Changpeng Zhao says US crypto exchange will go public in three years.

Binance.US, a United States-based cryptocurrency exchange, is planning an initial public offering (IPO) in 2024, according to Binance CEO and founder Changpeng Zhao.

Binance.US plans to close a large private funding round in the next two months, allowing the company to become more self-sufficient from the global exchange,  Zhao stated in an interview with the tech publication The Information on Wednesday. 

Zhao is sure that Binance.US will withstand the impending regulatory crackdown by worldwide regulators and will go public in three years. Zhao stated, "Binance.US  is just going to do what Coinbase did."He said that, Binance made between $800 million and $1 billion in profit last year.

The news comes as additional international regulators express concern over Binance's operations, with the Singapore Monetary Authority (MAS) putting Binance's website to its investor alert list on Wednesday. The list keeps track of uncontrolled individuals who "could have been mistakenly believed to be licenced or regulated by MAS."

Binance Asia Services (BAS), the Singapore-based unit of Binance, operates as a separate corporation, according to local media, and does not offer any services via Binance's website, instead using a different platform called Binance.sg. The MAS said in June that it will be reviewing BAS' application for a licence under the Payment Services (PS) Act. In February 2020, Binance applied to operate in Singapore under the statute.

Binance's website was blocked by the MAS, according to a spokeswoman for the regulator, because the company did not seek for a licence under the PS Act. "Binance is obligated to stop providing payment services to Singapore residents that are regulated under the PS Act, as well as stop seeking such business from Singapore residents," the spokesman stated.

Meanwhile, BAS' licencing application is still being considered, pending proof that it can meet the PS Act's standards, according to the MAS spokeswoman.

As previously reported, worldwide regulators have escalated their scrutiny on Binance in recent months, issuing warnings in countries such as the United Kingdom, the United States, Canada, Japan, Italy, Thailand, and others. Several times, the exchange has emphasised its commitment to working with regulators.

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