Despite the pressure of regulatory authorities, the American division of the Binance exchange plans to enter the stock market through a public offering of shares.
These plans were announced by the founder and CEO of Binance Changpeng Zhao (Changpeng Zhao) at the virtual conference REDeFiNE Tomorrow 2021, dedicated to the blockchain. Despite the current difficulties with regulators, Binance is preparing to make the transition “from a technology startup to a financial service”.
Zhao admitted that Binance’s current interaction with regulators cannot be called the “strong side” of the exchange. However, he does not rule out the possibility that Binance US will become a public company in the future.
“Binance US has already begun to study how it can enter the stock market through an IPO. Most regulatory bodies work according to a familiar pattern. They need the organization to have a headquarters and a corporate structure. We are already creating such structures to simplify the IPO, ” Zhao said.
He is confident that in this regard, the regulatory requirements for Binance will be further tightened. However, Zhao said that Binance is actively taking measures to comply with all necessary requirements. To simplify this task, the exchange hires former employees of regulatory authorities. So, since May 1, the former director of the Office of the Comptroller of the Currency of the United States (OCC), Brian Brooks, has taken the position of CEO of Binance US to help the exchange compete with the Coinbase platform.
Recently, Binance has been feeling the close attention of regulatory authorities, which has a bad effect on its cooperation with banks. Recently, the British bank NatWest completely restricted deposits from its credit and debit cards on Binance. Barclays bank has taken similar actions, and last month the exchange stopped servicing even the cryptocurrency-friendly bank Silvergate.