Binance Looking For New CEO, As Binance US Potentially Plans IPO In The States
In a recent interview, Binance CEO Changpeng Zhao mentioned that the company is looking to launch a US-based initial public offering (IPO) in the future. He also said the firm was looking for a new chief executive officer with a “very strong regulatory background.”
Binance crypto exchange has been in regulatory crosshairs for some time now, and has had issues with payment providers, mainly banks.
Regulatory Issues The Reason For A New CEO
At the blockchain virtual summit Redefine 2021, Binance CEO Changpeng Zhao discussed some of the company’s regulatory problems and the possibility of a future US-based IPO.
Binance has had issues with the UK’s Financial Conduct Authority (FCA) when the regulator issued a consumer warning against the crypto trading platform.
Payment providers like Visa and Mastercard are monitoring Binance, and financial institutions like Barclays, Santander, Clear Junction, and others have suspended services with the company.
Zhao spoke in another interview while all the regulatory crackdowns were happening and said:
“compliance is a journey – especially in new sectors like crypto.”
Zhao seemingly still has an optimistic outlook and Binance, despite all the regulatory issues, is still the world’s largest spot and derivatives crypto exchange worldwide.
Speaking at the blockchain virtual summit Redefine 2021, Zhao explained that crypto infrastructure construction is hard and a long process. In order to “build products people use” Zhao says that it is a “long journey as infrastructure will have to be built along the way.”
Additionally, the Binance CEO suggested the company was looking for another CEO.
The new leader should come with a “very strong regulatory background,” Zhao explained at the “Redefine Tomorrow” event hosted by SCB 10X, a Siam Commercial Bank subsidiary.
Binance US Is Getting Ready For An IPO
Binance is looking at an initial public offering (IPO) in the United States. The company’s subsidiary Binance US is already setting up the needed requirements to fulfill this goal.
Zhao commented:
“Our partner in the U.S. is looking at the potential IPO route. Most regulators are familiar with a certain pattern, or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen.”
He also mentioned that the IPO was not “100%.”
Zhao also talked about other global regions with significant potential. The Binance CEO sees “huge potential for growth in Asia and SEA.” He also noted that “Africa is also a blank-slate for development.” Each region has different strategies for different places the Binance executive emphasized. As far as digital currencies are concerned, he understands that his company has to operate as a financial institution with accountability.
“[Cryptocurrencies] are very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” Zhao explained during the Redefine 2021 summit.
