The CEO of the world’s largest cryptocurrency exchange, Binance, has hinted at the possibility of an IPO by the company’s American branch. This was made public as part of the virtual blockchain event REDeFiNE Tomorrow 2021.
Binance US is a separate corporation that operates separately from Binance. As a result, it can attempt the challenging path to an IPO even if its parent company faces a slew of harmful actions and limitations from national regulators worldwide.
According to Changpeng Zhao, Binance’s battle with regulators is unlikely to end anytime soon, and the exchange will be subjected to strict controls on multiple occasions in the future. However, he did emphasize that the company’s goal is to transition from a software startup to a financial services firm. To that end, the team takes every effort to adhere to the regulatory idiosyncrasies of global governments. In addition, it engages former regulatory representatives who can share their acquired experience with the trading platform.
Zhao stated that they had previously given little attention to a fruitful collaboration with financial authorities, which is why they are now compelled to quickly gather all “capacity” to fill the “gaps.”
Despite issues with government departments in some nations, Zhao would not rule out the possibility of a Binance US IPO. Instead, Zhao stated that they plan to establish a full-fledged headquarters with a defined organizational structure to help with the “publicity” process. Furthermore, this format of the company’s work will appear more “known” to regulators.
Binance’s CEO emphasized the southeastern parts of Asia and Africa while discussing the industry’s future growth. Although many members of the digital currency sector are focusing their attention on North America, he believes Asia has huge potential to establish a new asset class. At the same time, the industry in Africa is just getting started, and its growth is dependent on the strategy taken by local agencies and crypto firms.
According to Zhao, the greatest success will be proven by NFT and DeFi, because the lion’s share of the recent growth has been centered in these areas. Therefore, now is the moment to expand their application’s capabilities.