Binance.US plans to close major private funding round in the next two months to become more independent from Binance.
Binance’s affiliate United States-based cryptocurrency exchange, Binance.US, is targeting an initial public offering (IPO) in 2024, in keeping with Binance CEO and founder Changpeng Zhao.
Binance.US is planning to close massive private funding round within the next two months that may permit the agency to change into extra unbiased from the global exchange, Zhao stated on Wednesday in an interview with tech publication The Information.
Zhao is confident that the worldwide crypto exchange will survive the ongoing regulatory crackdown by international regulators, and that Binance.US will move towards a public listing in three years. “Binance.US is simply going to do what Coinbase did,” Zhao stated. He stated that Binance generated $800 million–$1 billion in profit last year.
The information comes amid more global regulators raising concerns about Binance’s operations, with the Monetary Authority of Singapore (MAS) including Binance’s website to its investor alert checklist on Wednesday. The checklist gives a file of unregulated individuals who “could have been wrongly perceived as being licensed or regulated by MAS.”
In line with local studies, Binance Asia Services (BAS), the Singapore-based unit of Binance, operates as a separate entity and doesn’t offer any services via Binance’s website, operating a special platform, Binance.sg, instead. In June, the MAS stated it was planning to review BAS’ utility for a license under the Payment Services (PS) Act. Binance beforehand utilized to function in Singapore below the act in February 2020.
A spokesperson for the MAS advised that the regulator blacklisted Binance’s website as the agency didn’t apply for a license under the PS Act. “Binance is required to cease offering cost providers that are regulated below the PS Act to Singapore residents and stop soliciting such enterprise from Singapore residents,” the consultant noted.
In the meantime, BAS’ license utility stays below evaluation, topic to it demonstrating that it is ready to meet necessities below the PS Act, the MAS spokesperson added.
As beforehand reported, Binance has been below increased scrutiny from global regulators in recent months, with warnings being issued by authorities in countries such as the UK, the US, Canada, Japan, Italy, Thailand and others. The exchange has stressed its commitment to cooperating with regulators on multiple times.
