On Friday, a blockchain virtual summit event “REDeFiNE Tomorrow” 2021 was organized by Thailand's oldest Siam Commercial Bank SCB 10X. In the event, Binance CEO Changpeng “CZ” Zhao said that their partner, United States-based cryptocurrency exchange Binance US is planning and seeking ways to hit the market with its Initial public offering (IPO).

As per CEO Zhao, Binance is looking forward to shifting from a technology startup into a financial service company. For that, it is even ready to accept the heavy regulation pressure. Binance is focussing aggressively to increase its compliance effort. To improve communications with regulators it is hiring many traditional compliance people and ex regulators. As per CEO Zhao there is an urgent need for a new Binance CEO who has a strong regulatory background. Zhao said, “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.”Binance is currently looking to fulfil the urgent requirement to localize compliance communications.

Investigations into Binance-

Binance recently is facing a lot of scrutiny from the global regulator including United States. As per previous report, alleged illegal trading activity, involving Binance user in the United States had led States Department of Justice and the Internal Revenue Service to investigate Binance. In March, alleged trades done by U.S. customers, led Binance go through investigation by U.S. Commodity Futures Trading Commission. Binance received many warnings and various actions have been taken against the exchange by government agencies from different country including U.S., U.K., Japan, Italy, Thailand, Poland, and the Cayman Islands.

About Binance and Binance U.S-

In 2019 Binance US was launched. It operates as a separate entity from Binance. It receives licensing technology and branding support from the global exchange Binance entity.

Other Crypto firms going public-

Earlier this year crypto exchange Coinbase started trading on the Nasdaq exchange. Currently, many U.S based crypto firms including Gemini, Kraken and Circle are planning to initiate their IPO.

Indrani bose

CBW - External Analyst

INDIA