AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Binance CEO Changpeng Zhao revealed plans for an IPO in the next three years.
- Binance has been facing regulatory issues over money laundering charges.
- Recently, the Monetary Association of Singapore (MAS) has put Binance.com under the investor alert list.
Binance founder and chief executive officer on Sep 1 broke the news of bringing an initial public offering (IPO) for the company’s US arm in the next three years.
Binance is a cryptocurrency exchange launched in 2017 by Zhao. Binance’s US arm is also in talks with investors to close a fundraising round in the next two months. Zhao would cease control of the board after the funding round, Reuters reported. In 2020, Binance made a staggering profit of around US$800 million to US$1 billion.
Also Read: Five cannabis stocks to keep an eye on amid demand for pot products
Source – pixabay
Also Read: Seven penny stocks that gave positive returns YTD
In a major development, Binance US chief executive Brian Brooks resigned last month. He had joined the company in May this year.
He worked as a US Comptroller of Currency before joining Binance. Before this, Brooks was with Coinbase Global as a chief legal officer.
Binance offers a range of products and services on its crypto exchange, such as cryptocurrency, crypto spot and derivatives, and tokenized versions of stocks.
The Binance exchange has been facing regulatory pressures lately on counts of money laundering through crypto and risking customer’s money.
Britain, Germany, Italy, Hong Kong, Japan, Singapore, and Thailand have put stricter measures on the company to safeguard investors. In the US, the Department of Justice, the Commodity Futures Trading Commission, and the tax authorities also surveyed its products and processes, according to the Reuters report.
Also Read: Five gaming stocks to keep an eye on as industry continues to expand
Recently, the Monetary Association of Singapore (MAS) has put Binance.com under the investor alert list. Binance had not made document-based ID-proofs mandatory for all, except those who want to increase the trading limit.
However, the simple but strict KYC check can save the company from unnecessary trouble and financial watchdogs’ sharp and watchful sight. The company is trying to improve on this front. It recently made ID proof, like driving license, mandatory to carry out options, including closing position, canceling orders, and withdrawing funds.
Also Read: Explore five semiconductor stocks powering the US electronics industry
Bottomline
The cryptocurrency market has registered robust growth in recent years. Although the market is still evolving, analysts expect more people to join the digital currency marketplace with the rapid development of technologies.
