Binance US eyes IPO in next three years

September 02, 2021 03:57 PM PDT | By Team Kalkine Media
 Binance US eyes IPO in next three years
Image source: Vintage Tone,Shutterstock

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.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.


Sponsored Articles


Investing Ideas

Previous Next