Binance CEO says, Binance US is ready to shift their platform from technical startup to financial services, so that they can face restricted regulations in future easily.
Lots of regulation & restriction hammer hitting Binance badly by the financial forces of different countries in this year. There are huge allegation on Binance that Binance US group is entity of Binance & they have full control on the operation of Binance US. While Binance Exchange denied all these allegations and explained that Binance & Binance US both are independent entity group which are operating their business separately. Now Binance’s CEO talked about Binance US group’s future plans to fight against strict regulation.
On the blockchain virtual summit REDeFiNE 2021 on Friday, Binance CEO & Founder Changpeng Zhao, stated
“Binance US is looking at the IPO route. 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”
First of all he explained how the monetary Authorities are hitting them through new restrictions. Even they are hired former regulators to handle the situation but they failed ( they hired Brian Brooks, the former acting comptroller of the United States as a CEO of Binance US last year). So they are set to face the regulation & restrictions of the future, that is why they are going to shift their business into a financial service.
Binance US was launched in 2019 as a separate entity from Binance Exchange and its main goal was to cover the crypto traders of the U.S. by giving the facility of huge numbers of fiat- crypto pairs.
After every allegation on Binance, regulators don’t forget to target Binance US because they think that Binance & Binance US both of them are working together and have no record in written form.