interview that the company is looking to launch a U.S.-based initial
public offering (IPO) in the future. The crypto exchange has been stuck
in regulatory crosshairs during the last few weeks and has had issues
with payment providers. CZ also noted during his interview that the firm
was looking for a new chief executive officer with a “very strong
regulatory background.”
Binance Cheif Executive Says Company Is Looking for a New CEO
At the blockchain virtual summit Redefine 2021, Binance CEO Changpeng “CZ” Zhao discussed
some of the company’s regulatory problems and the possibility of a
future U.S.-based IPO. Binance has had issues with the UK’s Financial
Conduct Authority (FCA) when the regulator issued a consumer warning against the crypto trading platform.
Besides the UK, Binance has received warnings from Italy, Lithuania, Thailand, Japan, Ontario, and South Africa. Payment providers like Visa and Mastercard are monitoring Binance, and financial institutions like Barclays, Santander, Clear Junction,
and others have suspended services with the company. CZ spoke in
another interview while all the regulatory crackdowns were happening and
said: “compliance is a journey – especially in new sectors like crypto.”
CZ still seems to have an optimistic outlook and Binance, despite all the regulatory issues, is still the world’s largest
spot and derivatives crypto exchange worldwide. Speaking at the
blockchain virtual summit Redefine 2021, CZ explained that crypto
infrastructure construction is hard and a long process. In order to
“build products people use” CZ says that it is a “long journey as
infrastructure will have to be built along the way.” Additionally, the
Binance CEO suggested the company was looking for another CEO.
The new leader will have a “very strong regulatory background,” CZ
explained at the “Redefine Tomorrow” event hosted by SCB 10X, a Siam
Commercial Bank subsidiary.
Binance Is ‘Setting Structures to Make It Easier for an IPO to Happen’
Furthermore, Binance is looking at an initial public offering (IPO)
in the United States. The company’s subsidiary Binance US is already
setting up the needed requirements to fulfill this goal.
“Our partner in the U.S. is looking at the potential 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,” CZ said. He also mentioned that
the IPO was not “100%.”
In addition to the United States, CZ talked about other global
regions with significant potential. The Binance CEO sees “huge potential
for growth in Asia and SEA.” He also noted that “Africa is also a
blank-slate for development.” Each region has different strategies for
different places the Binance executive emphasized. As far as digital
currencies are concerned, he understands that his company has to operate
as a financial institution with accountability.
“[Cryptocurrencies] are very much understood as a financial asset
type, we just got to treat it as such, and we have got to run the
company as such,” CZ explained during the Redefine 2021 summit.
source link : https://news.bitcoin.com/binance-is-hunting-for-a-new-ceo-exchanges-us-venture-looks-at-potential-ipo-route/
