Binance’s U.S. unit may raise a “couple hundred million” dollars in a funding round set to close in a month or two. The global cryptocurrency exchange has also decided on a new headquarters, its chief executive Changpeng Zhao revealed. Earlier, crypto exchange giant Gemini revealed that it is close to securing $400 million in funding.
Binance’s U.S. affiliate has the option to go for an initial public offering.
Speaking at the Bloomberg New Economy Forum in Singapore, Zhao said the exchange’s U.S. affiliate has the option to go for an initial public offering (IPO) using rival Coinbase as an example, and that he was not ruling out listing the parent company in the future. “I think it’s a couple hundred million dollars,” Zhao, who is also known as “C.Z.,” said at the event, adding that he doesn’t know the exact number of the proposed fresh funding. “For an IPO perspective, it’s probably best to have a few rounds of financing before that,” he added.
Binance has come under scrutiny from regulators around the world.
Despite being one of the world’s biggest cryptocurrency exchanges by trading volumes, Binance has come under scrutiny from regulators, with some banning the platform and others warning it was unlicensed to operate. Binance and other cryptocurrency exchanges have seen trading volumes soar as prices of digital assets, such as bitcoin, ether, and other smaller tokens, boom and find greater mainstream acceptance. According to U.K. researcher CryptoCompare, Binance’s spot cryptocurrency trading volumes totaled $789 billion in September and $454 billion in July.