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Binance CEO Changpeng “CZ” Zhao explained in a recent interview that the company is seeking to conduct an initial public offering (IPO) in the United States in the future. In the past few weeks, cryptocurrency exchanges have been in the regulatory crosshairs and have problems with payment providers. CZ also pointed out in an interview that the company is looking for a new CEO with a “very strong regulatory background.”
At the Blockchain Virtual Summit Redefine 2021, Binance CEO Changpeng Zhao discuss Some of the company’s regulatory issues and the possibility of an IPO in the United States in the future. When regulators issued warnings to consumers about crypto trading platforms, Binance had problems with the UK Financial Conduct Authority (FCA).
In addition to the United Kingdom, Binance has also received warnings from Italy, Lithuania, Thailand, Japan, Ontario and South Africa. Payment providers such as Visa and Mastercard are monitoring Binance, while financial institutions such as Barclays, Santander, and Clear Junction have suspended services with the company. CZ said in another interview that all regulatory crackdowns are taking place, and said: “Compliance is a journey-especially in new areas such as encryption.”
CZ still seems to maintain an optimistic outlook. Despite all regulatory issues, Binance remains the world’s largest spot and derivatives cryptocurrency exchange. At the Blockchain Virtual Summit Redefine 2021, CZ explained that the construction of encryption infrastructure is difficult and a long process. In order to “build a product that people use,” CZ stated that this is a “long journey because the infrastructure must be built in the process.” In addition, the Binance CEO suggested that the company is looking for another CEO.
CZ explained in the “Redefining Tomorrow” event organized by the subsidiary SCB 10X of Siam Commercial Bank that the new leader will have a “very strong regulatory background.”
In addition, Binance is considering an initial public offering (IPO) in the United States. Binance US, a subsidiary of the company, has set the requirements needed to achieve this goal.
“Our partners in the United States are looking for potential IPO paths. Most regulators are familiar with a certain model, or have a headquarters, and a company structure. But we are building these structures to make IPOs more likely to happen,” CZ said. He also mentioned that IPO is not “100%”.
In addition to the United States, CZ also talked about other global regions with great potential. Binance CEO sees “great growth potential in Asia and Southeast Asia”. He also pointed out that “Africa is also blank.” Binance executives emphasized that each region has different strategies for different places. As far as digital currency is concerned, he understands that his company must operate as a responsible financial institution.
“[Cryptocurrencies] CZ explained at the Redefine 2021 summit: “We understand very well that as a type of financial asset, we must treat it like this, and we must operate the company like this.”
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