In an interview with Binance CEO Richard Teng, it was revealed that the cryptocurrency exchange has no intention of considering an IPO or expanding in the United States.
Binance CEO: Crypto exchange not considering IPO, doesn’t want to expand in the US
Binance CEO Richard Teng said that unlike many other cryptocurrency exchanges, the exchange is not considering an IPO or expanding into the United States.
In an interview with CoinDesk, Teng said:
“We are in a very solid financial position and do not need to consider fundraising or an IPO at this time. From our fifth month of operation, Binance has been profitable and we are very cautious with our spending. [an IPO] It wasn’t even discussed.”
Teng was appointed directly by Binance co-founder and former CEO Changpeng Chao and has been in the role as head of the crypto exchange for the past nine months.
The move comes after CZ pleaded guilty to violating sanctions and anti-money laundering (AML) laws and settled with U.S. regulators, paying a $4.3 billion fine. Not only that, CZ was sentenced to four months in federal prison in June.
This criminal status of CZ posed a challenge for Binance and global regulations.
Regarding this matter, Teng said:
“We work closely with regulators around the world. In many places around the world, this is not an issue. There may be areas where it could be a challenge, but we have already addressed some of these issues.”
Binance: IPO and US Not Priority for Crypto Exchange CEO
Binance has recently received licenses and agreements from countries such as Dubai, India, Thailand and Brazil.
While expansion remains a priority for globally known cryptocurrency exchanges, there are a few exceptions cited by Teng.
In fact, as with the IPO, Binance appears to have no interest in the US market at all.
Regarding this matter, Teng said:
“At the moment, we are focused on markets outside the U.S. [..] “Our business is conducted outside the U.S., so we’re excited to see what happens in the U.S., but it has nothing to do with what we do.”
Either way, the interview also revealed that Teng is looking for a permanent “home base” for Binance, meaning that while it will remain a global company, the crypto exchange intends to keep its feet on the ground.
Venezuela Block
Recently, Venezuela blocked both Binance and other platforms like Elon Musk’s X following the controversy surrounding the presidential election.
Some pages on the Binance website have been restricted, blocking users from engaging in any activity on the cryptocurrency exchange.
The catalyst for this series of anti-technology events was Venezuelan President Nicolas Maduro’s response to challenges to the results of the presidential election held on July 28th of last year.