Binance CEO Changpeng Zhao also know as “CZ”, revealed that the US branch of the global cryptocurrency exchange is expected to Binance.US completes a round of funding to raise a “couple hundred million”.
Speaking at the Bloomberg New Economy Forum, CZ claimed that it was not aware of the exact amount. However, the official confirmation of the funding round may arrive in “about a month or two.”
As reported by Cointelegraph, regulatory concerns surrounding Binance.US ultimately resulted in investors pulling out of a $ 100 million funding round. Brian Brooks, The former CEO of Binance.US, had initially hunted down potential investors, including Ray Lane of venture capital firm GreatPoint and a senior executive at Japanese holding company SoftBank, con the pretext that Binance.US would follow all US regulatory standards.
However, investors withdrew due to fears surrounding CZ’s 90% -owned stake in the exchange. and concerns about an investigation by US authorities into money laundering and tax issues, prompting Brooks to resign.
Despite the difficulties, CZ is still confident that Binance.US will be able to attract the capital it needs and go public. He said earlier this year that “top tier” investors were still interested and that Binance.US itself was planning to hold an initial public offering soon, especially after rival Coinbase debuted on Nasdaq. He doesn’t even rule out Binance going public in the future.
“Regarding an IPO, it’s probably best to have a few rounds of funding before then.”
During the most recent interview, CZ acknowledged that he only serves as chairman of the board of Binance.US and is not involved in the exchange’s day-to-day operations.
The news has come as the cryptocurrency and blockchain trading sectors are exploding, with new investors flocking. Several cryptocurrency-related companies have gone public in the past year, many of which have shown significant growth. Following the merger of a $ 4 billion special-purpose acquisition company, mining company BitDeer plans to go public on Nasdaq.
Keep reading: