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Binance US Will Receive Large Investment, Binance CEO Says

Binance’s US business will receive a big investment, according to Changpeng “CZ” Zhao, the exchange’s founder and CEO. The company should earn a few “hundreds of millions of dollars” within two months, according to the CEO.

The speech was given at the New Economy Forum in Singapore on Friday (19). Zhao stated at the same event that the brokerage has intentions to go public. The IPO phase, on the other hand, is scheduled to take place during the next three years in the medium term.

“Coinbase’s IPO will serve as the foundation for what we can do with Binance US. However, it’s probably better to have a few rounds of funding before then,” Zhao said.

Binance US is the third-largest cryptocurrency exchange in the United States, behind Coinbase and Kraken, with over $1.2 billion exchanged in the last 24 hours.

Zhao also discussed the possibility of creating a physical office for Binance during the occasion. The exchange is based in Malta, however, it has no head office or established location there, instead of relying on local representatives.

This has always been an important point for Zhao, who has claimed that Binance can thrive without having a physical location. However, the CEO later changed his mind and stated that the exchange should establish a permanent headquarters.

Binance will need a centralised entity to engage well with regulators,” Zhao stated in September. That message was repeated in Singapore, with the addition that an announcement would be made soon.

“There are some countries that are very pro-cryptocurrency and we have a headquarter setup already planned, but I can’t announce it today. We will be able to publicize this in a very short period,” Zhao said.

Binance is evolving in terms of performance, according to the CEO. The company began as a technology and cryptocurrency firm, but it is now evolving into a full-fledged financial institution.

“In the long term, we want Binance to be a platform for other platforms, an infrastructure platform for other teams to build their platforms,” said Zhao.