Binance Is Hunting for a New CEO — Exchange’s US Venture ‘Looks at Potential IPO Route’
Binance CEO Changpeng “CZ” Zhao has explained in a recent interview that the company is looking to launch a U.S.-based initial public offering (IPO) in the future. The crypto exchange has been stuck in regulatory crosshairs during the last few weeks and has had issues with payment providers. CZ also noted during his interview that the firm was looking for a new chief executive officer with a “very strong regulatory background.”
Binance Cheif Executive Says Company Is Looking for a New CEO
At the blockchain virtual summit Redefine 2021, Binance CEO Changpeng “CZ” Zhao discussed some of the company’s regulatory problems and the possibility of a future U.S.-based IPO. Binance has had issues with the UK’s Financial Conduct Authority (FCA) when the regulator issued a consumer warning against the crypto trading platform.
Besides the UK, Binance has received warnings from Italy, Lithuania, Thailand, Japan, Ontario, and South Africa. Payment providers like Visa and Mastercard are monitoring Binance, and financial institutions like Barclays, Santander, Clear Junction, and others have suspended services with the company. CZ spoke in another interview while all the regulatory crackdowns were happening and said: “compliance is a journey – especially in new sectors like crypto.”
CZ still seems to have an optimistic outlook and Binance, despite all the regulatory issues, is still the world’s largest spot and derivatives crypto exchange worldwide. Speaking at the blockchain virtual summit Redefine 2021, CZ explained that crypto infrastructure construction is hard and a long process. In order to “build products people use” CZ says that it is a “long journey as infrastructure will have to be built along the way.” Additionally, the Binance CEO suggested the company was looking for another CEO.
The new leader will have a “very strong regulatory background,” CZ explained at the “Redefine Tomorrow” event hosted by SCB 10X, a Siam Commercial Bank subsidiary.
Binance Is ‘Setting Structures to Make It Easier for an IPO to Happen’
Furthermore, Binance is looking at an initial public offering (IPO) in the United States. The company’s subsidiary Binance US is already setting up the needed requirements to fulfill this goal.
“Our partner in the U.S. is looking at the potential IPO route. Most regulators are familiar with a certain pattern, or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen,” CZ said. He also mentioned that the IPO was not “100%.”
In addition to the United States, CZ talked about other global regions with significant potential. The Binance CEO sees “huge potential for growth in Asia and SEA.” He also noted that “Africa is also a blank-slate for development.” Each region has different strategies for different places the Binance executive emphasized. As far as digital currencies are concerned, he understands that his company has to operate as a financial institution with accountability.
“[Cryptocurrencies] are very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such,” CZ explained during the Redefine 2021 summit.