Binance founder says its US crypto exchange arm targets IPO in three years

[BENGALURU] Global cryptocurrency exchange Binance's founder and chief executive officer Changpeng Zhao said that its US arm could have an initial public offering in the next three years, The Information reported on Wednesday.

"Binance.US is just going to do what Coinbase did," Mr Zhao said, according to the report.

Binance.US is also set to close on a large private fundraising round in the next two months that should reduce his control of the board, Mr Zhao said in an Zoom interview with The Information.

Binance generated US$800 million to US$1 billion in profit last year, according to Mr Zhao, the report added.

Last month, Brian Brooks, chief executive of the US arm of the cryptocurrency exchange resigned just three months after taking up the role.

The exchange has come under pressure from regulators across the world due to concerns over the use of crypto in money laundering and risks to consumers.

REUTERS

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