Speaking at the Bloomberg New Economy Forum in Singapore, Zhao said the US company
It has the option to go for an initial public offering (IPO) using its competition Coinbase As an example, it does not rule out the inclusion of the parent company in the future.
Zhao said at the event: “I think the amount is a few hundred million dollars.” He added that he did not know exactly how many new funding had been proposed.
He added: “From an IPO perspective, it’s probably best to have a few rounds of financing before that.”.
What is the impact of organizational problems?
Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has come under scrutiny by regulators.
Some have banned the platform and others have warned that it is not licensed to operate.
Its US subsidiary is reportedly under investigation.
Binance, along with other cryptocurrency exchanges, has seen a surge in trading volumes with the boom in the price of digital assets, such as bitcoin, ether and other smaller tokens.
According to British researcher CryptoCompare, Binance’s spot crypto trading volumes totaled $789 billion in September and $454 billion in July.
When asked if his company is making billions of dollars in profits, Zhao replied, “Yes, pretty much.” without providing a number.
He also said that since Binance is making good profits, it is likely to charge less fees than competitors and this is something Binance has been considering.
Speaking on the issue of increased regulatory scrutiny and concern about the risks to retailers
In the crypto markets, Zhao reiterated his position that his company is in regular talks with regulators.
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Important remarks from Binance CEO Changpeng Zhao today