Something huge is brewing in the world’s largest cryptocurrency exchange by trading volume Binance.com
The founder and CEO of Binance, Changpeng Zhao (CZ), recently disclosed that the U.S. subsidiary plans to go public in three (3) years. This is great news not just for Binance, but for the entire blockchain space. An IPO is a hard process that would be a huge achievement for the whole industry.
CZ, in a zoom interview, made this auspicious statement: “Binance.US is just going to do what Coinbase did.”
Binance And The American Market
Binance has had a very rocky relationship with the United States. Regulators have repeatedly banned and restricted the free flow of cryptocurrency and crypto-related activities in the United States. Therefore, the country has also put stringent regulations in place to stifle the growth and development of the crypto space in America. Due to these stringent regulations, many crypto firms have had to relocate from the U.S. or completely close their companies.
For instance, to meet up with the regulatory requirements of the United States, Binance has launched its US arm in September 2019. Following this launch, Binance U.S. users were finally separated from the Binance global platform in November 2020. On the other hand, Binance is currently available in several parts of the United States. However, Hawaii, Idaho, New York, Connecticut, Louisiana, Vermont, and Texas are still restricted from using the platform.
Therefore, a successful launch of the US Binance IPO may put the crypto exchange in a positive light among regulators. This would involve building trust not just for the exclusively American exchange but for the entire ecosystem.
Binance’s US subsidiary Proposed IPO – A Huge Win For The Crypto Industry
Speaking on the plans to go public, Mati Greenspan, founder of Quantum Economics, revealed: “such a listing […] represents a coming to the light for many companies. Especially in the U.S. and particularly in crypto, where the regulatory landscape has been a particular barrier.” Adding that every cryptocurrency firm that can get listed and “[…] traded on the big exchanges is a huge win for the entire sector.”
On the other hand, the popular crypto exchange Coinbase recently completed an IPO. According to Binance CEO, the exchange plans to follow Coinbase’s path. However, he added that despite Coinbase laying the blueprint for launching an IPO, the U.S. subsidiary of Binance has several perks compared to Coinbase. For example, the regards to fees users are expected to pay. it is necessary to consider that Binance’s US subsidiary lets users pay fees at least five times cheaper than what they are expected to pay on Coinbase for similar transactions.
Also, Binance also disclosed plans to wrap up a huge private fundraising round in a few months. It will be a large extent who will reduce Binance CEO’s role governing power over the crypto exchange.
At the time of publication, BNB was trading at $490.30 with a market cap of $75,768,637,112 and a 24-hour trading volume of $1,875,954,744. The token price is also up by 0.1% in the last 24 hours.
Also, join us on Telegram to receive free trading signals.
Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.