In an interview with the CEO of Binance, Richard Teng, it emerged that there is no intention from the crypto-exchange to consider an IPO and to want to expand in the USA.
Binance CEO: the crypto-exchange is not considering an IPO and does not want to expand in the USA
Richard Teng, CEO of Binance, stated that, unlike many other crypto-exchanges, Binance is not considering an IPO and is not intending to expand into the USA.
In an interview with CoinDesk, Teng stated the following:
“We are in a very solid financial situation, so there is no need to consider a fundraising or an IPO at this time. From the fifth month of activity, Binance has been profitable and has been very prudent in terms of spending. So [an IPO] is not a topic that has come up.”
Teng has been at the head of Binance for nine months, after being appointed directly by the co-founder and former CEO of the crypto-exchange Changpeng CZ Zhao.
This change of guard occurred after CZ pleaded guilty and settled with U.S. regulators for violating sanctions and anti-money laundering (AML) laws. The penalty was 4.3 billion dollars. Not only that, CZ was sentenced to four months in federal prison in June.
This criminal status of CZ then became a challenge for Binance and global regulation.
On this subject, Teng said:
“We work closely with global regulatory authorities. In many places around the world, it is not an issue. There could be areas where it might be a challenge, but we have already solved some of these problems”
Binance: for the CEO of the crypto-exchange IPO and USA are not a priority
Binance has recently obtained licenses and agreements with countries such as Dubai, India, Thailand, and Brazil.
Expansion remains a priority for the renowned crypto-exchange of global fame, but there are some exceptions that Teng has raised.
In fact, it seems that just like with IPOs, Binance is not interested at all in the US market.
On this subject, Teng stated:
“At this moment we are focusing on markets outside the United States. [..] Our business is outside the United States. So we look with excitement at what happens in the United States, but it has no relevance to our activity.”
In any case, from the interview it also emerged that Teng is looking for a place that Binance can call a permanent “home”. Although remaining a global company, the crypto-exchange intends to put down roots.
The block in Venezuela
Recently, in Venezuela, both Binance and other platforms like X by Elon Musk, have been blocked following the dispute over the presidential elections.
Some pages of the Binance website have undergone access restrictions and users have found themselves blocked from acting on the crypto-exchange.
To have triggered this series of anti-technological events, it was Nicolas Maduro, the President of Venezuela, in response to the contestation of the results of the presidential elections, which took place last July 28.
