Zhao, who goes by “CZ” and lives in Singapore, created Binance.US in 2019 as a first step to appease U.S. “The original plan was only to dilute a small portion,” she said. Watts said the company planned to dilute its ownership significantly by bringing in more outside shareholders. “Fund-raising and engaging potential investors is an essential part of Binance.US’s long-term strategy,” Hazel Watts, a Binance spokeswoman, said in an email.
This month, Coinbase reported a profit of $1.6 billion in its second quarter as a public company. The initial public offering this spring of Coinbase, a San Francisco-based cryptocurrency exchange that lets customers trade digital currencies for real ones and vice versa, has provided rivals with a blueprint - and a glimpse of the money to be made. In many cases, investors aren’t able to get rigorous, balanced and complete information.” “There’s a great deal of hype and spin about how crypto assets work. “This asset class is rife with fraud, scams and abuse in certain applications,” he said. Some are gunning for a bigger presence in the United States, a lucrative market where hordes of customers are already flocking to their platforms - just as wary regulators have started paying close attention. Often started by lone programmers lugging laptops across the globe, many cryptocurrency firms are restructuring themselves into more traditional entities that have boards of directors and audited financial reports. Zhao would retain over Binance.US.Ĭompanies that deal in digital money are trying to grow up.
The deal would have been the first step to a potential I.P.O., but some investors balked at the amount of control Mr. Brooks left after a venture capital investment he was trying to put together for Binance.US fell through. Brooks, a former regulator, to help the company gain a U.S. This month, Brian Brooks, the chief executive of Binance.US, left the company after just three months on the job, citing “strategic differences.” Changpeng Zhao, the Chinese Canadian billionaire who owns, had hired Mr. But for a company founded on secrecy - as cryptocurrency firms typically are - the going could be slow and fitful. The quest for legitimacy in the United States is leading, the world’s largest cryptocurrency exchange, to pursue an initial public offering of its American unit.
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