Binance aiming a big funding round for its U.S. branch

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Changpeng Zhao (CZ), chief executive officer (CEO) of one of the biggest crypto exchange platforms, Binance, revealed that the company’s United States branch is expected to finish a funding round to raise a “couple of hundred million” funds soon.

CZ was speaking at Bloomberg’s New Economy Forum when he claimed that he does know the precise amount, but the financing round’s official confirmation might come in “a month or two.”

The former CEO of Binance.US, who is currently the CEO of Bitfury, had initially chased several potential investors, including GreatPoint’s Ray Lane and a SoftBank’s senior executive, saying that the company will follow all the U.S. regulatory standards. The regulatory pressure on Binance.US, however, ultimately led to investors backing out of a $100 million funding round. They had the fears around CZ owning a 90% ownership stake and U.S. authority’s investigation into money laundering and tax issues, soon after which, as TheCoinRise reported, the former CEO resigned.

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Binance welcoming major investors

CZ is still confident in the U.S. branch that it will attract the capital it needs and go public despite the difficult situation. He earlier in 2021, said that “top-level” investors were still in touch, and Binance.US was planning to do an IPO soon. Additionally, he didn’t rule out the chance of the company going public on Nasdaq after the competitor exchange Coinbase debuted on the stock exchange. He stated:

“From an IPO perspective, it’s probably best to have a few rounds of financing before that.”

CZ, during his latest interview, acknowledged that he serves only as the Binance.US board’s chairman and, thus, is not involved in the daily operations of the company. 

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CZ commented right when the crypto and blockchain business sector is exploding with fresh investors flocking to invest. Several big crypto companies have gone public in 2020 and have shown huge growth since then.

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