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Binance founder Changpeng Zhao says his U.S. crypto exchange arm is aiming for an IPO in three years

Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta’s official event for blockchain and digital innovation to advance cryptocurrency, in St. Julian’s, Malta on October 4, 2018. REUTERS / Darrin Zammit Lupi

September 1 (Reuters) – Binance founder and chief executive officer Changpeng Zhao, the global cryptocurrency exchange, said its U.S. arm could have an IPO in the next three years, The Information reported on Wednesday.

“Binance.US will just do what Coinbase did,” Zhao said, according to the report.

Binance.US will also complete a large round of private fundraising in the next two months designed to reduce its control over the board, Zhao said in a Zoom interview with The Information.

Binance generated $ 800-1 billion in profits over the past year, according to Zhao, the report added.

Last month, Brian Brooks, CEO of the U.S. arm of the cryptocurrency exchange, stepped down just three months after taking office. Continue reading

The exchange has come under pressure from regulators around the world over concerns about the use of crypto in money laundering and risks to consumers. Continue reading

Reporting by Sabahatjahan Contractor in Bengaluru. Editing by Gerry Doyle

Our Standards: The Thomson Reuters Trust Principles.

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