Binance has no plans to go public soon

Richard Teng, the CEO of Binance, who took over from founder Changpeng “CZ” Zhao, stated in an interview that the world’s biggest cryptocurrency exchange is not going public because its finances are sound.

In an extensive interview with reporters in New York on Wednesday, however, Teng stated that the seven-year-old business isn’t thinking of it. Teng declared, “We don’t need to consider any fundraising or an IPO at this time because we are in strong financial shape.”. “Since the fifth month of launch, Binance turned a profit and has been extremely frugal with its expenditures. Therefore, the topic of [an IPO] has not come up. “.

Teng claims that the exchange’s efforts to become more transparent—which include investing 36% more in compliance efforts in 2022 compared to the previous year and continuing to look for a permanent location—are motivated by a desire to improve relations with international regulators and, as a result, steer the business in a more future-proof direction. Teng stated, “It’s really about creating a sustainable business that will flourish for the next 50 to 100 years, not just the next few years.”. That is undoubtedly our goal. “.

Under less ideal circumstances Richard Teng rose to the top of cryptocurrency behemoth Binance last year, as his predecessor Changpeng “CZ” Zhao was forced to leave the exchange as part of a multibillion-dollar settlement with the U.S. authority. On the bright side, though, he inherited a lucrative CEO position at a crypto industry mainstay, he hopes to develop and expand.

Teng didn’t respond when asked if Binance planned to raise capital to reduce CZ’s stake in the business, stating that the exchange’s board of directors and shareholders should make such decisions.
We collaborate closely with international regulators. It’s not an issue in many parts of the world. There might be some places where it presents a problem, but we have already handled some of those,” Teng said, citing the licenses the business recently obtained and the agreements it has made in nations like Brazil, Dubai, India, and Thailand.

Teng emphasized how crucial it is for Binance to make amends for its previous transgressions, clear the air with international regulators, and proceed with its operations more transparently.