The CEO says Binance’s US unit could raise “a few hundred million”

Binance’s North American division could raise “a few hundred million dollars” in a month or two, CEO Zhang Peng Zhao said Friday.

Speaking at the Bloomberg New Economy Forum in Singapore, Zhao said the company’s US subsidiary had the option of making an initial public offering (IPO) using rival Coinbase, and did not rule out listing the parent company. The future.

“I think it’s a few hundred million dollars,” Zhao, or “CZ,” said at the event, adding that he did not know the exact number of new funds he was proposing.

“For an IPO perspective, it is better to fund some rounds first,” he added.

Binance, one of the largest cryptocurrency exchanges in the world, is under scrutiny by regulators, with some blocking the operating system and others warning that it is not licensed to operate.

According to CryptoCompare, Binance’s cryptocurrency spot trading volume was $ 789 billion in September and $ 454 billion in July.

When asked if his company makes billions of dollars, Zhao answered “practically, yes” without giving a number. He said that since Binance is profitable, it can charge less than its competitors and that is what Binance is looking for.

Regarding the regulatory study and concerns about the risks posed by retailers in cryptocurrency markets, Zhao reiterated its position that its company is in talks with regulators.

“We need control. I’m not a complete libertarian, I’m not an anarchist,” he said.

He also said that Binance has decided where to set up its headquarters and will announce its plan to the regulators first “very soon”.