Binance US unit to close big-ticket funding round in two months

FILE PHOTO: The logo of Binance is seen on their exhibition stand at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi

Binance‘s U.S. unit may raise a “couple hundred million” dollars in a funding round set to close in a month or two and the global cryptocurrency exchange has also decided on a new headquarters, its chief executive Changpeng Zhao said on Friday.

Speaking at the Bloomberg New Economy Forum in Singapore, Zhao said the firm’s U.S. affiliate has the option to go for an initial public offering (IPO) using rival Coinbase as an example, and that he was not ruling out listing the parent company in the future.

“I think it’s a couple hundred million dollars,” Zhao, who is also known as “CZ”, said at the event, adding that he doesn’t know the exact number of the proposed fresh funding.

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

Binance, one of the world’s biggest cryptocurrency exchanges by trading volumes, has come under scrutiny from regulators, with some banning the platform and others warning it was unlicensed to operate.

Its U.S. affiliate is also reportedly under investigation.

Binance, as well as other cryptocurrency exchanges, have seen trading volumes soar as prices of digital assets, such as bitcoin, ether and other smaller tokens, boom and find greater mainstream acceptance.

According to UK researcher CryptoCompare, Binance‘s spot cryptocurrency trading volumes totalled $789 billion in September and $454 billion in July.

When asked whether his company was making billions of dollars of profit, Zhao replied, “pretty much, yeah” without providing a number. He also said that since Binance was profitable, it could potentially charge even lower fees than rivals and that is something Binance was thinking about.

Speaking on the issue of heightened regulatory scrutiny and concern around risks that retail traders were exposed to in cryptocurrency markets, Zhao reiterated his stance that his company was in regular talks with regulators.

“We want regulation, I am not a complete libertarian, I’m not an anarchist,” he said.

Zhao also said Binance will “very shortly” announce where the company has decided to locate its headquarters and was communicating its plan to regulators first.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.