- Binance CEO Changpeng Zhao has revealed that the exchange US arm is considering an initial public offering (IPO).
- As part of the exchange compliance effort, Binance has added to its compliance team.
Binance founder and chief executive officer Changpeng Zhao, popularly known as CZ, has hinted that Binance US is considering an initial public offering (IPO). CZ mentioned the Binance US IPO plans while speaking at the blockchain virtual summit, REDeFiNE TOMORROW 2021.
Binance US is considering IPO
Hints on Binance US IPO plans came amid the ongoing regulatory issues the exchange has been facing over the past weeks. The UK Financial Conduct Authority (FCA) issued a consumer warning against Binance Markets Limited. Saying that the group is not allowed “to undertake any regulated activity in the UK.” Apart from the UK, Binance also received warnings from Ontario, Japan, Thailand, Italy, Lithuania, and South Africa. Despite the ongoing regulatory challenges, Binance remains the world’s largest spot and derivative crypto exchange.
As Binance is working on settling the regulatory hurdles the exchange is currently facing, CZ has revealed that its US arm is now setting up structures to fit all regulatory requirements for an IPO. The exchange founder noted:
Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having a corporate structure. But we are setting up those structures to make it easier for an IPO to happen.
Speaking further, CZ also mentioned some of its regions across the globe with potential. CZ said that each region has its distinct strategy. He specifically said that he sees “huge potential for growth in Asia and SEA.” Also, he stated that Africa is a blank-slate for growth.
Furthermore, CZ said that Binance will not remain a tech startup forever. He revealed that the exchange plans to transit from to a financial service. In addition, he assured that Binance is focused on operation as an accountable financial institution. CZ explained during the summit:
[Cryptocurrencies] are very much understood as a financial asset type, we just got to treat it as such, and we have got to run the company as such.
Binance increases compliance effort
Binance’s founder said that it has added to its compliance team while speaking at the exchange’s 4th anniversary last week by 500 percent. According to CZ, Binance will increase the team further by an additional 1000 percent by the end of 2021. In addition to Binance’s compliance effort, the exchange has hired Jonathan Farnell as its new Director of Compliance. Farnell was a board member and head of compliance at financial services company eToro.
Commenting on hiring the new executive, Binance said in a press release that Farnell would help develop the exchange’s “regulatory products landscape.” Following his appointment as the Binance director of compliance, Farnell declared:
In putting users first, Binance has a culture that fosters innovation and promotes the creation of game-changing products. My efforts will focus on helping Binance develop these and driving further regulatory compliance in Europe and the development of regulated products.
Binance’s Trading Volume Hits $100 Billion in Just One Day
Binance continues to see unprecedent trading activity while attempting to sail through regulatory hurdles
Binance’s daily volume hit an eye-popping $100 billion on Oct. 20, according to a tweet by CEO Changpeng Zhao.
The leading crypto exchange recorded this crucial milestone on the day Bitcoin, the largest cryptocurrency, reached a new all-time high of $67,276.
Despite introducing stricter measures for users due to severe regulatory scrutiny, Binance enjoys a comfortable lead over other crypto exchanges in both spot and derivatives trading, according to data provided by CoinMarketCap.
Eerier this month, the trading platform also announced a $1 billion ecosystem fund.
Meanwhile, the decentralized finance sector is catching up with centralized behemoths. The total value locked in DeFi protocols has hit $100 billion for the first time.
Binance Smart Chain DeFi protocol PancakeHunny suffers flash loan attack
As the users argue “what’s better,” Ethereum or Binance Smart Chain, the latter saw another decentralized protocol being exploited. PancakeHunny on BSC was attacked by a flashloan and no, this wasn’t a first for the protocol.
Blockchain security and data analytics company Peckshield Inc. announced the attack on Twitter.
The last time that this protocol was exploited, was in June, wherein the team had noted the creation of a smart contract to exploit the Hunny Minter Smart Contract. The contract was subsequently executed 91 times, as per the team.
The team took a long time to respond to the hack this time but assured the users that their funds were safe. The team added in a preliminary report,
“On 20 October 2021, at 0920 UTC. A smart contract was created to exploit the Hunny TUSD vault. The Contract was subsequently executed 26 times.”
PeckShield provided some details about the same noting,
According to the agency, this hack was possible due to a profit inflation bug, which converts the relatively small amount of harvested ALPACA, to a large amount of TUSD for staking. PeckShield added,
“These converted TUSDs are then counted as profit, now inflated to mint large amount of $HUNNY!”
Actions taken by the team
The PancakeHunny team has stopped the minting process for the TUSD vault while assuring that funds in Hives were all SAFE. The exploit did not affect other Hives and Vaults but the price of HUNNY.
They added that the issue has been identified and the team will change its rooting to higher liquidity pools to prevent the aftereffects of price manipulation of LP pools.
NBA Makes Coinbase Its Exclusive Crypto Partner
Coinbase has joined FTX in scoring major partnerships in the sports industry
The National Basketball Association has announced a multi-year deal with Coinbase, America’s biggest crypto trading platform in an Oct. 19 press release.
Coinbase will act as the exclusive partner of the NBA, NBA G League, Women’s National Basketball Association (WNBA), and other leagues.
As part of the deal, the exchange will have a brand presence during televised games as well as unique content and activations that are meant to boost crypto awareness.
Kate Rouch, Coinbase’s chief marketing officer, says that the company is proud of joining forces with the NBA:
The freedom to participate and benefit from the things you believe in is at the heart of Coinbase’s mission. Nobody believes this more than NBA and WNBA fans. We’re proud to become the Leagues’ official cryptocurrency partner.
The shares of Coinbase are up roughly 3% at press time.