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Binance.US Plans to Go for IPO within Next Three Years, CEO Changpeng Zhao Says

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Although Zhao says that Binance.US should float an IPO soon, he added that the move depends on a few factors, including regulatory approval.

Binance.US plans to have an IPO within the next three years, according to report by The Information. The founder and CEO of Binance, Changpeng Zhao, suggests that the exchange is looking to follow Coinbase’s model. In Zhao’s own words, “Binance.US is just going to do what Coinbase did.” However, the company CEO quickly pointed out that the three-year target for IPO depends on business growth. 

“So, if the business is going to grow steadily over the next three years, this should be enough time before the IPO,” he said, before adding, “if there is a prolonged bear market for three or five years, it may take a little longer.”

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Coinbase was listed on Nasdaq earlier this year, as the US now has an ecosystem where crypto companies can go public. Several other US-based crypto platforms are also looking to list publicly in the near future. They include Gemini, Kraken, and Circle.

Zhao first hinted at Binance.US looking towards an IPO during his speech at the Redefine Tomorrow event in July. He further stated back then that the timing is highly dependent on several factors, including regulatory approval.

In addition, Zhao says there are plans for him to cede significant control of the Binance.US board. Binance.US intends to achieve this through a large private fundraising round within the next two months.

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Changpeng Zhao revealed that Binance made between $800 million and $1 billion in profit last year. Earlier this year, he said the main division of Binance was not planning an IPO. He suggested this was so because the company had impressive overall growth and cash reserves.

Planned Binance.US IPO Comes amid Growing Scrutiny of Crypto Space

However, in recent times, Binance has come under increased scrutiny from regulators across the globe. Several countries, including the UK, US, and Eastern nations, advocate increased government oversight over crypto exchange activities. This is due to rising concerns over the use of crypto for financial malpractice, including money laundering.

As a result of this, Binance is currently working to reshape its image and appear more compliant-friendly. Last month, the exchange announced intentions to start demanding stricter background checks on its customers. In addition, the exchange scaled back its product offerings in several countries in Europe, and most recently, East Asia. This includes derivatives trading – leveraged trading and tokens linked to equities.

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Also last month, Brian Brooks resigned from Binance.US after only three months on the job. Brooks was the chief executive of Binance US, and cited “differences over the strategic direction” as the reason for his exit. After his departure, the company selected Joshua Sroge as the interim CEO of Binance US. Sroge previously served as a chief financial officer (CFO) of the firm and is one of its longest-tenured employees.

Binance is also looking for a new CEO to replace Changpeng Zhao. Zhao himself is welcoming this and said the company is favoring a candidate with a “very strong regulatory background.”

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Binance Suspends Spot Trading and Fiat Channels in Singapore

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Binance.com, the global cryptocurrency exchange platfrom announced the suspension of spot trading, fiat purchase channels, liquid swap, and fiat deposit functions. The suspension would come into effect from 26th October. The exchange also requested Singapore users to withdraw their tokens and cease their trades by the effective date. The exchange in its official press release said,

“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”

Binance’s trouble in Singapore began after the Securities Commission in the country put Binance.com under Investor Alert List. In the wake of the first regulatory action, Binance ceased certain product offerings in the country before suspending key crypto trading features altogether. It is also important to note that Binance’s Sister company in Singapore has applied for a regulatory license and has been granted an exception until a decision is made on its filing despite the global platform facing regulatory scrutiny.

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Binance Continue to Face Regulatory Setbacks

Singapore was considered to be the next home for Binance after facing regulatory scrutiny from nearly a dozen countries. However, the recent series of events suggest Singapore regulators are also going after the global exchange despite harbouring its sister company. The world’s leading exchange’s regulatory troubles seem to meet no end as more countries continue to enforce action against it.

The crypto exchange has taken several decisions to mend its ways with regulators over the past couple of months, right from suspending derivative offerings in several countries to on-boarding regulatory experts. However, that hasn’t changed much, now the crypto exchange plans to establish a centralized headquarters and also looking for a change of CEOs if that can help.

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Binance blocks fiat deposits and spot crypto trading for Singapore users

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Binance has announced some changes to its crypto trading services for customers in Singapore.

According to a statement on its website published on Monday, Singapore-based users will be geo-fenced from certain account functions on the Binance.com website.

Binance users in Singapore will no longer have access to fiat deposits, crypto spot trading, liquid swap and crypto purchases via fiat channels on the website.

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“We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance,” the statement added.

Based on the new directive, Binance users in Singapore have been urged to cease all related activities impacted by the announcement and to withdraw their fiat and crypto holdings to avoid any disputes.

Monday’s announcement is the latest restriction imposed by Binance on its customers in Singapore. As previously reported by Cointelegraph, Binance initially rolled back some of its product offerings in the city-state.

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At the time, the crypto exchange giant blocked Singapore dollar-denominated crypto trading following warnings from the Monetary Authority of Singapore that the platform had violated local payment laws. A similar action was also taken in South Korea back in August, with the platform halting Korean won-denominated trading.

Binance also blocked users in Singapore from downloading its mobile platform from the Google and Apple app stores.

Binance has seen significant regulatory scrutiny in many jurisdictions across the globe. Consequently, the exchange has been forced to discontinue some of its services in several countries.

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Earlier in September, Binance stated that it will stop crypto futures and options trading in Australia, with users in the country given 90 days to close their positions.

Binance has sought to smoothen these regulatory wrinkles by upscaling its customer identification compliance protocols.

Meanwhile, Binance CEO Changpeng Zhao has stated the company’s intention to comply with regulatory demands while also announcing plans for Binance.US — the exchange’s United States arm — to have gone public by 2024.

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Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today?

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  • Binance Coin price analysis is bullish for today.
  • BNB/USD saw another spike lower this morning.
  • BNB is rejecting further downside as of now.

Binance Coin price analysis is bullish today as the market saw another quick spike lower this morning, with bulls starting to pick up any further selling pressure. Therefore, we expect BNB/USD to reverse over the next 24 hours and look to regain some of the loss seen over the past few days.

Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.49 and 1.79 percent, respectively. Meanwhile, most of the top altcoins are in the red, with a couple of exceptions, such as UNI and LINK.

Binance Coin price movement in the last 24 hours: Binance Coin drops to $320

BNB/USD traded in a range of $320.37 – $356.37, indicating strong volatility over the last 24 hours. Trading volume has declined by 6.79 percent and totals $1.775 billion, while the total market cap trades around $58.15 billion, ranking the coin in 5th place overall.

BNB/USD 4-hour chart: BNB starts to push higher again

On the 4-hour chart, we can see the Binance Coin price action moving back above the $340 support, indicating bullish pressure over the past hours.

Binance Coin Price Analysis: BNB spikes to $320, ready to regain loss today?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has continued to trade in a bearish momentum this week. After sideways consolidation for most of the last week around the $390-$420 price area, BNB/USD had established a strong base from which to reverse.

However, BNB saw another strong push lower on Monday, quickly taking the market price to $340. A slight upward momentum followed during the middle of the week, with a lower high set around $385.

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Another spike lower to the $340 support was set on Friday. After relatively calm trading yesterday, the Binance Coin price action declined further this morning, with bulls quickly picking up any further selling pressure.

Overall, this price action development indicates we could be seeing exhaustion for bears, and BNB/USD could see a strong reversal next week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish for today as the spike lower, seen this morning, currently gets regained as bullish pressure has increased. Therefore, we expect BNB/USD to move higher later today and look to return above $360 local resistance.

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While waiting for Binance Coin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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