Binance to Go Public in Three Years: Changpeng Zhao
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The founder and CEO of Binance, Changpeng Zhao, recently noted in an interview with The Information Wednesday that the US division could undertake an initial public offering (IPO) over the next three years. CZ, as he also goes by, noted that:
“Binance.us is just going to do what Coinbase did.”
Behemoth cryptocurrency exchange Coinbase IPOed on Nasdaq, in April, via a direct listing. The giant exchange recently noted that it plans to become “the Amazon of crypto” and offer all legal cryptocurrencies.
This development comes amid reports that Binance.us could close on a large private fundraising round in the next two months. Zhao also noted that the company realized $800 million to $1 billion in profits last year.
Binance recently faced intense scrutiny from regulatory watchdogs across the globe, including those in Japan, Thailand, Hong Kong, Cayman Islands, the UK, Germany, the Netherlands, and Lithuania. The cryptocurrency exchange behemoth complied with the requirements imposed by the UK Financial Conduct Authority (FCA) in June.
As it toes the line of becoming a financial services company, Binance mandated strict know-your-customer (KYC) requirements for all its users in August.
Key Binance Coin Levels to Watch — September 3
Binance Coin (BNB) traded within a sideways range between $488 and $470 for about a week. Yesterday’s bullish rally pushed the fourth-largest cryptocurrency above the $488 resistance peaking at $505, however, bulls lacked the traction to climb higher, which caused BNB to fall back into the consolidation range.
However, BNB now contends with the $488 resistance again, amid a broader market bullish reemergence. That said, we could see a resurfacing above the critical $500 mark soon as bulls target the $520 August top. Any price correction from this level should face opposition from the 50 SMA and $470 pivot level.
Meanwhile, our resistance levels are $500, $520, and $540, and our key support levels are $470, $460, and $450.
Total Market Capitalization: $2.27 trillion
Binance Coin Market Capitalization: $82 billion
Binance Coin Dominance: 3.6%
Market Rank: #4
