TechFlow news — Binance's new CEO, Richard Teng, said in an interview that due to the cryptocurrency exchange's strong financial position, it is currently not considering an initial public offering (IPO).
He stated that Binance has been profitable since its fifth month of operation and maintains solid financial health, making fundraising through IPOs or other means unnecessary at this time.
Former CEO Zhao Changpeng (CZ) is currently serving a four-month prison sentence and is no longer involved in company operations. However, CZ’s partner and Binance co-founder He Yi continues to play a significant role within the company.
Binance has acknowledged past mistakes and paid a heavy price for them. The company’s compliance-related expenditures in 2023 increased by 36% compared to 2022.
Binance is seeking to establish a permanent headquarters and is committed to building strong relationships with regulators worldwide. It has already obtained licenses or reached settlements in Dubai, India, Thailand, and Brazil. Currently focused on markets outside the United States, the outcome of the U.S. election will have limited impact on its business operations.
Richard Teng emphasized efforts to transform Binance from a founder-led organization into one governed by a board of directors. Binance aims to build a sustainable enterprise that will not only succeed in the coming years but also thrive over the next 50 to 100 years.
