Binance Rejects IPO, Focuses on Global Expansion Under New CEO
Binance, the top global cryptocurrency exchange, has ruled out an initial public offering (IPO) for the foreseeable future.
New CEO Richard Teng, who took over after Changpeng Zhao’s departure, is focused on steering the company through its next phase without the pressures of public market scrutiny.
Zhao’s exit followed a substantial settlement with U.S. regulators, prompting a shift in Binance’s leadership structure. Teng is now steering the company toward a board-managed model, rather than a founder-led one.
Despite interest from traditional finance and speculation about a potential IPO, Teng emphasized that Binance’s strong financial position negates the need for such a move. He stated:
“We’re in very strong financial shape, so there’s really no need for us to consider any fundraising or an IPO at this time.”
Binance has remained profitable since its early days, and Teng highlighted increased spending on compliance, with a 36% boost in the last year. This focus on regulatory adherence follows a hefty $4.3 billion fine from U.S. authorities for lapses in anti-money laundering practices.
READ MORE: Binance Faces New Lawsuit Over Alleged Money Laundering Failures
With Zhao’s departure, Teng confirmed that Zhao is no longer involved in Binance’s operations. The company’s co-founder Yi He continues to play a key role, managing HR and supporting customer service efforts.
Despite Zhao’s legal troubles, Teng assured that Binance’s global regulatory relationships are stable, although some challenges persist. The company remains dedicated to expanding its regulatory footprint in regions like Dubai, India, Thailand, and Brazil, while keeping its operations private and avoiding U.S. public markets for now.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
