Head of Binance – Changpeng “CZ” Zhao – reportedly disclosed that the US division of the top-tier crypto exchange is reportedly looking to finalize a fundraising round, to secure a “couple hundred million.”
Specifically, shared via the Bloomberg New Economy Forum, CZ reportedly claimed that he does not have the details of the specific sum. Nonetheless, the official confirmation of the financing round may be rolled out in “about a month or two.”
Concerns in terms of regulations associated with Binance.US ultimately led to investors jumping out of the $100-million fundraising.
Brian Brooks – the ex-Head of Binance.US – had previously gone after potential investors, nominally Ray Lane from venture capital entity GreatPoint, as well as a senior executive at Japan-based holding entity SoftBank, under the pretext that Binance.US would abide by every United States regulatory standard
Nonetheless, the investors jumped out of the deal because of the fears associated with CZ’s 90% ownership stake in the exchange, along with worries related to an investigation from U.S. authorities into money laundering and tax issues, which could lead to Brooks leaving the current position.
“From an IPO perspective, it’s probably best to have a few rounds of financing before that.”
At the latest interviews, CZ reportedly shared that he is aware of the fact that he only holds the position of chairman for the Binance.US board, and has no involvement in the day-to-day operations of the exchange.
The development reportedly surfaced following the crypto and blockchain business industries experiencing exponential growth, having new investors pouring in.