- Binance CEO states that the exchange is in a good financial shape and doesn’t need an IPO.
- The exchange has witnessed several regulatory hassles in the past few months.
Binance, one of the leading crypto exchanges, is currently being scrutinized internationally by regulators. However, the institution is not alone in its struggle as other leading firms such as Coinbase and Ripple have also faced challenges on the regulations front. Meanwhile, the crypto exchange despite the struggles has reported several advancements.
Notably, in a recent CoinDesk interview, the current CEO Richard Teng discussed Binance’s financial strengths and stated that the exchange might not need an IPO. He said Binance was in good financial shape, not requiring fund-raising or the aforementioned Initial Public Offerings.
Moreover, he said that Binance had shown profits since the fifth month of its operations. Additionally, the CEO also applauded Binance’s mindful spending which has resulted in the current financial status. He also discussed that the company is attempting to become more transparent in its spending procedures in the interview.
Notably, the CEO has spoken to several leading news media this week. He has outlined long-term plans for the exchange. Richard Teng discussed various strategies including global expansion plans in his interviews.
Separately, the exchange was seen announcing plans for a major hiring of employees. Amid these advancement announcements, Binance has encountered several lawsuits and other complications from national organizations in the past months.
How is Binance Combating Regulatory Complications?
In the last seven days, Binance has faced a new lawsuit in the USA. The lawsuit filed by crypto investors targets the exchange and its former CEO Chengpeng Zhao. Meanwhile, the Indian government recently charged the exchange with GST fees for the past few years. This required the exchange to pay a fee of 700 crores INR worth $86 million.
On the other hand, Binance Executive Tigran Gambaryan is still detained by the Nigerian government on money laundering and non-compliance issues. Despite several lawsuits, Binance remains one of the leading exchanges holding prominence among users.
Similarly, other aforementioned institutions — Ripple and Coinbase have also not withheld advancements within their ecosystems amid lawsuits.
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