After experiencing a regulatory crisis earlier this year, Binance is expected to return – or the world’s busiest cryptocurrency exchange. News that he was talking to Sovereign Wealth funds interested in “participating” in the platform strengthened the platform, which laid a new foundation in Ireland and raised “a few billion dollars” in the future funding round in Ireland. USA.
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Speaking to the Financial Times, Finance Minister and CEO Chengpeng “CZ” Zhao said that sovereign wealth deals would help the company increase its “awareness and relationship” with governments around the world. “Shao declined to say what funds the company is handling,” but the media commented, citing “the size of the deal will not be small.”
But he added, “It’s not a small process, and it’s linking us to specific countries,” “we want to pay a little attention.”
However, this change could “strengthen ties with governments and compensate aggressive regulators” – the second looking at finance in a number of areas this year, forcing the platform to implement your strictly informed Consumer Protocols (KYC).
The company has been criticized by regulators in several countries, including Germany, the United Kingdom, Singapore and Thailand.
Shao rejected the notion that exchanges, such as finance, were “going crazy” because they did not operate with “traditional” banking-type licenses:
“I am a very calm person. I’m not crazy. Therefore, we want control to be clearer in this area.
He added that he wants to maintain a more decentralized approach to business and is looking for more regulatory clarity before “committing to a single jurisdiction”.
However, developments in other parts of the world may indicate that Binance is looking to the Emerald Isle as the center of gravity of the future. Weeks later, the Irish Independent reported that the company had “expanded its presence in Ireland”, quoting elsewhere that Shaw had stated that Binance “intended” to open a central headquarters sometime in the future.
In recent years a number of tech companies have set up base in Ireland, mainly attracted by business rates as low as just 12% – which is expected to change following a global deal led by US President Joe Biden on corporate tax reform.
Despite all this, the same media commented that after the creation of three new companies in Ireland last month, Binance registered another in November under the name Binance Exchange (i.e.). The company has previously created Finance (APAC) Holdings, Finance (Services) Holdings and Accounting Technologies in Ireland, and Shaw is listed as a director of all four companies.
Meanwhile, the Financial Times added that Shaw has a mission to communicate “more directly” with regulators in places such as Singapore, and that he has met with regulators in cities such as Dubai, Paris, Qatar and Bahrain over the past two months. ”
In the United States, the company’s Binance.US platform expects an initial public offering (IPO) within the next three years, Shao said earlier this year. Those IPO expectations, finance expectations, will strengthen the fundraising round.
Capital injection will end in the last month of 2021 or early next year, Bloomberg said, quoting Shaw:
“I think it will happen in about a month or two.”
On Twitter, Shao was the usual Stoic.
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