Binance Now Supports Ether Layer 2 Arbitrum, CZ says Exchange Is Thinking of Lowering Fees

The exchange is exploring charging less fees than its rivals, thanks to being profitable. Binance's CEO says they are making billions of dollars in profit.


Binance has announced the completion of the integration of the Ethereum layer 2 solution, Arbitrum One mainnet. The leading cryptocurrency exchange said on Friday, has also opened deposits for ETH on Arbitrum One Layer 2.

Ether withdrawals for Arbitrum Open Network will be opened at a later date, but no announcement will be made for the same.

In other news, Binance’s US until is set to close its funding round in a month or two in which it may raise a “couple hundred million” dollars, said its CEO, Changpeng Zhao.

Speaking at the Bloomberg New Economy Forum in Singapore, Zhao said Binance.US has the option to go for an initial public offering (IPO) and that he wasn’t ruling out listing the parent company in the future either.

“I think it's a couple hundred million dollars,” CZ said at the event, adding that he doesn't know the exact number of the proposed fresh funding.

“For an IPO perspective, it's probably best to have a few rounds of financing before that.”

When asked whether the company was making billions of dollars in profit, Zhao replied, “pretty much, yeah,” but didn’t provide a number. And since Binance is profitable, CZ said, they could potentially charge even lower fees than its rivals, and the exchange is thinking about it.

Currently, the exchange is experiencing increased regulatory scrutiny, but Zhao maintains that his company is in regular talks with regulators.

“We want regulation, I am not a complete libertarian, I'm not an anarchist.”

Binance is also prepared to announce “very shortly” the location where the company will have its headquarters, but the CEO said they are communicating its plan to regulators first.

Meanwhile, CZ bought his first home last month in Dubai to show his commitment to the place which he describes as “very pro-crypto.

“The government there is very progressive, and it’s a very good business environment.”

Singapore is another place he is committed to, where he has been living for two years. Binance Asia is among 70 other firms awaiting a permit from the Monetary Authority of Singapore (MAS), along with Coinbase, Huobi, and Upbit.

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