Binance.US Begins its Initial Steps Towards IPO with Former Ant Financial Executive as CEO
The exchange also appointed Eric Segal as interim CFO while looking for a permanent one with experience in initial public offerings. Meanwhile, Binance.com stops offering futures, options, and margins to South African users.
Binance’s US-based entity announced this week that Brian Shroder had been appointed as the new Chief Executive Officer.
Schroder, who was previously the head of Ant Financial's Southeast Asia business, was appointed the new CEO last month and was already helping the company's strategy, fundraising, legal, human resources, and product & technology functions.
“In my short time with Binance.US, I have already seen the tremendous potential the company has for rapid growth in the United States,” said Shroder in a statement.
“I look forward to growing our team further as we continue to expand our products and services and begin our initial first steps on our pathway to IPO.”
This new appointment comes after former US banking regulator Brian Brooks quit within three months due to “differences over strategic direction.”
“This move actually makes sense to me, given Brian's Ant Financial experience and his Asia-Pacific experience at Uber, not to mention the fact that he's being promoted from within Binance, the culture shock risk is substantially lower,” commented Mathew Graham, CEO of Sino Global Capital.
In the same announcement, Binance.US also shared the appointment of Eric Segal as interim Chief Financial Officer (CFO). Segal is replacing Joshua Sroge, who is leaving the company. In the meantime, the company will look for a permanent CFO with experience in initial public offerings.
Amidst this, the leading cryptocurrency exchange Binance ceased its futures, options, margins, and leveraged tokens offering to its South African users in order to comply with local regulations.
This announcement comes after the Financial Sector Conduct Authority (FSCA) of South Africa warned the public about Binance Group. The financial regulator of the company said Binance wasn’t authorized to offer any financial advice or intermediary services as per Financial Advisory and Intermediary Services Act, 2002 (FAIS Act).
At the time, the exchange said, “Binance.com does not provide financial advice or render any intermediary services.”
South African users are now restricted from opening new accounts for the restricted products with immediate effect.
As for those, who are already engaging with these products, they would have 90 days to reduce and close their positions. While these users will be able to top-up margin balances to prevent margin calls and liquidations, they won’t be able to increase or open new positions.
Starting January 6th, 2022, no users will be able to close their positions, and all remaining open positions will be closed by the exchange.