Hey Binance, How About an IPO? Not Going to Happen, Says CEO with New CFO Hire
Hey Binance, How About an IPO? Not Going to Happen, Says Company's CEO
Zhao Chanpeng, the CEO of the cryptocurrency exchange, Binance, rejected the prospect initially put forward an Initial Public Offering (IPO) on September 7th.
After an initial report made by another news outlet, which first put forward the possibility that Binance's ongoing recruitment of the Wall Street executive, Wei Zhou, and what it meant for the company. News sources speculated that the new hire indicated that the company was making a push to start an IPO.
Taking to Twitter, the Binance CEO made it abundantly clear that certainly wasn't the plan. On his account, he put it plainly that,
“We have no plans for IPO, but that doesn’t make those experiences less valuable in our new industry. On the contrary, those are very much needed”.
#Binance have no plans for IPO, but that doesn't make those experiences less valuable in our new industry. On the contrary, those are very much needed. We are always looking for top talent, from traditional finance, internet … any industry and anywhere in the world! https://t.co/inZZ9eww92
— CZ Binance (@cz_binance) September 7, 2018
Zhao Chanpeng has a considerably impressive skill set when it comes to management and its relation to finance. The news site mentioned that, before Binance, he led two major multinational corporations, these being the New York Stock Exchange, and the IPO Maze on Nasdaq.
Along with this, Binance has been enjoying its own bullish run, as it nears quarterly profits of up to $200 million.
This Thursday those plans were further accompanied by Robinhood, which operates as a stocks and crypto exchanging company, as it seeks out its very own Chief Financial Officer to manage the process.
CEO Baiju Bhatt said at a conference that,
“It’s something that we think is very much in the future for Robinhood; being a public company I think aligns very closely with our mission.”
In the meantime, one thing that Binance needs to do at this point is to quickly extend its business globally, in spite of proceeding with blended audits of its models.
As previously reported, this criticism originated from various figures from within the cryptocurrency industry, which was after alleged proof surfaced that the exchange was charging roughly 400 BTC ($2.6 million) to list new resources.