Recall, the largest cryptocurrency companies periodically hold IPOs or initial public offerings. For example, in the spring of 2021, the crypto exchange Coinbase joined the number of public companies, which at the same time did not save it from the claims of the Securities Commission later.

In January 2024, it became known that Circle filed for an IPO in the United States – and in a confidential mode.

Circle CEO Jeremy Allaire

Circle is one of the main representatives of the crypto industry and the issuer of the USDC stablecoin. Apparently, the company is now making preparations to launch its own stock.

What’s going to happen to crypto exchange Binance

In the nine months since he took over, Teng has focused on transforming Binance from a founder-run organisation to a board-run organisation.

In addition, Teng is in search of a place for Binance to permanently call home – the company needs an official head office to reduce the volume of regulatory complaints. Richard shared information about this and more in an exclusive interview with CoinDesk.

Binance remains the undisputed industry leader in its niche, and its position has strengthened considerably since the collapse of FTX in November 2022. So far, other trading platforms have struggled to compete with it for market share.

Binance cryptocurrency exchange logo

Such success has led to speculation about Binance’s possible IPO, that is, its transformation into a public company. In this case, the company’s shares would start trading on the US stock exchange.

However, Teng denied rumours of a possible IPO. Here is his rejoinder on the matter.

We are in very good financial shape, so there is no need for us to consider fundraising or an IPO at this time. Since the fifth month of operation, Binance has been profitable and very prudent in terms of spending. Therefore, the issue of an IPO has not been raised.

As a reminder, companies going public is accompanied by the sale of shares, which allows them to raise capital.

Binance CEO Richard Teng

Teng wants to ensure that Binance has a more positive reputation among global regulators. To do this, the exchange “needs to put down roots” – continue to increase compliance spending and make efforts to centralise the company more. Richard continues.

This is about creating a sustainable enterprise that will not only succeed in the next few years, but will thrive for the next 50-100 years. That is certainly our goal.

Binance exchange’s cryptocurrency called BNB is changing its exchange rate

In addition to internal issues regarding the company, Teng also reminisced about his predecessor.

According to the deal with the US DOJ, Changpeng Zhao cannot take part in the company’s activities. I do not communicate with him.

Recall, Zhao began serving his sentence on 1 June 2024, and it takes place in a low-security prison in Lompoc, California. Changpeng will be at liberty very soon - 29 September 2024.

Former head of crypto exchange Binance Changpeng Zhao

For Zhao himself, the story with the DOJ investigation ended quite well. As we’ve already noted, he still has to spend a little over a month in jail as a result of the prosecution’s findings, but Changpeng has retained most of his fortune.

His reputation is also practically intact, because in fact the main reason for the problems of Binance management was the attraction of US residents to the exchange, who should not have used its services. That is, we are not talking about the theft of user funds or something similar, as it was with the FTX trading platform.

But Binance co-founder Yi He – Changpeng’s partner and mother of three – is still an “important part” of the cryptocurrency exchange’s management team, Teng noted.

Yee is involved in various aspects of the business. She is a very talented and independent person.

Binance cryptocurrency exchange co-founder Yi Hae

When asked whether Binance had considered raising funds to potentially reduce Zhao’s stake in the company, Teng answered in the negative. Such issues should be handled by the exchange’s shareholders and board of directors, he said.

However, Zhao’s status as a criminal is less of an issue in the context of dealing with regulators, Richard said.

We work closely with global regulators. In many places around the world it is not a problem. There are areas where it can be problematic, but we have already addressed some of those issues.

Along with this, Teng emphasised the importance of Binance cleaning up its reputation with global regulators, making amends for its past mistakes and continuing to operate in a more transparent manner.

However, Binance is not going to target the U.S. market, whose leader traditionally remains cryptocurrency exchange Coinbase. Relations with local regulators remain strained, in addition, the regulation of digital assets in the U.S. can still be called outdated. According to experts, to change the situation, first of all, a new chairman of the Securities Commission is needed, which is currently held by Gary Gensler.

Securities Commission Chairman Gary Gensler

Earlier, to fire Gensler on the first day of his new powers was promised by US presidential candidate Donald Trump. At the same time, he emphasised the need to develop a new framework for regulating digital assets in the US markets. Moreover, this should be done by crypto connoisseurs, not haters of this industry, which are now enough among the representatives of regulators and authorities in general.


Apparently, the management of the Binance trading platform is happy with the situation the exchange is in. This means that at least now the company's shares will not appear on various exchanges. We can assume that the situation will be similar for several years - and especially if the platform continues to be the industry leader.