By Ollie H - Crypto Consultant - 03-09-2021
Over the years, we have seen countries place bans and restrictions on cryptocurrency trading, even going as far as listing companies that exchange crypto on the alert list. One cryptocurrency exchange platform has been infamously known for getting into trouble with the legalities and regulations within the countries they serve.
One of the most significant crypto exchanges has come into a lot of heat in recent years, from not following regulations to not trading legally as a registered exchange within certain countries. Reportedly, the company's US branch is separate and operates differently from the rest of its parent branches globally. Despite Binance US being a different company, after the media highlighted the main company's problems, many US investors pulled out millions of dollars from all of their investments within Binance US.
The CEO of Binance, Changpeng Zhao, stated that Binance US had made plans to pursue an IPO. The plans to achieve this will take place over the next three years. At a Zoom conference, the CEO further clarified that Binance US will follow in the steps of its rival exchange Coinbase to achieve global usage. At the conference, Zhao pointed out that the US branch has almost completed a private funding round that is said to finish within a couple of months.
As previously stated, the main company Binance was scrutinised worldwide for unlawful regulations. Nations like Brazil, United Kingdom, South Korea, and Hong Kong have put in place stringent regulation policies to control trading platforms such as Binance better. However, the US branch being a separate company also has a different way of operating. Binance US operates so that it falls within regulations rather than outside of it.