Binance, the world’s largest cryptocurrency exchange, is in talks with a global sovereign price bracket to push it to take a stake in the company.
In addition to the mega funding already planned for US-based company Binance, US-Binance is also currently seeking global financing to improve its relationship with regulators. Binance CEO Changpeng Zhao said in an interview Tuesday with the Financial Times.
Zhao said the upcoming financing is meant to improve perceptions and relationships with many governments. As several financial regulators worldwide are taking harsher measures against Binance this year.
The CEO said it might also tie us to specific countries, which we want to be slightly careful of.
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Since BNB is currently in the initial phase of discussions, Zhao said it is too early to name the funds involved in capital raising. The ticket size involved will not be small. It won’t be a short process.
As the largest shareholder of BNB, Zhao is one of the wealthiest people in the crypto industry. Specifically, it is with an estimated total net worth of $8 billion as of January 2021.
According to the CEO, daily trading volume on BNB surged from $10 billion two years ago to $30 billion and then to $170 billion in November 2021. Binance.US, an American company that operates independently of the global exchange Binance, plans to raise hundreds of millions of dollars by early 2022.
This year, global regulators are increasingly monitoring the Binance exchange. At least a dozen governments are issuing warnings against the company. It includes countries like the US, UK, Italy, Canada, Japan, Singapore, Germany, and more.
Binance has taken several steps to improve its relationship with global regulators. It halts some services in certain countries and hires high-profile executives from traditional financial institutions.
Furthermore, Zhao said he is not concerned about illegal activity on the Binance platform. The company is probably better than banks when it comes to knowing its customers and anti-money laundering policies and measures.
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