Binance, one of the leading bitcoin (BTC) and cryptocurrency exchanges in the world, is reportedly willing to get investment and protection from government funds. Singapore could be the country to enter the game with the exchange.
So far, Binance’s equity is owned by the exchange’s founder and CEO Changpeng Zhao, also known as “CZ” and co-founder HeYi. Both entrepreneurs have a ratio of 92 to 8 on the capital of the exchange, as detailed by
journalist Colin Wu.
In fact, the company rejected Sequoia Capital’s investment in 2017, when it proposed to the exchange platform a stake of almost 11%, with a valuation of around USD 80 million, which led to a legal suit
Since that time, CZ has made it clear that Binance “does not need outside funding and is only interested in working with venture capital firms that can help exchanges cooperate with regulators and obtain operating licenses,” Wu explained.
In that sense, the Chinese journalist considers “logical” that, after the investment of Vertex Ventures, a subsidiary of the investment company owned by the Government of Singapore, in Binance Singapore, the next step to take is to invest in Binance Global, under the premise that the Asian nation “is willing to take risks”.
According to Wu, Binance is considering raising investment based on a $200 billion valuation.
To put in context, another of the world’s largest exchanges, Coinbase’s Q1 2020 revenue was approximately $800 million and its current market value is $54.2 billion. Binance’s profit is about 4 times higher than Coinbase’s, so the company’s valuation is USD 200 billion.
New CEO in Singapore
Wu’s approach, is related to the latest actions taken by Binance in Singapore, with
, former CEO of the Abu Dhabi Financial Services Regulatory Authority in the Global Market (ADGM), to the position of CEO of the platform in the Asian country.
In addition, Teng was chief regulatory officer of the Singapore Exchange. There he led the regulatory group responsible for the formulation of policies, frameworks and rules in the areas of listing, trading and clearing, as well as regulatory solutions for new products and services. The executive also spent 13 years at the Monetary Authority of Singapore.
<img width=”1024″ height=”576″ src=”https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance-1024×576.png 1024w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance-300×169.png 300w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance-768×432.png 768w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance-1536×864.png 1536w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance-560×315.png 560w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance-750×422.png 750w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance-1140×641.png 1140w, https://mk0criptonoticijjgfa.kinstacdn.com/wp-content/uploads/2021/08/teng-binance.png 1600w” alt=” /> The new CEO of Binance of Singapore spent 13 years at the Monetary Authority of Singapore and was also the Financial Services Regulatory Authority in Abu Dhabi.
Singapore’s investment and Teng’s appointment seem to point to the exchange seeking to fit in with global regulatory standards.
It is worth remembering that in recent weeks, Binance has been involved in a series of pressures
in several countries around the world, so the company has begun to collaborate with regulators.
Binance is even looking for a new chief executive
to replace CZ. The company intends to hire a person with more experience in regulatory issues, possibly in response to the pressure it is receiving from different government agencies in many countries.
One of the latest steps taken by Binance, in one of its attempts to comply with the demands of financial regulators internationally, was to complete the intermediate identification process, as reported by
Users of the platform must provide their personal details, upload ID photos and complete a facial identification test.
with the aim that all participants in the regulated cryptocurrency ecosystem are identified. The arguments to justify this practice, is that it is a measure to prevent money laundering and terrorist financing.
The company was asked to comment on the matter, but so far no response has been received.