Binance CEO: The company is financially stable and not considering an IPO, with no interest in the U

After Zhao Changpeng, the founder, was forced to resign due to reaching a multi billion dollar settlement with the US government, Richard Teng took over the leadership position of cryptocurrency giant Binance. In the nine months since taking office, Richard Teng has been committed to transforming Binance from a founder driven company under CZ leadership to an organization guided by the board of directors.

According to a report by CoinDesk, when asked if Binance has plans for an initial public offering (IPO), Richard Teng told CoinDesk reporters that Binance is not currently considering an IPO and emphasized that the company's financial situation is stable, with profits since its fifth month of self operation and very cautious in spending.

Our financial situation is very stable, so currently we really don't need to consider any fundraising or initial public offering. Since the fifth month of Binance's operation, it has been profitable and very cautious in terms of expenses. Therefore, 'initial public offering' is not a topic we have discussed

On the other hand, Richard Teng also mentioned that Binance is increasing transparency, including spending 36% more on compliance work last year compared to 2022, and constantly searching for headquarters locations that can help the company take root. These actions are aimed at establishing better relationships with global regulatory agencies to make the company more robust in the future. He emphasized that Binance is committed to building a sustainable enterprise that will not only succeed in the coming years, but also continue to thrive and develop in the next 50 to 100 years.

Regarding the business plan for the US market, Richard Teng stated that Binance is currently not interested in expanding to the US, and the exchange is more focused on markets outside of the US. He also pointed out that the upcoming US presidential election has no impact on Binance's business.