Binance US Plans and Clinton’s Warning

Binance CEO Changpeng Zhao said that the US affiliate of the exchange may raise several hundred million dollars during the funding rounds, which should be completed within one or two months. He also said that the location for the Binance central office has already been chosen.

 Binance US Plans and Clinton's Warning

Speaking at the Bloomberg New Economy Forum in Singapore, Zhao said that the US affiliate of the exchange will go for an initial public offering. As an example, he cited Coinbase, which has already received public status. The director of Binance considers the possibility of listing the parent company. Zhao estimated that the size of the investment would be about two hundred million dollars. The exchange will hold several funding rounds.

Binance, one of the world’s largest cryptocurrency exchanges, has come under the scrutiny from regulators. The authorities of some countries stated that Binance does not have a license to provide services, and in several countries the platform was banned. Zhao said that Binance constantly negotiates with regulatory authorities, and wants to become a digital asset service provider.

When asked if his company makes a huge profit, Zhao replied that it does, but did not give an exact amount. He also explained that due to high income, Binance can set lower fees than the competition. This issue is currently under consideration. Recently, the head of Binance said that he plans to donate almost all of his wealth.

Zhao said that Binance will soon announce where the company’s headquarters will be located, but first the exchange will inform the regulatory authorities about its decision.

Meanwhile, former US Secretary of State Hillary Clinton believes that digital currencies pose a threat to the stability of global markets and the US dollar. She shared her opinion during a speech at the above-mentioned Bloomberg New Economy Forum.

She noted that cryptocurrencies look interesting and exotic, but they can undermine the role of the dollar as the reserve currency and destabilize nations. Changpeng Zhao agreed with the threat that digital assets can pose, but explained that they should not be fought, but accepted as a new technical innovation.

Clinton is not the only one seeing that the rise in popularity of digital currencies can hurt the US dollar. Former President Donald Trump has already stated several times that he does not like cryptocurrencies because they compete against the US dollar.

Some experts believe that cryptocurrencies will not be able to replace the US dollar as a global reserve currency. According to Mohamed El-Erian, chief economic adviser at Allianz, digital currencies will always exist, but they will never be able to replace the US dollar.

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