Binance.US Appoints New President Ahead of IPO Push
Cryptocurrency exchange Binance.US has appointed a new president, following its chief executive’s resignation after just months on the job.
Former Ant Group and Uber executive Brian Shroder will oversee the strategy, execution, fundraising, business, and corporate development of Binance.US. He will also be responsible for managing its legal, human resources, and product and technology functions, the company said.
Shroder had been head of development and global partnerships at Ant Group, also overseeing the company’s South East Asia operations. Prior to that, he had served as head of strategy and business development for Uber in the Asia-Pacific region for several years.
Shroder said he is looking “forward to sharing our exciting story with the broader investment community as we begin our journey toward IPO.”
IPO despite scrutiny
The US exchange shares a name with Binance Holdings, and its CEO Changpeng Zhao is chairman of the board at Binance.US. Zhao recently said that Binance.US would be closing a funding round with ‘reputable investors.’ He also stated that the U.S. business, launched in 2019, is planning on going public.
“Based on our current trajectory, I believe we could have an extremely successful IPO in the next two to three years,” Shroder forecasted. Additionally, Binance.US hopes to close its ‘first seed round by the end of the year,” he said.
In spite of its ambition, Binance Holdings has recently come under a great deal of global scrutiny. For instance, it faces a US Justice Department investigation into whether its platform facilitated money laundering or tax evasion. Financial regulators of several countries have also announced probes and demanded that the exchange cease operations within their jurisdictions. It was the mounting pressure of this regulatory scrutiny that led former Binance.US CEO Brian Brooks to resign after just months into his tenure.
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