Binance US unit may raise ‘couple hundred’ million in funding, says CEO

Binance CEO Changpeng “CZ” Zhao (Photo by Bloomberg)

Binance CEO Changpeng “CZ” Zhao (Photo by Bloomberg)

-A +A

(Nov 19): Binance.US, the American affiliate of top global cryptocurrency exchange Binance, may raise a couple hundred million dollars in its funding round expected to close soon.

Binance Chief Executive Officer Changpeng “CZ” Zhao said in an interview at Bloomberg’s New Economy Forum that the round is likely to close in the next one to two months. 

Crypto fundraising has been booming in recent months as digital-asset prices soar, with companies like exchange Gemini Trust Co, blockchain-technology company ConsenSys and blockchain-infrastructure company Blockdaemon just in the past couple of days announcing new funding rounds or investors.

In August, Binance.US had said that it was seeking the funding round with “reputable investors,” and it was reported that Binance.US was seeking at least US$100 million. Earlier that month Chief Executive Officer Brian Brooks had resigned after just a few months with the company.

Separately, Zhao said that Binance has decided where its new global headquarters is going to be, but it wants to communicate the choice to regulators before announcing it. He had said in an earlier interview with Bloomberg News that the company has established global holding entities and settled on a more centralized structure.