Binance.US brings in a new president with the goal of an IPO in sight.
Fresh Look For Exec Team
The United States franchise arm of Binance, Binance.US, announced a new president: Brian Shroder. Shroder, a former Uber and Ant Financial executive, will also assume a role on the executive board.
Binance Holdings Ltd., the mother company, is far and away the world’s largest crypto exchange in several metrics, according to CoinMarketCap. The US franchise alone is number seven in spot trading. Schroder cited this potential for hyper-growth for Binance.US as a key motivator when the news broke through the press release wire on September 9th.
“In under two years, Binance.US has established itself as a regulatory compliant, profitable enterprise that serves millions of customers across the country. Having previously worked for several hyper-growth companies, it is clear to me that Binance.US has all the right ingredients to become the largest and most successful cryptocurrency and digital asset exchange in the United States,” Shroder said in the press release.
Shroder follows a recent revolving door at the top of Binance.US. The US Entity will hope Shroder can cement the position as he becomes the third president since Binance opened in 2019. As regulators appear to clamp down in the United States, it will be critical for Schroder to get up to speed.
Binance’s previous president, Brian Brooks, resigned in August after just four months in charge. Reports show that Brooks left when a $100 Million funding round broke down. Brooks cited strategic differences.
IPO Push
Binance’s CEO, Changpeng Zhao (CZ), has indicated that the US franchise aims for an IPO similar to that of Coinbase. Shroder will be at the helm to help begin this process.
“[Shroder’s] substantial experience in strategy, operations, and business and corporate development will be critical as Binance.US seeks to raise external funds to support its rapid growth,” CZ said in the press release. “With its best-in-class technology, some of the industry’s lowest fees, and a rapidly strengthening executive leadership team, Binance.US remains poised to compete and lead in the American digital assets landscape.”
Expansion into the US and future growth is clearly on the mind of CZ. As Binance faces probes and hawkish behavior from regulators, it will be Shroder’s job to navigate the muddy US waters.
Binance Holdings is currently under investigation by the U.S. Justice Department investigation regarding accusations of money laundering and tax evasion. Coinbase is also facing legal ramifications by the SEC. Overall, regulators in the US appear more intent on crippling the industry than fostering it.
Still, so, Schroder comes to the scene with optimism. The new president spoke with Bloomberg about his expectations for the IPO.
“Based on our current trajectory, I believe we could have an extremely successful IPO in the next two to three years,” Shroder told Olga Kharifof Bloomberg News. “Binance.US would look to close its first seed round by the end of the year,” he added.
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Source : bsc.news
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