Binance’s US Franchise makes moves in preparation for IPO.
Changeover At The Top
Binance.US announced a few new appointments this week. Notably, the recently appointed President of Binance.US, Brian Shroder, has been promoted to Chief Executive Officer (CEO).
The US Franchise also appointed a new interim Chief of Finance Officer (CFO). Eric Segal will take the place of Joshua Sroge until a permanent replacement is found. The moves from Binance.US help the company prepare the strategy of maneuvering the tightening grip of regulators and prepare for the long-term goal of an initial public offering (IPO).
“In my short time with Binance.US, I have already seen the tremendous potential the company has for rapid growth in the United States,” Shroder was quoted in the official blog announcement from October 8th. “It is truly a privilege to work with the talented team that has built Binance.US into the innovative platform it is today, and I look forward to growing our team further as we continue to expand our products and services and begin our initial first steps on our pathway to IPO.”
Binance.US has been shaping up to prepare for a potential IPO down the line. The company recently appointed its first lobbyists in Washington and recently opened up BEP-20 token deposits and withdrawals. The moves signal an alignment to position US users for compliance against potential regulations.
The company has declared its goal to become the next Coinbase, a feat for which it has the potential.Binance.US highlighted Shroder’s past experiences at Ant Group and Uber as reasons for his expected success.
Hurdles to Overcome
Comments in the Twitter announcement of Shroder’s appointment gave several suggestions for what Binance.US could do to help Americans moving forward. One common complaint is that Binance.US is not supported in all fifty states. A major hurdle the company faces is the various compliances necessary for each state.
Two of the largest states in the Union, Texas and New York, are not supported on the exchange. New York is notable because it leaves out many significant banks based in the country’s financial capital.
For Binance.US to begin to really take on the US market, it will need to open itself up to all the states and financial institutions available. No easy task, but once done, they could achieve that goal of joining the ranks of Coinbase.
Source : bsc.news
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