Business Crypto

Binance’s CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon

Binance has been on the lookout for a physical headquarters, and the location of the CEO's home may offer hints as to where the office may be. ...
Chaopeng Zhang is the chief executive officer of Binance, the world's largest crypto exchange.
Binance CEO Chaopeng Zhang.

The CEO and founder of Binance, Chaopeng Zhang, recently revealed a big-ticket purchase and confirmed the possible closing of a multi-million dollar funding round soon.

CZ, as he is more commonly known, said he bought his first home in Dubai to show support for the crypto-friendly city. 

"The government there is very progressive, and it's a very good business environment," he told Bloomberg Friday on the sidelines of the Bloomberg New Economy Forum in Singapore. "I want to show that we are committed to the place, so I bought an apartment there" in October.

The purchase comes despite his repeated vows to avoid any attachments to material possessions. On Friday, the 44-year-old billionaire reiterated plans to give away more than 90% of his wealth.

Meanwhile, the location of CZ's home may offer some hints as to where Binance may eventually establish a physical headquarters as it seeks to appease global regulators. But he declined to comment on this further during the forum.

Binance co-founder Yi He told Insider in November that the world's top crypto exchange has a shortlist of five countries, with some in Europe, but did not give specifics as well. 

On Friday, CZ also confirmed that Binance.US, an affiliate of Binance, may raise a "couple hundred" million dollars in a funding round that is expected to close in the next few months. After this, the firm is considering going public.

"Now there is a playbook," he said during the Bloomberg forum. "Coinbase did it. It's very simple. Let's do everything Coinbase did — compliance-wise, etc — hopefully for cheaper."

Coinbase, the largest crypto exchange in the US, had its stock market debut in April 2021 in what was seen as a watershed moment for the crypto industry.

CZ also clarified that Binance.US and Binance.com — two entities that have often been subject to some confusion — are completely separate.

"They are two very independent organizations," he told Bloomberg. "I am chairman of the board for Binance.US. That is probably the only linkage between the two organizations."

Read the original article on Business Insider

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