Benzinga | Sep 2, 2021 02:00PM EDT

Binance.US Plans To Go Public: Report

Binance.US -- the United States subsidiary of the world's top crypto exchange, Binance -- plans to go public in the next couple of years.

What Happened: According to a recent The Information report, Binance CEO and Founder Changpeng Zhao said that "Binance.US is just going to do what Coinbase did," referring to Coinbase's (NASDAQ:COIN) public listing conducted earlier this year.

The exchange also plans to close a private fundraising round in the next two months -- reducing Zhao's control of the company's board.

Zhao also purportedly said during a recent interview that Binance saw $800 million to $1 billion of profits last year.

Read Also: How High Can Binance Coin Go?

Last month CEO of Binance.US Brian Brooks resigned just three months after taking up the role. This happened as Binance found itself in the middle of intense regulatory scrutiny from many regulators in numerous legislations around the world.

The exchange recently started forcing know your customer (KYC) checks on all of its new users and announced that existing users who have not conformed with new KYC requirements will soon not be able to trade.

Price Action: Binance Coin (CRYPTO: BNB) was trading at $484, up 0.52% over the past 24 hours.