Binance CEO Richard Teng confirmed that the exchange has been profitable since its fifth month of operation. Currently, Binance is focusing on a long-term development strategy aimed at strengthening relationships with global regulators. As part of this strategy, the exchange is actively seeking a suitable location for a permanent headquarters, which will be a crucial step in building a transparent and sustainable business for the next 50–100 years.
Additionally, Binance plans to hire around 1,000 employees in 2024, most of whom will be involved in regulatory compliance roles. This reflects the company’s commitment to strengthening its position amid increasing regulatory scrutiny. However, despite its active expansion and consolidation, Binance does not plan to pursue an IPO in the near future, as it has sufficient financial stability to continue its independent growth.
This strategy underscores Binance’s commitment to creating a reliable and regulatory-compliant platform, which is vital for long-term success in the global cryptocurrency market.
