Binance founder Changpeng Zhao says its U.S. crypto exchange arm targets IPO in three years - The Information

FILE PHOTO: Changpeng Zhao, CEO of Binance, speaks at the Delta Summit, Malta's official Blockchain and Digital Innovation event promoting cryptocurrency, in St Julian's, Malta October 4, 2018. REUTERS/Darrin Zammit Lupi

(Reuters) - Global cryptocurrency exchange Binance's founder and chief executive officer Changpeng Zhao said that its U.S. arm could have an initial public offering in the next three years, The Information reported https://bit.ly/3jBIOAT on Wednesday.

"Binance.US is just going to do what Coinbase did," Zhao said, according to the report.

Binance.US is also set to close on a large private fundraising round in the next two months that should reduce his control of the board, Zhao said in an Zoom interview with The Information.

Binance generated $800 million to $1 billion in profit last year, according to Zhao, the report added.

Last month, Brian Brooks, chief executive of the U.S. arm of the cryptocurrency exchange resigned just three months after taking up the role.

The exchange has come under pressure from regulators across the world due to concerns over the use of crypto in money laundering and risks to consumers.

(Reporting by Sabahatjahan Contractor in Bengaluru. Editing by Gerry Doyle)