Exclusive: Binance CEO responds to IPO plans

Exclusive: Binance CEO responds to IPO plans originally appeared on TheStreet .

In an interview with TheStreet Roundtable , when asked about a potential Binance IPO, Richard Teng replied, "I'm too old to say never say never, right?" He added that any decision of this scale "are very important corporate decisions that we have to discuss at the board of directors level and discuss with the shareholders what's the intention."

Richard Teng was appointed CEO of Binance in November 2023 — taking over from founder Changpeng "CZ" Zhao after his U.S. settlement. 

He had previously led Binance Singapore since August 2021 and served as CEO of the Abu Dhabi Global Market and in senior roles at the Monetary Authority of Singapore, bringing over three decades of financial services and regulatory experience to the exchange.

Teng underscored that any listing would need to reflect the strong user demand that underpins Binance's growth. "What we aim to do as a platform is to continue to be the best platform for our users," he said. He noted that "we exist only because our users continue to have strong confidence and trust in us."

Crypto IPO wave

Stablecoin issuer Circle debuted on the New York Stock Exchange on June 5, pricing its IPO at $31 per share and opening at $69. The stock closed its first day at $83.23 with a 168% gain after upsizing the deal to raise $1.05 billion, valuing the company at roughly $18 billion on a fully diluted basis.

Gemini , the Winklevoss -founded crypto exchange, confidentially filed for a U.S. initial public offering on June 6, signaling its intent to list. Details on share count and pricing remain under wraps, but the filing underscores growing investor appetite for crypto natives in public markets.

Teng also pointed out that "we have seen a sharp growth in terms of user numbers throughout the world, both institution and new retail users coming to us." He said the board would factor that momentum into its deliberations on timing and structure.

Teng emphasized that an IPO must align with Binance's mission to serve its users. He said the company will only proceed when the board and shareholders agree on the path forward — leaving timing open and dependent on collective oversight.

Binance's first institutional backing

Teng disclosed that Binance secured its first institutional investment from MGX, a sovereign-backed investor in Abu Dhabi's AI data center sector. He said MGX made a minority investment of $2 billion in stablecoin — marking the largest crypto-area deal paid in stablecoin and Binance's first institutional backing.