Nikhil Nainan

(Reuters) – Binance’s U.S. division may raise a few hundred million dollars in a round of funding that is expected to close within a month. Changpeng Zhao, the chief executive at Binance said Friday that they have also chosen a new headquarters.

Zhao stated at the Bloomberg New Economy Forum (Singapore) that Zhao’s U.S affiliate can seek an initial public listing (IPO) with rival Coinbase, (NASDAQ:), and that it was possible to list the parent company.

Zhao (also known as CZ) said that “I believe it’s about a couple hundred millions dollars”. He also stated that he didn’t know how much of the new funding was proposed.

He said, “An IPO perspective it is probably best to have a few round of financing prior that.”

Binance is one of the largest cryptocurrency exchanges in the world by volume. Regulators have been looking into the matter, some banning it and others warning that the platform was not licensed to continue trading.

According to reports, the U.S. affiliate of it is being investigated as well.

As digital assets such as Bitcoin and Ethereum boom, Binance as well as the other cryptocurrency exchanges has seen their trading volume soar.

CryptoCompare from the UK found that Binance’s spots cryptocurrency trading volumes reached $789 billion for September and $454 billion for July.

Zhao said that his company is making billions in profits, but he didn’t provide a specific number when Zhao was asked. Binance is also considering the possibility of charging lower fees because Binance is profitable.

Zhao reiterated that his company is in constant talks with regulators regarding the topic of increased regulation scrutiny and concerns around cryptocurrency market risks.

He said, “We want regulations, but I’m also not completely libertarian or anarchist.”

Zhao stated that Binance will announce its decision to relocate its headquarters “very quickly” and would communicate its plans to regulators.