Often started by lone programmers lugging laptops across the globe, many cryptocurrency firms are restructuring themselves into more traditional entities that have boards of directors and audited financial reports
Changpeng Zhao, the billionaire founder of Binance, in Singapore on May 31, 2021. Zhao needs investors for the company’s U.S. unit after a recent venture capital deal fell through. (Ore Huiying/The New York Times)
The quest for legitimacy in the United States is leading Binance.com, the world’s largest cryptocurrency exchange, to pursue an initial public offering of its U.S. unit. But for a company founded on secrecy — as cryptocurrency firms typically are — the going could be slow and fitful.
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