Binance could be backing away from an IPO for several reasons. First of all, the company is in good financial shape. CEO Richard Teng said that Binance became profitable in its fifth month of operation and continues to turn a profit. This means that the company does not urgently need to attract additional capital through an initial public offering.
As for investor expectations, it’s hard to say for sure. On the one hand, an IPO of the largest crypto exchange could arouse significant interest on the market. However, given Binance's current regulatory issues, especially in the US, and the overall volatility of the cryptocurrency market, many investors might just tread cautiously.
It should also be noted that Binance is currently focused on solving regulatory issues and bolstering its position in the global market. The company plans to upsize its staff, especially in the area of compliance, which implies the intention to comply with regulatory requirements in different countries. In such a situation, an IPO may not be the highest priority for Binance.
In the short term, a Binance IPO looks unlikely as the company does not need additional capital. However, this could change in the future if Binance decides that going public will help it achieve its long-term business goals.