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The new chief executive officer (CEO) of %Binance has thrown cold water on investor hopes for an initial public offering (IPO) of the cryptocurrency exchange.

In an interview with %CoinDesk, Richard Teng said he does not expect to hold an IPO for Binance, which is the world’s largest crypto exchange.

The news is likely to come as a disappointment to investors who had hoped that Binance would list shares on a public exchange. A Binance IPO had been long rumored and anticipated.

Teng assumed the CEO role at Binance nine months ago after the company’s founder and former CEO Changpeng “CZ” Zhao was forced to resign as part of a settlement with the U.S. government over trading improprieties.

Since taking control of Binance, Teng has installed a board of directors to oversee the company and says he is hunting for a place to locate a permanent headquarters.

With %Crypto prices having rebounded from the 2022 bear market, analysts and investors were speculating that Teng would take Binance public this year or in 2025.

However, Teng said there are no plans for an IPO.

“We are in very strong financial shape, so there's really no need for us to consider any fundraising or an IPO at this time,” he told CoinDesk, adding that an IPO “…is not a subject that has come up.”

Teng said going forward his focus is on boosting Binance’s transparency and regulatory compliance, as well as improving relationships with global regulators.

Teng himself is a former markets regulator in Singapore.