Sources: Binance.US seeks to raise up to $100M, targeting a ~$1B valuation in the private round, as it aims to expand its US business; WLF is not participating (Bloomberg)
Binance.US is looking to raise as much as $100 million as the crypto exchange seeks to beef up its US business amid intensifying competition for digital-asset customers.
Crypto exchange Binance.US is reportedly planning to raise up to $100 million in a new fundraising round, aiming to bolster its operations in the United States amidst increasing competition. According to a Bloomberg report, the private funding round is expected to value the company at around $1 billion. World Liberty Financial, co-founded by President Donald Trump, was among the firms briefed on the fundraising effort.
Binance.US launched in 2019 as an independent entity from the larger Binance exchange, with Binance co-founder Changpeng Zhao holding a major stake in both companies. The exchange had raised over $200 million in 2022 when it was valued at $4.5 billion. Following Binance Holdings Ltd.'s 2023 settlement with US authorities, the exchange lost a significant share of its market, and now seeks to regain ground against larger competitors.
The fundraising comes as digital asset companies capitalize on a more favorable regulatory environment in the US, with established exchanges launching new products and offshore competitors vying for dominance. Binance.US is also working to reestablish some of its state money-transmitting licenses as part of its broader expansion plans in the US.
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