Binance.US Looks to Secure $100M at Billion-Dollar Valuation: Report
Binance.US is looking to raise as much as $100 million in a private funding round to strengthen its U.S. business, Bloomberg reported Thursday. The exchange is targeting a valuation of about $1 billion, according to a person familiar with the matter.That would be well below the $4.5 billion pre-money valuation Binance.US secured in 2022, when it raised more than $200 million. Bloomberg said the size, valuation and makeup of the investor group could change as the process continues.World Liberty Financial CRYPTO:WLFI, the crypto venture co-founded by President Donald Trump among others, was among those made aware of the fundraising, according to people familiar with the matter. Another person said the Trump family venture is not participating. Spokespeople for Binance.US and World Liberty declined to comment.Launched in 2019, Binance.US operates separately from the global Binance exchange, though co-founder Changpeng Zhao is a large shareholder of both. The U.S. exchange lost much of its market share after Binance Holdings Ltd.’s 2023 settlement with U.S. authorities and is now trying to regain ground against larger rivals. Under that settlement, Binance Holdings paid $4.3 billion in penalties and accepted additional oversight. Zhao pleaded guilty in 2023 to failing to maintain adequate anti-money-laundering controls, spent four months in jail and was pardoned by Trump last year.Binance.US has explored new businesses, including prediction markets, and is seeking to restore some of its state money-transmitting licenses as part of its U.S. expansion. It has also discussed tapping external sources of trading liquidity, potentially including Binance’s international exchange, though no approach has been decided. Stephen Gregory was named CEO earlier this year.Digital-asset companies are moving to capitalize on a friendlier U.S. regulatory environment, with established exchanges adding products and offshore rivals seeking a larger presence in the country.World Liberty already has ties to the global Binance exchange, which holds a large share of its USD1 CRYPTO:USD1 stablecoin, according to crypto tracker Arkham.