Binance.US reportedly seeks $1B valuation in $100M funding round

$1B valuation — Binance.US is reportedly pursuing a $100 million funding round that would value the cryptocurrency exchange at $1 billion, according to a Bloomberg report.

The potential valuation is significantly lower than the $4.5 billion pre-money valuation the U.S. arm of the global exchange secured during a $200 million seed round in 2022. The report states the exchange is seeking private investment to expand its business.

This fundraising effort is part of Binance.US’s strategy to regain market share following the 2023 settlement between its global parent company, Binance Holdings Ltd., and U.S. authorities. That settlement included $4.3 billion in penalties and led to the imprisonment and subsequent pardon of former CEO Changpeng Zhao.

Bloomberg reported that Binance.US informed World Liberty Financial, the crypto platform co-founded by former President Donald Trump, about the funding round, but the company will not be participating.