Binance.US is reportedly seeking to raise as much as $100 million in a private funding round that would value the cryptocurrency exchange at approximately $1 billion, marking a substantial decline from its previous valuation as the company attempts to rebuild its position in the American market.
According to an October 15 Bloomberg report citing people familiar with the discussions, Binance.US is pursuing new investment to expand its operations and compete more effectively against established cryptocurrency trading platforms.
The proposed valuation is approximately 78% below the $4.5 billion pre-money valuation Binance.US achieved during its 2022 seed funding round. The comparison highlights how dramatically the exchange’s business prospects have changed following years of regulatory disputes, declining market share and operational disruptions.
The fundraising remains under discussion, with the final investment amount, valuation and participating investors subject to change. Neither Binance.US nor World Liberty Financial, which was informed about the fundraising, publicly confirmed the negotiations.
Binance.US Targets $1 Billion Valuation After Raising $200 Million in 2022
Binance.US raised more than $200 million in April 2022 at a $4.5 billion pre-money valuation, attracting investors including RRE Ventures, Foundation Capital, Original Capital, VanEck and Circle Ventures.
At the time, the company was expanding its cryptocurrency offerings and positioning itself as a major competitor to Coinbase and other US exchanges. Its management also discussed a potential initial public offering as the platform sought to capitalize on growing investor interest in digital assets.
The latest reported financing target presents a different picture. Although the proposed $1 billion valuation is not necessarily calculated on the same basis as the 2022 figure, it suggests that prospective investors are assigning substantially less value to the business than during the previous cryptocurrency market expansion.
Binance.US operates through BAM Trading Services, a US-based company with a separate legal and management structure from the global Binance exchange, although the businesses share common ownership interests and licensed technology.
The distinction matters because the American platform operates under domestic money-transmission and financial compliance requirements rather than simply extending Binance’s international services into the United States.
Bloomberg reported that the company is also working to restore regulatory permissions and considering expansion into additional business areas, including prediction markets. No specific product launch or timetable was confirmed.
World Liberty Financial Was Informed but Will Not Participate
World Liberty Financial, the cryptocurrency venture co-founded by President Donald Trump and members of his family, was among the parties informed about the proposed funding round, according to Bloomberg.
However, a person familiar with the discussions said World Liberty would not participate. There is no indication from the report that the company has committed capital or obtained an ownership interest in Binance.US through the proposed transaction.
The disclosure comes against a backdrop of existing commercial relationships connecting the broader Binance ecosystem with World Liberty Financial.
In 2025, Abu Dhabi investment company MGX made a $2 billion investment in the global Binance exchange. World Liberty’s USD1 stablecoin was subsequently identified as the instrument used to settle the investment.
That transaction involved Binance’s international business rather than the new Binance.US funding proposal. Nevertheless, the relationship has attracted attention because of the connections between the cryptocurrency industry and the Trump family’s expanding digital-asset interests.
The reported discussions also follow Trump’s October 2025 pardon of Binance founder Changpeng Zhao, who had previously pleaded guilty to violating US anti-money-laundering requirements and served approximately four months in prison.
The pardon did not eliminate the corporate settlement obligations agreed to by Binance in 2023.
Binance.US Attempts to Recover From the $4.3 Billion Binance Settlement
The exchange’s decline followed a period of intense regulatory pressure on Binance and its American affiliate.
In November 2023, Binance Holdings and related international entities reached agreements with US authorities requiring more than $4.3 billion in penalties and compliance commitments.
According to the US Department of Justice settlement records, Binance admitted violations involving anti-money-laundering controls, unlicensed money transmission and US sanctions requirements.
The American affiliate was not the entity that pleaded guilty in the criminal settlement. However, the broader regulatory crisis affected confidence in the Binance brand and contributed to significant challenges for its US operations.
Binance.US suspended dollar deposit services in 2023 and subsequently operated as a cryptocurrency-only exchange after disruptions involving its banking relationships.
The company began restoring US dollar deposits and withdrawals in February 2025, gradually reintroducing bank transfers and dollar-denominated trading for eligible customers.
Another regulatory development arrived in May 2025, when the Securities and Exchange Commission dismissed its civil enforcement action against Binance Holdings, BAM Trading Services, BAM Management US Holdings and Zhao with prejudice. The SEC described the decision as an exercise of its discretion and a policy matter, rather than a judicial determination on the original allegations.
Despite these developments, Binance.US continues to face state-level operating restrictions and remains unavailable to customers in several US jurisdictions.
Regulatory access also remains a challenge for the wider Binance group. Dave Finances recently reported on Binance’s plans to seek UK regulatory authorization, highlighting its efforts to regain access to markets where previous restrictions have limited operations.
Separately, Malaysia renewed its investor warning against Binance in October, demonstrating how the company’s regulatory position continues to vary significantly between jurisdictions.
A Lower Valuation Could Reflect a More Realistic Recovery Strategy
The most revealing part of the fundraising is arguably not the $100 million Binance.US wants to raise. It is the valuation at which the company is reportedly prepared to accept outside investment.
In 2022, investors were paying for a rapidly expanding cryptocurrency exchange operating in a market where trading activity, valuations and expectations for future growth were considerably stronger.
Today, Binance.US has to demonstrate that it can rebuild customer activity, maintain reliable banking relationships and compete against companies that gained ground while it was dealing with regulatory problems.
A lower valuation does not automatically mean the business is failing. It could provide a more realistic starting point for new investors if Binance.US succeeds in restoring meaningful trading volume and improving profitability.
However, investors considering the funding round would need to examine figures that have not been publicly disclosed, including current revenue, operating expenses, customer retention, trading volumes and the exchange’s liquidity position.
Without those numbers, the proposed $1 billion valuation cannot be reliably assessed against the company’s underlying financial performance.
Competition With Coinbase and Kraken Makes Market Share Recovery Difficult
Binance.US faces another problem: the American cryptocurrency market has continued developing while the company was rebuilding its operations.
Coinbase and Kraken have expanded their products, infrastructure and institutional services, making it harder for competitors to win customers through low trading fees alone.
For an exchange, trading volume is especially important because liquidity tends to attract more liquidity. Active traders favor platforms where large orders can be executed with limited price impact, while market makers prefer venues offering consistent customer activity.
Binance.US may therefore need to invest in customer acquisition, liquidity incentives, technology and partnerships before stronger revenues become visible.
The broader Binance group has been pursuing diversification into securities and other financial products. Dave Finances previously examined Binance’s expansion into stock trading and dedicated securities accounts, illustrating how major exchanges are moving beyond conventional cryptocurrency transactions.
Those international developments do not mean Binance.US can automatically introduce the same services. Any expansion would depend on the relevant American regulatory requirements and the company’s ability to secure the necessary permissions.
What Investors Should Watch in the Binance.US Funding Round
The immediate question is whether Binance.US can complete the reported financing near its targeted valuation.
A successful round would provide fresh capital and could indicate that private investors see an opportunity in the company’s recovery. The identity of participating investors would also matter, particularly if they bring experience in financial infrastructure, compliance or institutional trading.
But raising money is only the beginning. Binance.US would still need to translate that investment into stronger liquidity, wider market access and sustained customer growth.
Investors should also watch whether the exchange secures additional state permissions, restores remaining banking services and demonstrates measurable improvements in trading activity.
The proposed financing could mark an important stage in Binance.US’s turnaround. Yet the reported 78% valuation decline serves as a reminder that cryptocurrency exchanges are ultimately businesses whose value depends on market share, revenue, regulatory access and execution, not simply the strength of the digital assets traded on their platforms.
Johan Shamshad is a financial markets writer at Dave Finances covering cryptocurrencies, trading platforms, brokers, fintech, financial regulation, and developments across global markets. He previously worked at Gulf News, adding newsroom experience to his coverage of fast-moving financial and digital-asset markets.
His work focuses on identifying market-moving events, company developments, regulatory changes, product launches, and shifts in trading and financial infrastructure.
Johan contributes news and analysis designed to help readers understand not only what happened, but why a development matters and how it may affect the wider financial landscape. You can reach out to him via his social media accounts:
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