Binance.US Seeks $100 Million to Expand Its Crypto Business

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.

The company is targeting a valuation of about $1 billion in the private round, according to a person familiar with the matter, who asked not to be identified discussing confidential information.

World Liberty Financial, 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 familiar with the situation said the Trump family’s crypto venture isn’t participating. The size and valuation of the fundraising, along with the makeup of its investors, could change as the process continues.

Spokespeople for Binance.US and World Liberty declined to comment.

Launched in 2019, Binance.US operates separately from the global Binance exchange, though Binance co-founder Changpeng Zhao is a large shareholder of both entities. Binance.US raised more than $200 million in 2022 at a $4.5 billion pre-money valuation.

The latter lost much of its market share following Binance Holdings Ltd.’s 2023 settlement with US authorities and is now seeking to regain ground against larger rivals. The exchange has also explored expanding into new businesses, including prediction markets, Bloomberg News previously reported.

Read More: Binance.US Wants to Join Prediction Markets Race With CFTC Stamp

The fundraising bid comes as digital-asset companies seek to capitalize on a more favorable US regulatory environment. Established exchanges are adding products while offshore rivals pursue a larger presence in the country.

Binance.US has discussed the possibility of tapping external sources of trading liquidity, potentially including Binance’s international exchange, according to a person familiar with the matter. No approach has been decided, the person said.

Binance.US is also looking to restore some of its state money-transmitting licenses as part of its broader US expansion efforts, according to a person familiar with the matter.

World Liberty already has ties to the global Binance exchange, which holds a lion’s share of its USD1 stablecoin, according to the crypto tracker Arkham. The token was also used by an investment firm tied to leaders of the United Arab Emirates to fund its purchase of a $2 billion stake in Binance.

Trump last year pardoned Binance co-founder Zhao, who spent four months in jail after pleading guilty in 2023 to failing to maintain adequate anti-money laundering controls at the global exchange.

Binance.US named Stephen Gregory chief executive officer earlier this year.

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