Binance.US is looking to raise as much as $100 million to expand its U.S. business, at a valuation of about $1 billion, Bloomberg reported on Thursday, citing people familiar with the matter. The size, valuation and makeup of the round could still change. Spokespeople for Binance.US declined to comment.
The target is well below the $4.5 billion pre-money valuation at which Binance.US raised more than $200 million in 2022. The exchange lost most of its market share after Binance Holdings, the global exchange, reached a settlement with U.S. authorities in 2023 that included a guilty plea from co-founder Changpeng Zhao for failing to maintain an effective anti-money laundering program. Banking partners withdrew, and Binance.US was forced to suspend U.S. dollar deposits and withdrawals for a period.
The regulatory picture has since changed. The Securities and Exchange Commission dropped its lawsuit against Binance and Binance.US in 2025, and President Donald Trump pardoned Zhao last year. Zhao, who served four months in prison, remains a large shareholder in both Binance.US and the global exchange, which operate as separate companies.
According to Bloomberg, Binance.US wants to use the new funding to restore some of the state money transmitter licenses it gave up, and is exploring new businesses including prediction markets. It is also discussing external sources of trading liquidity, which could include Binance's international exchange, though no decision has been made. Stephen Gregory was named CEO earlier this year.
World Liberty Financial, the crypto venture co-founded by Trump and his family, was made aware of the fundraising, Bloomberg reported, though a separate person said it is not participating. World Liberty declined to comment. The two businesses are already connected through World Liberty's USD1 stablecoin, which was used by UAE-backed investment firm MGX to fund its $2 billion investment in Binance in 2025.
A $1 billion valuation would leave Binance.US far smaller than the rivals it is trying to catch up with. Coinbase and Kraken both added U.S. licenses and products during the period when Binance.US was pulling back, and prediction markets are now a crowded category as well. Any plan to route U.S. customer orders to the global Binance exchange is likely to attract regulatory attention, given that the 2023 settlement centred on the global exchange's controls over U.S. users.
.jpg)