Bloomberg reported that Binance.US is pursuing a private financing, a move that could bring up to $100 million into the U.S. crypto platform at a target valuation of about $1 billion, citing people familiar with the matter.
The report said the proposed financing terms and potential investors could still change. World Liberty Financial, co-founded by U.S. President Donald Trump and others, had been told about the fundraising but would not participate, Bloomberg reported. Spokespeople for Binance.US and World Liberty Financial declined to comment to Bloomberg.
Binance.US said in its April 2022 seed-round announcement that it had raised more than $200 million and put its valuation at $4.5 billion. Bloomberg described that earlier figure as pre-money; it did not say whether the proposed $1 billion target is pre-money or post-money.
The company has discussed ways to obtain trading liquidity from outside sources, potentially from global Binance, Bloomberg reported. No approach had been settled, the outlet said. Bloomberg also reported that Binance.US was looking to restore some state money-transmitter licenses, but did not specify a timetable or the states involved.
Binance.US says BAM Trading Services operates the platform and that it uses matching-engine and wallet technology licensed from global Binance.
Prediction markets are another reported expansion plan. Bloomberg reported in July that CEO Stephen Gregory said Binance.US planned to apply in August to the Commodity Futures Trading Commission (CFTC) for a designated contract market license. The CFTC's public list does not show Binance.US, and the status of any application is unconfirmed; a filing under BAM Trading Services or another name has not been ruled out.
Bloomberg framed the financing effort amid competition and efforts to regain market share, reporting that Binance.US had lost share after the global exchange's 2023 settlement. The U.S. Department of Justice said Binance Holdings pleaded guilty in November 2023 and agreed to a total financial penalty of $4.316 billion and a three-year independent compliance monitor. That resolution applied to Binance Holdings, not Binance.US.
