Binance US Eyes $100M Raise at $1B Valuation to Expand Crypto Operations
Highlights
- Binance U.S. is seeking to raise $100 million at a valuation of about $1 billion.
- The company is looking to expand its presence in the country amid increased competition and customer demand.
- Trump-backed World Liberty Financial opted against investing in the company.
Binance U.S., the U.S. arm of the top crypto exchange, is reportedly seeking to raise $100 million at a valuation of about $1 billion. Trump-backed World Liberty Financial, which has ties to the exchange, opted not to invest. Meanwhile, the U.S. arm is also considering expanding into areas such as prediction markets.
Binance U.S. Aims to Raise Fresh Capital at Nearly $1 Billion Valuation
According to a Bloomberg report, the U.S. arm of the top crypto exchange is looking to raise up to $100 million at a valuation of about $1 billion. The firm plans to use the capital to expand its crypto business in the country amid increased competition from other exchanges such as Coinbase, Kraken, Robinhood, and Gemini.
Trump-backed World Liberty Financial reportedly won’t participate in the private funding round despite being aware of it. This comes despite the company’s relationship with the top crypto exchange.
Binance holds a large share of World Liberty Financial’s USD1 stablecoin supply, and the exchange has run promotions involving the stablecoin. Furthermore, Abu Dhabi state-backed investment firm MGX invested $2 billion in the crypto exchange’s global arm last year using the USD1 stablecoin.
The U.S. arm previously raised $200 million four years ago at a pre-money valuation of $4.5 billion. However, its valuation dropped after the exchange settled with the Department of Justice (DOJ) over anti-money laundering charges.
As part of its expansion plans, Binance U.S. is reportedly looking to offer prediction markets and restore certain state money transmitter licenses. It is also considering tapping external liquidity, including from its global arm.
The planned fundraise also comes as the DOJ probes the exchange’s compliance with the 2023 settlement deal. As part of the deal, the Justice Department required the exchange to tighten its anti-money laundering rules and appoint external compliance monitors.
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