Binance US is reportedly pursuing a private funding round of up to US$100 million at a valuation near US$1 billion. The American affiliate of the global Binance exchange aims to finance an expansion that includes prediction markets, derivatives, and broader state coverage. The reported target represents a sharp decline from the US$4.5 billion pre-money valuation attached to its 2022 financing.
Funding Target and Valuation Reset
Bloomberg reported on Oct. 15 that Binance US is pursuing the private funding round as competition for American crypto customers increases. The US$1 billion valuation target would be roughly 78% below the US$4.5 billion pre-money valuation from the 2022 financing. That earlier round raised more than US$200 million from investors including Foundation Capital, RRE Ventures, Circle Ventures, and VanEck.
Competitive Expansion and State Licensing
The proposed capital would support expansion against platforms including Coinbase, Kraken, Robinhood, and Gemini in an increasingly competitive market. Restoring certain state money transmitter licenses and sourcing liquidity from outside providers are among the options being considered by the company. Outside providers could potentially include the global Binance exchange, according to the Bloomberg report published on Oct. 15.
Product Expansion and Fee Strategy
Binance US is also exploring prediction markets, perpetual futures, and other financial services as it works to regain lost market share. Chief Executive Stephen Gregory has set a target of 20% market share for the U.S. platform after describing the preceding two years as a period of hibernation. The company contacted its largest customers to understand what would persuade them to return.
Regulatory Rebuilding and Compliance
The fundraising effort follows several years of regulatory setbacks for the Binance brand. The global exchange reached a criminal settlement with the U.S. Justice Department in 2023 and accepted approximately US$4.3 billion in penalties and forfeiture. Its American affiliate faced a separate civil case brought by the Securities and Exchange Commission.
Investor and Stablecoin Ties
Bloomberg also reported that World Liberty Financial knew about the financing but chose not to participate. The report cited existing links between World Liberty and the global Binance platform, including a large share of the supply of the USD1 stablecoin held on Binance. Abu Dhabi state-backed investment firm MGX made a US$2 billion investment in global Binance in 2025, which was settled using USD1.
Regulatory Approval for New Products
Binance US had already outlined plans to pursue a federal license for event-based trading. The company reportedly planned to apply in August for designated contract market status from the Commodity Futures Trading Commission. It also discussed seeking permissions for derivatives and perpetual futures, extending the proposed product lineup beyond spot cryptocurrency trading, with those launches remaining subject to regulatory approval.
Access Restoration and Growth Outlook
The exchange restored U.S. dollar deposits and withdrawals through ACH transfers in most supported states in February 2025. In April, it introduced zero maker fees and taker fees of 0.02% or less across more than 250 spot pairs, with selected pairs carrying a 0.01% taker fee. Gregory described the platform as nearly a no-fee exchange and identified custody and additional trading products as potential revenue sources.
The reported funding round signals Binance US's attempt to rebuild its American presence after a period of contraction and regulatory pressure. A successful raise at roughly US$1 billion would mark a significant valuation reset while providing capital for product expansion and state-level licensing. The company's ability to execute those plans will depend on regulatory approvals and its success in winning back U.S. retail and institutional traders.