By Binance.US is reportedly seeking to raise as much as $100 million at a valuation of about $1 billion, putting a steep discount on the U.S. crypto exchange as it attempts to rebuild market share and expand into new products.
The private fundraising is still being negotiated, and its size, valuation and investor lineup could change. Binance.US raised more than $200 million in its previous external funding round in April 2022 at a $4.5 billion pre-money valuation. A $1 billion valuation would therefore represent a roughly 78% reduction from that level.
The difference captures how dramatically Binance.US’s position changed after 2022. Regulatory action disrupted its banking access, trading activity fell sharply and the exchange spent almost two years operating without normal U.S. dollar deposit and withdrawal services. Those rails have since returned, while a major SEC case has been dismissed, giving the company a clearer platform from which to try to rebuild.
What Does the Lower Valuation Tell Investors?
The proposed valuation is one of the clearest financial measures yet of the damage Binance.US suffered during its regulatory and operational difficulties.
In 2022, the exchange raised capital during a period of rapid crypto adoption and described itself as profitable. By March 2024, court filings showed a very different business: Binance.US said revenue had fallen 75% and it had cut more than 200 jobs following the SEC’s 2023 lawsuit. The exchange also struggled to maintain banking relationships and suspended direct dollar deposits and withdrawals.
A lower fundraising valuation does not by itself show Binance.US’s current revenue or profitability. It does, however, mean prospective investors are reportedly being asked to value the company at a fraction of the price attached to its previous financing round.
Investor Takeaway
The $1 billion target prices in much of Binance.US’s post-2022 decline, but new investors would still be betting that restored banking access can translate into meaningful market-share recovery.
Why Is Binance.US Raising Capital Now?
Operational conditions have improved materially since the exchange’s most difficult period. Binance.US restored U.S. dollar deposits and withdrawals through ACH in February 2025 and subsequently expanded dollar trading to more than 50 pairs.
The SEC then dismissed its civil enforcement action against Binance Holdings, Binance.US entities and founder Changpeng Zhao with prejudice in May 2025. The regulator said the dismissal was made as a policy matter and did not necessarily reflect its position in other proceedings.
Binance.US has since shifted from survival toward expansion. It cut trading fees in an effort to revive volumes and is pursuing businesses beyond conventional spot trading. In July 2026, the exchange disclosed plans to seek CFTC Designated Contract Market status for prediction markets, with management also discussing products including perpetual futures.
A $100 million capital injection could give Binance.US additional resources to fund those initiatives, rebuild liquidity and compete for customers against larger U.S. exchanges.
How Much Regulatory Baggage Remains?
The history requires an important distinction between Binance.US and the global Binance exchange. Binance Holdings pleaded guilty in November 2023 to violations involving anti-money-laundering, money-transmission and sanctions laws and agreed to pay $4.3 billion in penalties and forfeiture. Zhao separately pleaded guilty to failing to maintain an effective anti-money-laundering program, served a four-month prison sentence and received a presidential pardon in October 2025.
Binance.US was not a party to the Justice Department settlement. Its direct crisis stemmed primarily from the SEC’s separate civil action and the resulting loss of banking relationships. Even so, the two businesses’ shared Binance branding and Zhao’s economic interests meant developments around the global group formed part of the environment in which the U.S. exchange had to rebuild.
Investor Takeaway
The legal environment is less restrictive than it was in 2023, but the funding round will test whether investors believe regulatory relief can be converted into customers, liquidity and revenue.
Where Does World Liberty Financial Fit?
World Liberty Financial, the crypto business co-founded by President Donald Trump and members of his family, was reportedly informed about the Binance.US fundraising but is not participating in the round.
The distinction matters because World Liberty already has a separate connection to the broader Binance ecosystem. In 2025, Abu Dhabi-based investment firm MGX used World Liberty’s USD1 stablecoin to settle its $2 billion investment in Binance.
For Binance.US, the more immediate question is whether the new round attracts investors willing to finance another expansion cycle at the proposed $1 billion valuation. The exchange has restored critical infrastructure and removed a major SEC litigation overhang; the next test is whether that operational reset can reverse the decline that produced such a large discount to its 2022 valuation.