On October 15, 2026, Bloomberg reported that cryptocurrency exchange Binance.US is seeking up to $100 million in a private placement, targeting a valuation of around $1 billion. This marks the exchange’s latest effort to bolster its financial resources and regain market share in the US amidst increasingly fierce competition to attract customers.
According to sources familiar with the negotiations, the size of the funding round, the valuation, and the roster of participating investors remain subject to change depending on the progress of talks. A representative for Binance.US declined to provide official comment on the matter.
Valuation drops sharply from 2022 peak
The $1 billion target valuation reflects a steep adjustment from the past. In April 2022, Binance.US successfully raised more than $200 million at a pre-money valuation of up to $4.5 billion. As such, the current expected valuation has dropped by more than 75%, reflecting the heavy toll the platform has endured over the past two years.
Launched in 2019, Binance.US operates as an independent legal entity from global exchange Binance Holdings Ltd., though co-founder Changpeng Zhao (CZ) remains a major shareholder in both organizations. Following global Binance’s $4.3 billion settlement with US regulators in November 2023, the American branch was left nearly paralyzed after losing banking partners, suffering severe liquidity declines, and ceding most of its spot trading market share to Coinbase, Kraken, or Robinhood.
Although Changpeng Zhao has completed his 4-month prison sentence and received a presidential pardon from President Donald Trump last year, Binance.US continues to struggle, operating as a scaled-down exchange to maintain compliance.
Seeking external liquidity and restoring licensing network
Earlier this year, the exchange appointed Stephen Gregory as Chief Executive Officer (CEO) to lead its turnaround strategy. Sources cited by Bloomberg said Binance.US is pursuing multiple options to regain its competitive footing.
One of the top priorities is an effort to reinstate state-level money-transmitting licenses that were suspended or revoked during the regulatory crisis. Restoring this licensing network is a prerequisite for the exchange to reopen US dollar payment gateways and scale its services for domestic users.
In addition, the exchange is weighing the possibility of tapping external liquidity sources, including connecting liquidity with Binance’s international platform. However, cross-border liquidity sharing involving US users remains an exceptionally sensitive legal issue, and no final decision has been made. The exchange has also explored expanding into new product categories such as prediction markets to keep pace with industry trends.
Ties to World Liberty Financial and the regulatory landscape
According to sources, decentralized finance project World Liberty Financial, co-founded by the family of President Donald Trump, was among the entities approached and briefed on the fundraising plan. However, a person familiar with the matter confirmed that the Trump family’s project is not participating in the round. A spokesperson for World Liberty also declined to comment.
Despite not participating in the funding round, the World Liberty ecosystem maintains close ties with global exchange Binance. Data from on-chain tracking firm Arkham shows that Binance currently custodies the majority of the supply of World Liberty’s USD1 stablecoin. Previously, USD1 was also used by an investment fund tied to United Arab Emirates (UAE) leadership to settle a $2 billion stake acquisition in Binance.
Binance.US’s fundraising effort comes as the broader digital asset industry seeks to capitalize on a more accommodating US regulatory environment. Major exchanges are rushing to roll out new products while foreign rivals look to make deeper inroads into the domestic market. Nevertheless, accepting a valuation cut of three-quarters underscores that Binance.US’s road to regaining its standing will require considerable time, as trust among users and banking institutions must be rebuilt from the ground up.