Binance.US is reportedly looking to raise up to $100 million in a new funding round. The potential deal aims to secure a valuation of $1 billion for the cryptocurrency exchange, according to a Bloomberg report.
This proposed valuation marks a significant decrease from the $4.5 billion pre-money valuation the company achieved in 2022. During that previous round, the exchange successfully raised $200 million in seed funding.
The platform intends to use the new capital to expand its business and recover market share. This strategic move follows the 2023 settlement between Binance Holdings Ltd. and US authorities, which included $4.3 billion in penalties.
The company reportedly approached World Liberty Financial regarding the investment, but the platform co-founded by Donald Trump and his sons will not participate. Last year, Binance was involved in a separate $2 billion investment deal with entities linked to World Liberty.
