The crypto exchange was reportedly looking to use the additional funding to regain market share following Binance’s 2023 settlement with US authorities.
Binance.US is reportedly seeking to raise up to $100 million in a funding round that could value the cryptocurrency exchange at $1 billion.
According to a Thursday Bloomberg report, the US-based crypto exchange is pursuing private investment as it looks to expand its business. The potential $1 billion valuation would be well below the $4.5 billion pre-money valuation it secured in 2022, when it raised $200 million in seed funding.
Binance.US reportedly informed World Liberty Financial, the crypto platform co-founded by US President Donald Trump and his sons, about the funding round, but the company will not be participating. Last year, Binance was embroiled in a controversial $2 billion investment between an entity tied to the United Arab Emirates royalty and World Liberty using the platform’s USD1 stablecoin.
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cointelegraph.com