Binance.US is back on the fundraising circuit, and the price tag says it all. Bloomberg reported Thursday the US exchange is pitching a private round of up to $100 million at a target valuation near $1 billion, attributed to a source close to the talks. Bloomberg's Weiss, Kharif and Shen broke the story; the exchange has not confirmed it.
The numbers: in April 2022, investors paid $200M+ for about 4.4% of the company at a $4.5B pre-money valuation. This time $100M buys roughly 10% — double the ownership for half the cash. The markdown from 2022: 77.8%.
That repricing is the bill for the regulatory winter of 2023 to 2025. In June 2023 the SEC brought its case against Binance-affiliated companies and founder Changpeng Zhao; banking partners pulled back, dollar services froze, and trading activity collapsed. Binance Holdings then settled with the Justice Department for $4.3 billion over anti-money-laundering violations and accepted outside compliance monitors. Zhao pleaded guilty to a felony, served four months, and was pardoned by President Trump in 2025; the SEC dismissed its own case with prejudice that May.
Why it matters
This is a turnaround priced as a turnaround, not a victory lap. Since the settlement: dollar deposits and withdrawals returned via ACH (Feb 2025), Stephen Gregory took over as CEO (Mar 2026), and a fee war began — zero maker fees, takers from 0.02%. Management now wants the new money to chase derivatives licenses, roll out perpetual futures and prediction markets, and push coverage toward all 50 states. That puts it on a direct collision course with Coinbase, Kraken, Robinhood and Gemini, all of which spent the last three years absorbing the customers Binance.US lost. For the broader Binance ecosystem — fresh off listing moves like the QUICK and EPIC delistings — a recapitalized US arm would finally give the brand a compliant on-ramp in the world's deepest capital market again. Backdrop: Bitcoin traded near $81,400 on Saturday, with the Oct 28 Fed meeting priced at roughly even odds for a hike — expansion money lands in a volatile but liquid tape.
| Round | Capital sought | Target valuation | Implied stake |
|---|---|---|---|
| April 2022 | $200M+ | $4.5B pre-money | ~4.4% |
| October 2026 | up to $100M | ~$1B | ~10% |
What to watch
- Does the round close, and at what terms? The report is unconfirmed; final size, valuation and investor list could all move before signing.
- Who writes the checks. Bloomberg says World Liberty Financial — the Trump-family crypto platform tied to Binance through the USD1 stablecoin — was briefed but will not participate. Who fills that slot matters.
- The DOJ compliance probe. CoinCentral notes the department is reportedly checking whether the exchange is honoring the 2023 settlement's AML and monitoring terms.
- Licensing progress. Derivatives licenses and prediction-market approvals are the actual growth story; capital without licenses buys little.
| Date | Milestone |
|---|---|
| Apr 2022 | $200M seed raise at $4.5B pre-money |
| Jun 2023 | SEC sues Binance entities and CZ |
| 2023 | Binance Holdings settles with DOJ: $4.3B penalties |
| Feb 2025 | Dollar deposits/withdrawals restored via ACH |
| May 2025 | SEC dismisses case with prejudice |
| Mar 2026 | Stephen Gregory named CEO; zero maker fees |
| Oct 2026 | Up to $100M raise at ~$1B reported (unconfirmed) |
MarketRadar take
This is a rescue-priced recapitalization, not a growth round, and the numbers grade it honestly. A $1 billion tag on a business that once commanded $4.5 billion prices in the full cost of the banking exile and the lost years of distribution to Coinbase and Kraken. The pitch is optionality: $100 million buys a call option on reclaiming US share under friendlier rules, with derivatives and prediction markets as the upside. Money is the easy part; licenses and liquidity are not. Nothing here moves crypto prices directly — this is a company story, not a market one. If the round closes near the reported terms, the retreat phase is over; if it stalls or reprices lower, the comeback still lacks institutional conviction.
