Binance.US is seeking up to $100 million from private investors as the cryptocurrency exchange attempts to rebuild its U.S. business, targeting a valuation of approximately $1 billion. Bloomberg reported the fundraising discussions on Oct. 15, citing people familiar with the matter.

The proposed figure represents a substantial decline of approximately 78% from the $4.5 billion pre-money valuation Binance.US secured during its 2022 financing round. The discussions remain preliminary, the proposed terms could change, and Binance.US has not announced a completed transaction or identified investors committed to the deal.

Fundraising Anchors Broader Comeback Effort

According to the report, Binance.US is exploring options to obtain external liquidity sources to boost its trading operations as it looks to expand its crypto business. The exchange is also seeking reinstatement of its money-transmitting licenses in the United States. Together, the two efforts sketch the operational core of the comeback: fresh liquidity for trading and restored regulatory permissions for moving money in the U.S. market.

The fundraising appears to form part of a broader push to stage a comeback after years of losing market share. Binance.US, an independent subsidiary of Binance, is one of the major cryptocurrency exchanges in the United States. However, it faced a setback in 2023 stemming from Binance's legal troubles with U.S. law enforcement agencies. Binance later settled for $4.3 billion, and co-founder Changpeng Zhao was jailed for violating U.S. laws.

Binance.US has struggled to recover since then. The exchange was forced to suspend fiat deposits and withdrawals for U.S. customers due to enforcement action by the Securities and Exchange Commission, and it did not reinstate those services until February 2025, leaving customers without dollar access for an extended period.

In March 2026, the company hired Stephen Gregory as its chief executive officer. Gregory, a lawyer, previously served as CEO of Currency.com. A few months ago, Gregory spoke about the exchange expanding into new lines of business, including prediction markets.

The comeback bid nonetheless faces challenges. Competition has intensified as the likes of Coinbase, Kraken, and Crypto.com have gained a foothold in the U.S. market. Brokerage firms such as Robinhood are also expanding their crypto offerings.

World Liberty Financial Informed but Not Participating

Bloomberg reported that World Liberty Financial (WLFI) was one of those informed about the capital raise. However, the venture is not participating, according to people familiar with the discussions.

WLFI is a crypto venture backed by the Trump family and already has an existing relationship with Binance's international exchange. Binance is the largest holder of WLFI's USD1 stablecoin.

The targeted valuation for Binance.US represents a massive haircut from 2022, when the exchange raised $200 million at a pre-money valuation of $4.5 billion. Separately, Binance is also eyeing a return to the United Kingdom — one of several open threads worth tracking, alongside whether the preliminary raise talks advance to a completed deal and whether Binance.US regains its money-transmitting licenses.

This article is for informational purposes only and does not constitute financial or investment advice.