Binance US Chases $100 Million at a Fraction of Past Valuation: Bloomberg

Key Takeaways

Binance US Hunts for $100 Million After Its $4.5 Billion Heyday

Four years after investors valued Binance US at $4.5 billion before its previous funding round, the American crypto exchange is reportedly back on the fundraising circuit with a considerably smaller price tag. The company is seeking as much as $100 million at a valuation of approximately $1 billion, according to a Bloomberg report published Thursday.

The proposed financing arrives as Binance US attempts to reclaim its place in an increasingly crowded American market following regulatory battles, banking disruptions, and a bruising collapse in trading activity.

A Billion-Dollar Comeback With a Smaller Price Tag

Bloomberg journalists Ben Weiss, Olga Kharif, and Muyao Shen reported that the Miami-based exchange is pursuing a private funding round, citing a person familiar with the confidential discussions. The targeted valuation represents a steep departure from April 2022, when Binance US secured more than $200 million in seed financing at a $4.5 billion pre-money valuation. Investors included Foundation Capital, RRE Ventures, Circle Ventures, and digital asset manager Vaneck.

The exchange’s fortunes changed dramatically in June 2023 when the Securities and Exchange Commission sued Binance-related entities and founder Changpeng Zhao. Banking relationships deteriorated, dollar services were interrupted, and trading activity contracted. The SEC subsequently dismissed its lawsuit with prejudice in May 2025.

From Regulatory Retreat to Expansion Plans

Binance US restored dollar deposits and withdrawals through automated clearing house transfers in February 2025, beginning a gradual return to conventional banking services. Under CEO Stephen Gregory, appointed in March 2026, the exchange has pursued aggressive fee reductions, including zero maker fees and taker fees as low as 0.02%.

Its ambitions extend beyond ordinary spot trading. Management has discussed expanding across all 50 states, pursuing derivatives licenses, and exploring perpetual futures, prediction markets, and additional financial services. Competition remains fierce, with leading centralized exchange (CEX) platforms like Coinbase and Kraken already commanding established American customer bases.

For Binance US, the proposed capital injection offers an opportunity to rebuild liquidity and distribution. Yet the reported valuation presents an awkward financial contrast: Four years after commanding a multibillion-dollar price tag, the exchange is courting investors at roughly a quarter of its former valuation. This story is developing and Bloomberg’s reporting has not been publicly confirmed by Binance US.