Binance US courts $100 million at about 22% of its 2022 pre-money valuation
Binance US is seeking up to $100 million at about a $1 billion valuation, Bloomberg reported, against $4.5 billion pre-money in 2022. None of the three accounts says whether the $1 billion is pre- or post-money, so the markdown is approximate.
The Investor · Invest desk
Key figures: $100 million buys 10.0% of Binance US if $1 billion is post-money, or 9.1% if it is pre-money. The 2022 round sold about 4.3% of the company at its $200 million floor; that round raised more than $200 million.
| Figure | Value | Note | Claim |
|---|---|---|---|
| Share $100 million buys if $1 billion is post-money | 10% of company | 9.1% if $1 billion is pre-money | 19 |
| Share the 2022 round sold, about | 4.3% of company | at the $200 million floor | 20 |
| 2022 seed round, more than | $200 million | 3 |
What happened
- Bloomberg's Ben Weiss, Olga Kharif and Muyao Shen reported that the Miami-based exchange is running a private round, citing a person familiar with the confidential discussions.
- World Liberty Financial, which has Donald Trump as a co-founder, was told of the raise but is not taking part, and spokespeople for both companies declined to comment.
- The SEC sued Binance-related entities and Changpeng Zhao in June 2023 and dismissed its suit with prejudice in May 2025.
- Stephen Gregory became CEO in March 2026 and has pushed fees down to zero for makers and as low as 0.02% for takers.
Why it matters
- What it costs cost Investors in the 2022 round, among them Foundation Capital, RRE Ventures, Circle Ventures and VanEck, hold stakes in a company now targeted roughly 78% below the price they paid into.
- What it limits constraint Fee cuts leave little revenue per trade, so a $1 billion price depends on volume growth from new states and products.
- What doesn't add up contradiction The sources disagree on what holds the price down: Cryptobriefing says regulatory concerns still obstruct backers, while the other two accounts describe lost market share and state licences still to be reinstated.
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The 2022 round closed in April 2022 [3], 14 months before the SEC sued [22], so the 22% in the headline [17] compares the exchange before its troubles with the exchange after them. The comparison is also looser than it looks. The $4.5 billion was a pre-money figure [3], and the new $1 billion has not been labelled either way, so $100 million buys 10% of the company if $1 billion is post-money and 9.1% if it is pre-money [19]. The 2022 round, at its $200 million floor, sold about 4.3% [20]. Existing owners are being asked to give up roughly twice the slice for less than half the cash [21].
We think the $1 billion prices lost business more than legal risk. The SEC case is over [6]. What remains, per Bloomberg, is a substantial erosion of market share after Binance Holdings' 2023 agreement with federal regulators [8], in a market where Coinbase and Kraken already command established customer bases [16]. The fee cuts are the company's answer, but a $1 billion price then rests on trading volume, and none of the three accounts quantifies it. The counter-thesis is that $1 billion is an opening position: Bloomberg said size, valuation and investor composition can still change before the process ends [4].
The list the money has to cover is long. Management has discussed all 50 states, derivatives licences, perpetual futures and prediction markets [9], and Binance.US wants some state money-transmitter licences reinstated [13]. It has also talked with outside liquidity providers, with Binance's global platform among the options and no approach decided [12]. Using them would mean the exchange is not funding all of its own market depth. It would also tie a company set up in 2019 as operationally independent to the platform it was set up apart from, and Changpeng Zhao holds significant ownership stakes in both [14].
If the round closes near $1 billion, the markdown stands. If it closes well above, the 22% was an opening position and our view of lost business is too harsh. If it stalls, the precedent is 2021, when Binance.US set out to raise $100 million and failed, reportedly because of regulatory concerns [23]. Binance.US has not confirmed Bloomberg's report [15], and Cryptobriefing says no final size, valuation or investor list has been confirmed [10].
What to watch
- The price at which the round closes: a figure well above $1 billion would show the 22% was an opening position.
- Whether the round's size, investor list and pre- or post-money basis are disclosed, and whether Binance.US confirms the Bloomberg report.
- Whether Binance.US picks outside liquidity providers, and whether Binance's global platform is one of them.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence42
- Adoption
- Not scored
- Hype gap+15
- Incentives
- Not scored
- Confidence55
Perspective Coverage
6 publishers- Builder
- Builder 15%
- Operator
- Operator 34%
- Investor
- Investor 51%
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
Binance US is reportedly seeking up to $100 million in fresh capital at a valuation of roughly $1 billion, according to a Bloomberg report.
- [2]
Bloomberg reporters 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.
- [3]
In April 2022 Binance US secured more than $200 million in seed financing at a $4.5 billion pre-money valuation.
- [4]
Bloomberg noted that the round's terms, including its size, valuation and investor composition, remain subject to change before the process wraps up.
- [5]
World Liberty Financial, a crypto venture with President Donald Trump as one of its co-founders, was informed of the capital raise but is not participating, according to Bloomberg; spokespeople for Binance.US and World Liberty declined to comment.
- [6]
The SEC sued Binance-related entities and founder Changpeng Zhao in June 2023, and dismissed its lawsuit with prejudice in May 2025.
- [7]
Under CEO Stephen Gregory, appointed in March 2026, Binance US has pursued fee reductions, including zero maker fees and taker fees as low as 0.02%.
- [8]
Binance.US saw a substantial erosion of its market share in the wake of Binance Holdings Ltd.'s 2023 agreement with federal regulators.
- [9]
Management has discussed expanding across all 50 states, pursuing derivatives licenses, and exploring perpetual futures, prediction markets and additional financial services.
- [10]
The terms of the round remain speculative; no final size, valuation or investor list has been confirmed.
- [11]
Investors in the April 2022 round included Foundation Capital, RRE Ventures, Circle Ventures and VanEck.
- [12]
Binance.US has held conversations about drawing on outside liquidity providers to support its trading operations, with Binance's global platform among the options; no approach has been decided.
- [13]
Binance.US aims to have some of its state money-transmitting licenses reinstated.
- [14]
Binance.US was established in 2019 as an operationally independent platform from the broader Binance network, though Changpeng Zhao holds significant ownership stakes in each.
- [15]
Bloomberg's reporting has not been publicly confirmed by Binance US.
- [16]
Coinbase and Kraken already command established American customer bases.
- [17]
The $1 billion target is about 22% of the $4.5 billion 2022 pre-money valuation.
- [18]
The $1 billion target is roughly 78% below the $4.5 billion 2022 pre-money valuation.
- [19]
$100 million buys 10.0% of the company if $1 billion is post-money, or 9.1% if $1 billion is pre-money.
- [20]
At the $200 million floor, the 2022 round sold about 4.3% of the company.
- [21]
The new round would sell roughly twice the share of the company (9.1% to 10% against about 4.3%) for less than half the cash of the 2022 round.
- [22]
The 2022 round closed 14 months before the SEC sued in June 2023.
- [23]
In 2021 Binance.US set out to raise $100 million; that effort failed, reportedly due to regulatory concerns.
- [24]
Regulatory concerns remain an ongoing obstacle for potential backers.
Sources
2 independent publishers whose own reporting we read for this story.
- cointelegraph.comBinance.US seeks $1B valuation in potential $100M funding round: Report
1 article · October 15, 2026
- crypto.newsBinance US reportedly seeks $100m at a valuation near $1b
1 article · October 15, 2026
- cryptobriefing.comBinance.US looks to raise up to $100 million for a US comeback
1 article · October 15, 2026
- cryptotimes.ioBinance.US Seeks Up to $100M at $1B Valuation
1 article · October 15, 2026
- news.bitcoin.comBinance US Chases $100 Million at a Fraction of Past Valuation: Bloomberg
1 article · October 15, 2026
- qz.comBinance.US is seeking to raise up to $100 million at about $1 billion valuation
1 article · October 15, 2026
Topics and entities
Topics
- Prediction Markets
- Crypto exchange funding
- US Crypto Market Regulation