Binance.US Targeting $50M Follow-On Raise at $4.5B Valuation

The U.S. arm of the crypto exchange giant is looking to raise additional funds after closing a $200 million seed round in April.

AccessTimeIconJun 21, 2022 at 7:29 p.m. UTC
Updated May 11, 2023 at 6:52 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Binance.US, the American arm of the crypto exchange giant, is looking to raise up to $50 million in additional funding at a $4.5 billion valuation in what would be a continuation of the exchange’s seed round, according to people familiar with the matter.

The company previously closed a $200 million seed round at a $4.5 billion valuation in April. The raise will target "strategic partners" and would not represent a new Series A round, the people said. Binance.US declined to comment.

  • How NEAR Enables Multichain Access From One Account
    00:56
    How NEAR Enables Multichain Access From One Account
  • Why the NEAR foundation Chose Eigenlayer as a Security Partner
    00:54
    Why the NEAR foundation Chose Eigenlayer as a Security Partner
  • Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
    07:08
    Judge Kaplan Had 'No Love' for Sam Bankman-Fried, Legal Expert Says
  • How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
    01:11
    How Bitcoin and Ether's Options Contracts Combined Expiry Could Spike Volatility
  • Since April, cryptocurrency markets have seen a sharp downturn, fueled by several high-profile blowups, liquidity crises and macroeconomic events.

    Binance.US’ raise comes on the heels of last month’s unraveling of Terra’s UST stablecoin, as well as two high-profile events this month – crypto lender Celsius halting customer withdrawals and crypto investment firm Three Arrows Capital facing rumored insolvency.

    Binance.US CEO Brian Shroder told tech outlet Protocol last week that the soon-to-be-announced fundraise will have the company “entering the crypto winter from a position of strength.”

    “Investors are not scared from investing in us further,” Shroder added.

    Investors in Binance.US’ seed round included Circle Ventures, VanEck and RRE Ventures, according to the April announcement and Crunchbase data.

    Crypto companies have become more cash conscious in the bear market, and some are taking up opportunities to bulk up their war chests.

    Competing crypto exchanges Coinbase (COIN), Gemini and Crypto.com have taken on cost-cutting measures, with Coinbase laying off 18% of its staff, Gemini cutting 10% of its workforce and Crypto.com downsizing 5% of employees.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tracy Wang

    Tracy was the deputy managing editor at CoinDesk. She owns BTC, ETH, MINA, ENS and some NFTs.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.