Binance.US is seeking to raise up to $100 million at a valuation of roughly $1 billion, according to a Bloomberg report published Thursday. The figure, if accurate, marks a steep markdown from the $4.5 billion pre-money valuation the exchange commanded in 2022, when it closed a $200 million seed round. In plain terms, investors are being asked to value the business at less than a quarter of its prior mark.

The reported round remains a proposal rather than a completed deal. Bloomberg did not name prospective investors, and no term sheet, filing, or company statement confirms the terms. What is not said matters here: Binance.US has not disclosed current revenue, trading volumes, or regulatory standing, leaving the $1 billion figure impossible to independently verify.

Why is the exchange raising now?

The fundraising effort follows Binance Holdings Ltd.'s November 2023 settlement with US authorities, under which the parent company paid $4.3 billion in penalties and accepted additional monitoring and oversight. Then-CEO Changpeng Zhao pleaded guilty to a felony charge and served four months in prison before receiving a pardon from President Donald Trump in 2025. That enforcement action, according to the report, drove Binance.US to cede market share to larger rivals, and the new capital is intended to finance a recovery.

The operational constraint is real. A $4.3 billion settlement, roughly 43 times the sum now being sought, bought compliance obligations alongside the penalties. Regained market share depends on whether the exchange can operate competitatively while still under heightened US oversight. Takeaway: the raise is a rebuilding effort, not a victory lap.

What role does World Liberty Financial play?

Binance.US reportedly informed World Liberty Financial, the crypto platform co-founded by President Trump and his sons, about the round. World Liberty will not participate, according to the report. The disclosure is notable given last year's reported $2 billion investment involving an entity tied to United Arab Emirates royalty and World Liberty, executed using the platform's USD1 stablecoin, a transaction that drew congressional scrutiny.

The exchange appears to have gauged whether a politically connected partner would anchor the round; it will not. No other anchor investor has surfaced in the reporting to date. Takeaway: Binance.US enters the market for capital without its most prominent prospective backer.

What happens next?

The round has no announced timeline, no lead investor, and no confirmed terms. If it closes near $100 million, Binance.US would hold capital equal to half its 2022 seed raise, at less than a quarter of the prior valuation, a signal of how far the enforcement aftermath has compressed its standing. Whether the exchange rebuilds share under continued US monitoring will determine if this markdown proves temporary or permanent.