Binance US is seeking up to $100 million in fresh capital at a $1 billion valuation—a steep markdown from its $4.5 billion pre-money valuation in April 2022, when it raised more than $200 million from Foundation Capital, RRE Ventures, Circle Ventures and Vaneck.
The Miami-based exchange is attempting to rebuild after the SEC sued Binance-related entities and founder Changpeng Zhao in June 2023. The litigation crippled banking relationships, cutting off dollar on/off-ramps and draining trading volume. The SEC dismissed its lawsuit with prejudice in May 2025. Binance US restored ACH deposit and withdrawal services in February 2025.
CEO Stephen Gregory, appointed in March 2026, is executing an aggressive recovery playbook. The exchange has eliminated maker fees and cut taker fees to 0.02 percent. Management is targeting expansion across all 50 states, pursuing derivatives licenses and exploring perpetual futures and prediction markets.
Coinbase and Kraken dominate the U.S. centralized exchange market. The capital raise, if closed, would fund liquidity rebuilds and distribution to compete for wallet share.
Binance US has not publicly confirmed the fundraising or valuation target.
