Key Highlights:
- Binance.US is in talks for a fresh fundraising round that could value the cryptocurrency exchange at approximately $1 billion, down from its $4.5 billion pre-money valuation in 2022.
- Under CEO Stephen Gregory, the platform aims to rebuild market share through external liquidity access, state money transmitter licenses, and an expansion into derivatives and prediction markets.
- The initiative coincides with deepening industry ties involving Binance, Donald Trump-linked World Liberty Financial, and its stablecoin $USD1.
Cryptocurrency exchange Binance.US is currently exploring a new funding round that could value the trading platform at roughly $1 billion. Because the fundraising talks remain under discussion, the final size, valuation, and specific investor participation could still shift before any agreement is formalized.
The proposed $1 billion valuation highlights a steep valuation decline from the company’s prior capital raise in 2022. During that round, Binance.US secured more than $200 million at a $4.5 billion pre-money valuation. Launched in 2019, Binance.US functions as an independent operating entity from Binance’s global platform, though both entities share common ownership via Binance co-founder Changpeng Zhao.
Binance.US Executes Turnaround Strategy Under New Leadership
The American exchange suffered significant declines in domestic market share following aggressive regulatory enforcement directed at Binance in 2023. That enforcement culminated in a multibillion-dollar regulatory settlement between the global exchange and United States authorities over extensive violations of federal financial regulations. The resulting fallout directly impacted Binance.US, sparking severe disruptions across its banking networks and sharply curtailing its direct access to U.S. dollar payment rails.
In response to these operational obstacles, Binance.US named Stephen Gregory as Chief Executive Officer in March. Under Gregory’s direction, the company has worked aggressively to restore trading volumes and introduce new products. Key discussions have centered on tapping external trading liquidity—potentially including liquidity pools from Binance’s global venue—though formal determinations on that architecture have not yet been finalized. Concurrently, the platform is working to re-establish money transmitter licenses across multiple U.S. states to rebuild its customer base.
Looking past traditional spot trading, Binance.US is also pursuing expansion into prediction markets. In July, Gregory revealed organizational plans to seek licensing with the Commodity Futures Trading Commission (CFTC), an authorization that could open the door for Binance.US to legally offer event-based contracts and advanced derivative products to American customers.
Intertwined Ties With World Liberty Financial
The capital discussions occur alongside deepening links between Binance’s international arm and World Liberty Financial, a venture tied to Donald Trump. World Liberty is the issuer behind $USD1, a dollar-pegged stablecoin that has seen increasing market adoption supported by its connections to Binance. On-chain analytics tracked by Arkham show that Binance currently maintains custody of a significant share of the total circulating supply of $USD1.
The corporate connections deepened further when MGX, an investment firm based in Abu Dhabi, utilized $USD1 to facilitate a $2 billion investment into Binance. While Bloomberg previously documented how World Liberty’s stablecoin initiatives have gained from Binance’s infrastructure and backing, both businesses continue to operate as separate corporate organizations. These industry dynamics have gained heightened scrutiny following Trump’s October 2025 presidential pardon of Changpeng Zhao, who had previously served a four-month prison term after pleading guilty to failing to establish and maintain effective anti-money laundering controls at Binance.
Why This Matters
The effort by Binance.US to raise capital at a reduced valuation demonstrates the ongoing challenge crypto platforms face when rebuilding operational foundations after sweeping federal enforcement actions. Restoring core banking rails and securing state-level money transmitter licenses remain crucial prerequisites for domestic retail growth.
Furthermore, Binance.US’s pursuit of a CFTC license to list event contracts shows how digital asset platforms are increasingly pivoting toward prediction markets and regulated derivatives to diversify revenue beyond volatile spot trading. Concurrently, the cross-border linkages between international capital, high-profile political ventures like World Liberty Financial, and Changpeng Zhao’s broader business footprint highlight a reshuffling of alliances shaping the future regulatory and operational landscape of U.S. crypto markets.
Frequently Asked Questions
Why is Binance.US pursuing a new funding round at a lower valuation?
The platform is working to restore trading liquidity and reclaim lost domestic market share after the 2023 regulatory settlement involving Binance disrupted banking access and dollar processing. The proposed $1 billion valuation adjusts for market realities following its prior $4.5 billion pre-money valuation in 2022.
What new services is Binance.US seeking to offer?
Under CEO Stephen Gregory, the platform is pursuing a CFTC license to introduce derivatives and prediction market event contracts. Additionally, the company is attempting to restore state money transmitter licenses and explore access to outside trading liquidity.
How is Binance connected to World Liberty Financial?
World Liberty Financial issues the dollar-backed stablecoin $USD1, a large portion of which is held by Binance according to Arkham. The stablecoin was also utilized in a $2 billion investment into Binance by Abu Dhabi-based firm MGX. Although the companies share operational intersections, they remain legally distinct entities.
