What happened
Binance.US is in discussions with private investors to raise as much as $100 million at a proposed valuation near $1 billion, Bloomberg first reported on October 15. The exchange, which operates independently of Binance's global platform, has not confirmed a closed transaction, and the figures could change before any deal is announced. The talks were reported two days before Cryptomat's writing and remain in the negotiation stage.
The round, if it closes on those terms, would mark Binance.US's first major capital raise since 2022. That earlier round, led by a group that included venture investors and strategic backers, valued the exchange at $4.5 billion. The gap between then and now is stark: a roughly 78% haircut in equity value, even as US spot bitcoin ETFs have pulled in record inflows and the broader crypto market has moved higher.
Binance.US declined to comment publicly on the Bloomberg report. No lead investor has been named.
Why it matters
The reported valuation is the clearest market signal yet of how far Binance.US's standing has slipped. The exchange was once the third- or fourth-largest venue for US spot crypto trading. After the Securities and Exchange Commission filed its 2023 action against Binance, Binance.US, and former CEO Changpeng Zhao, banking partners pulled back, dollar on-ramps broke, and market share collapsed. Volumes that had rivaled Kraken and Gemini thinned to a fraction of their former peaks.
A $1 billion valuation reflects that damage. It also reflects the broader reset in private market pricing for crypto infrastructure since 2022, when FTX's valuation and the Coinbase-era comps anchored everything higher. The question investors are now underwriting is whether Binance.US can rebuild under a different US regulatory posture - one that has clearly softened in 2026 - without the brand drag of its parent.