Binance.US Valued at $4.5B, Closes $200M Seed Round

Investors in the funding round include VanEck, Circle Ventures, RRE Ventures and Foundation Capital

article-image

Source: Shutterstock

share

key takeaways

  • Binance.US is looking into potential merger and acquisition opportunities, chief executive said
  • With the capital, the company also plans to double the staff for its product and tech department

Binance.US, the United States partner company of cryptocurrency exchange Binance, secured $200 million in seed financing. The firm notched a $4.5 billion pre-money valuation, according to a Wednesday announcement.

“On the build side, we already have 100 people in our product and tech department. We will double that by the end of the year with this fundraising round,” Brian Shroder, chief executive of Binance.US, told Blockworks. 

Investors in the round include VanEck, Circle Ventures, RRE Ventures, Foundation Capital, Original Capital, Gaingels and Gold House.

Binance.US, which launched in 2019, is a separate legal entity from crypto exchange Binance.com. However, the company can still access its technology through a licensing agreement with its partner company.

Binance banned US-based customers in September 2019 due to regulatory constraints. Via a partnership with BAM Trading Services, the company later announced the creation of Binance.US.

Users in approved states had to complete more stringent know your customer (KYC) rules to access Binance.US than Binance previously required. This includes uploading a photo of a valid ID and providing social security numbers.

Binance.US has expanded its services to 45 states and 8 territories since 2019 — most recently in Connecticut and Louisiana.

Per Shroder, the company is also “scaling up [its] corporate development department” and “evaluating potential mergers and acquisitions opportunities.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

kamino cover.jpg

Research

Kamino has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend V2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi.

article-image

Why that the bull market might not start until 2025

article-image

August’s annual headline figure came in at 2.3% after an upward revision Thursday, so things are moving in the right direction 

article-image

MSTR’s stock price was roughly $248 at 2 pm ET Thursday

article-image

Ever since rates came off zero and fiscal deficits exploded, markets have started paying close attention to how the government is funding itself

article-image

Solana memecoins are collectively at an all-time high

article-image

Optimistic rollups like Optimism, Arbitrum and Base are seeing rapid adoption relative to zk rollups