Binance US Pitches $100M Raise at $1B Valuation; Trump-Backed WLFI Sits This One Out 🙃

Binance U.S. is seeking to raise up to $100 million at a valuation of approximately $1 billion, according to a Bloomberg report, as the U.S. arm of the top crypto exchange looks to expand its domestic operations amid rising competition.

The planned capital raise comes as Binance U.S. faces increased pressure from rivals including Coinbase, Kraken, Robinhood, and Gemini. The firm intends to deploy the fresh funds to broaden its crypto business in the country and is weighing expansion into areas such as prediction markets.

Trump-backed World Liberty Financial opted not to participate in the private funding round despite being aware of it, the report said. World Liberty Financial has existing ties to the exchange: Binance holds a large share of World Liberty Financial's USD1 stablecoin supply, and the exchange has run promotions involving the stablecoin.

Separately, Abu Dhabi state-backed investment firm MGX invested $2 billion in the crypto exchange, a previously disclosed transaction that underscores continued institutional interest in the platform's global operations.