Crypto Exchange Binance.US Valued at $4.5 Billion in First External Funding Round

Binance.US, a cryptocurrency exchange, said on Wednesday that it has secured more than $200 million in a seed fundraising round, valued at $4.5 billion pre-money.

BAM Trading Services, the U.S. partner of Binance, the world's largest crypto exchange by trading volume, launched the firm in 2019. Although there is a license agreement between Binance.US and Binance, the two companies are independent legal organizations.

RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures were among the investors in Binance.first US's external investment round, according to the company.

The cash will be used to invest in its spot trading platform as well as the development of new goods and services, according to the company.

Following Russia's invasion of Ukraine last month, Binance rejected demands for a blanket ban on all Russian users.

The Ukrainian government was irritated by its choice last month to remain in Russia, which was a departure from major financial corporations such as PayPal Holdings Ltd and Visa Inc.

Binance has also been attempting to strengthen ties with the UAE, which is attempting to position itself as the world's new digital asset powerhouse.

Regulators across the world continue to lash out at the crypto business, fearful that a crisis in crypto assets, which are perceived as extremely volatile and opaque, could spill over into the broader financial sector, prompting a worldwide drive for additional regulation.