Binance US Valued At $4.5B
Binance.US, the cryptocurrency exchange Binance‘s partner firm in the United States, has raised $200 million in startup funding. According to a Wednesday release, the company has a pre-money worth of $4.5 billion.
“On the construction side, we already have 100 individuals working in our product and technology department. With this investment round, we expect to more than quadruple that amount by the end of the year,” Brian Shroder, chief executive of Binance.US, told Blockworks.
VanEck, Circle Ventures, RRE Ventures, Foundation Capital, Original Capital, Gaingels, and Gold House are among the investors that participated in the round.
Binance.US, which was established in 2019 as a different legal organization from the cryptocurrency exchange Binance.com, is a subsidiary of Binance.com. Through a license arrangement with its partner firm, the company may still have access to the technology it has developed.
Due to regulatory restrictions, Binance began excluding consumers from the United States in September 2019. The business then announced the formation of Binance, which was made possible by a cooperation with BAM Trading Services. US.
Users in authorized states were needed to fulfill more strict know your customer (KYC) requirements in order to use Binance.US than was previously required by Binance, according to the company. A picture of a valid ID and social security numbers must be uploaded in order to complete this process.
Since 2019, the United States has extended its services to 45 states and eight territories, with the most recent additions being Connecticut and Louisiana.
Besides that, according to Shroder, the business is “expanding its corporate development department” as well as “considering prospective mergers and acquisitions M&A options.”