Binance.US Valuation, Funding & Investors

Binance.US is valued at $4.7B as of April 2022.

Last Binance.US valuation

$4.7B

Seed · Apr 2022

Last Binance.US funding round

Strategic investment

Amount undisclosed · Nov 2022

Cumulative funding Binance.US raised

$200M

across 2 funding rounds

Key investors in Binance.US

  • Gaingels
  • Foundation Capital
  • RRE Ventures
  • Northern Light Venture Capital
  • Karman Ventures
  • Circle Ventures

Binance.US Overview

About Binance.US

Binance.US is a privately held United States digital-asset marketplace launched in 2019 and operated by BAM Trading Services. The Miami-based platform provides spot trading, crypto conversion, staking, deposits and withdrawals through web and mobile applications built for United States customers. It supports more than 150 digital assets and serves beginners, active retail traders and institutional market participants. Binance.US uses matching-engine and wallet technology licensed from Binance, but its own support materials identify it as a separate and independent company from the international Binance exchange. The company earns commission and spread-related revenue from trading and other account services, while selected Bitcoin trading pairs are offered without transaction fees. Its compliance program includes federal money-services-business registration and applicable state money-transmitter licensing. The profile refers specifically to the operating exchange at binance.us, not Binance's international platform or investment arm.


Founded

2019

HQ

United StatesMiami, FL

Website

binance.us

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Commission

Valuation

$4.7B (Apr 2022)

Binance.US Valuation

Binance.US is currently valued at $4.7B, based on its seed round in April 2022. Read the announcement ↗

The $200M round included Northern Light Venture Capital, RRE Ventures, Circle Ventures, Gold House, Standard Crypto and 6 other investors.

Binance.US valuation by funding round

Binance.US valuation by funding round
DateStageValuation
Apr 2022Seed$4.7B

Binance.US Funding History

Binance.US has raised a total of $200M across 2 funding rounds.

Binance.US's first fundraising round was a $200M seed round in April 2022. The most recent completed round was a strategic investment round in November 2022.

Binance.US funding rounds

Binance.US funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2022Strategic investmentNoLimit Holdings--NoLimit Holdings disclosed Binance.US as a Fund I portfolio investment in its November 2022 review. The same release says Fund I launched in July 2022 and describes capital deployed during its first four months, so NoLimit's investment occurred after the exchange's separately announced April seed financing. Binance.US operates a digital-asset exchange for United States retail and institutional customers, providing trading, conversion, staking, custody-linked account functions and blockchain withdrawals. Its revenue model is tied principally to transaction fees, spreads and account services. November 29, 2022 is the dated portfolio disclosure; it establishes that the investment was made during Fund I's first four months after its July launch, but is not represented as the exact closing day. Binance.US is pinned to the live operating-company record for binance.us, rather than a token, international affiliate or investment vehicle.
Apr 2022SeedNorthern Light Venture Capital; RRE Ventures; Circle Ventures; Gold House; Standard Crypto; Gaingels; Original Capital; Foundation Capital; Karman Ventures; Mandeep Singh; Omar Darwazah$200M$4.7BBinance.US, the U.S.-regulated subsidiary of Binance founded in 2019, announced its first-ever external funding round in April 2022, raising over $200 million at a $4.5 billion pre-money valuation. The company received backing from a diverse investor group including RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, alongside diversity-focused firms Gaingels and Gold House. Binance.US operates as one of the largest digital asset exchanges in the United States, with a 24-hour trading volume of $306 million at the time of the announcement and the lowest transaction fees in the industry at 0.1%, significantly undercutting competitors like Coinbase Pro. CEO Brian Shroder stated the capital would be deployed to expand beyond the company's core spot trading platform into multiple products and services, with plans to pursue an initial public offering within two to three years. The company operated as a profitable business at the time of the round and held the ability to serve customers across 45 U.S. states with plans for nationwide expansion.

Who has invested in Binance.US?

12 investors have backed Binance.US across its funding rounds, including Gaingels, Foundation Capital, RRE Ventures, Northern Light Venture Capital, Karman Ventures and Circle Ventures.


Binance.US Investors

Investors in Binance.US by funding rounds participated
InvestorHQRoundsRoleFirst check
Northern Light Venture CapitalChinaBeijing1ParticipantApr 2022
RRE VenturesUnited StatesNew York City, NY1ParticipantApr 2022
Circle VenturesUnited StatesUnited States1ParticipantApr 2022
Gold HouseUnited StatesLos Angeles, CA1ParticipantApr 2022
Standard CryptoUnited StatesSan Francisco, CA1ParticipantApr 2022
NoLimit HoldingsCayman IslandsGeorge Town1ParticipantNov 2022
GaingelsUnited StatesBurlington, VT1ParticipantApr 2022
Original CapitalUnited StatesSan Francisco, CA1ParticipantApr 2022
Foundation CapitalUnited StatesPalo Alto, CA1ParticipantApr 2022
Karman VenturesUnited StatesAustin, TX1ParticipantApr 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Binance.US

Binance.US has acquired 1 company to date.

Last acquisition by Binance.US was on March 14th 2023. Binance.US acquired Yay for $150M.


Latest Acquisitions by Binance.US

Yay
Description
-
HQ Country-
HQ City
-
Deal Date14 Mar 2023
Valuation$150M
EV/Revenue
EV/EBITDA

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Investments by Binance.US

Binance.US has invested in 1 company to date.

Latest investment by Binance.US was on March 25th 2021. Binance.US invested in Custodia Bank in their $37M Series A round.


Latest Investments by Binance.US

Custodia Bank
Description
-
HQ CountryUnited States
HQ City
-
Deal Date25 Mar 2021
RoundSeries A
Raised$37M
InvestorsAP Capital Partners; Equity Management Associates; Eric Ly; Coinbase Ventures; Greybull Stewardship; Hard Yaka; ECMC; Holon Global Investments; 1843 Capital; Hashkey Exchange; Banca del Ceresio
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Binance.US Competitors

Binance.US competitors include listed companies like Tel Aviv Stock Exchange and Bullish, and private ones like Tempo, Sorare, Anchorage Digital and BM&F.

Public and private companies comparable to Binance.US
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Tel Aviv Stock ExchangeIsraelIsraelPublicly listed$181M$94M$4.4B18.7x
TempoUnited StatesSan Francisco, CAPrivate--$5B-
SorareFranceParisPrivate$150M-$4.3B28.7x
Anchorage DigitalUnited StatesSan Francisco, CAPrivate$85M-$4.2B49.4x
BM&FBrazilSao PauloPrivate--$5.4B-
BullishUnited StatesUnited StatesPublicly listed$245B($727M)$3.6B8.4x

Binance.US Public Comps

Binance.US is still privately-owned, but its public comps include Tel Aviv Stock Exchange, Bullish, Tadawul Group, MIAX, Galaxy Digital, Hyperliquid Strategies, Dubai Financial Market, Tradegate, MCX India and ASX.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Tel Aviv Stock Exchange$181M$94M23.9x18.7x46.0x-
Bullish$245B($727M)0.0x8.4x(4.0x)23.6x
Tadawul Group$336M$162M8.6x8.6x17.8x25.0x
MIAX$1.4B($36M)2.0x5.2x(75.8x)10.4x
Galaxy Digital$60B($177M)0.1x0.2x(48.0x)34.9x
Hyperliquid Strategies$9M-309.3x116.3x--
Dubai Financial Market$220M$205M6.6x6.2x7.0x7.6x
Tradegate$213M-11.1x---

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Common questions about Binance.US

When was Binance.US founded?Binance.US was founded in 2019.
Where is Binance.US headquartered?Binance.US is headquartered in Miami, FL, United States.
Is Binance.US publicly listed?No, Binance.US is a private, VC-backed company.
What is Binance.US's valuation?Binance.US was last valued at $4.7B in its seed round in April 2022.
How much funding has Binance.US raised?Binance.US has raised $200M across 2 funding rounds.
What was Binance.US's last funding round?Binance.US's last funding round was a strategic investment round in November 2022.
Who are Binance.US's investors?Binance.US's investors include Northern Light Venture Capital, RRE Ventures, Circle Ventures, Gold House, Standard Crypto, NoLimit Holdings, Gaingels, Original Capital, Foundation Capital, Karman Ventures and 2 others.
Which companies are comparable to Binance.US?Companies comparable to Binance.US include Tel Aviv Stock Exchange, Tempo, Sorare, Anchorage Digital, BM&F and Bullish.
How many companies has Binance.US acquired?Binance.US has acquired 1 company, including Yay.
What was the largest acquisition by Binance.US?The $150M acquisition of Yay in March 2023 is the largest acquisition Binance.US has made to date.
How many companies has Binance.US invested in?Binance.US has invested in 1 company, including Custodia Bank.
What was Binance.US's last investment?In March 2021, Binance.US invested in Custodia Bank's $37M Series A alongside AP Capital Partners, Equity Management Associates, Eric Ly and 8 other investors.

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