Binance.US Raises About $200 Million at $4.5 Billion Valuation

Binance.US, the American affiliate of the largest global cryptocurrency exchange, has raised more than $200 million at a valuation of $4.5 billion, the first external funding since its inception about two years ago.

Investors include Circle Ventures, VanEck and Foundation Capital, Binance.US said Wednesday in a statement. Gold House, which focuses on combating anti-Asian hate, and Gaingels, which supports LGBTQ causes, also joined the round.

The fundraising comes as its bigger competitors, such as Coinbase Global Inc and FTX, have ramped up advertising to gain U.S. market share. Binance.US plans to use the funding for its first marketing push, while ...