Binance US has raised over $200 million in a pre-seed funding round at a valuation of $4.5 billion.

Investors in the round included RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures, Gaingels, and Gold House.

The cryptocurrency exchange said it plans to offer new products and services either organically or via strategic mergers and acquisitions.

Launched in 2019, the Binance US offers 85 types of digital token and currently operates in 45 US states and eight territories.

The news comes after a year in which Binance has been subject to intense regulatory scrutiny worldwide.

US authorities investigated Binance for insider trading and market manipulation in September 2021 according to sources reported by Bloomberg.

2022 has already seen several large fundraising rounds by crypto exchanges.

In February, Bahamas-based cryptocurrency exchange FTX raised $400 million in a Series C financing round.

“In under three years, Binance US has grown into a profitable business that is not only one of the largest and most technologically advanced digital asset exchanges in the United States, but in the world,” said Brian Shroder, chief executive officer at Binance US. “From this position of strength, and with an eye toward continuing our rapid ascent alongside the ascent of the crypto industry at large, we are pleased to close our first financing round.”

He added: “This funding and valuation validate the strength of Binance US’s business today, as well as our long-term growth prospects, and will enable us to continue to make our spot trading platform the best it can be while rolling out an ambitious product roadmap.”

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