The Company’s first external funding included participation from a diverse group of investors, including RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures, among others. Mission driven firms focused on diversity, equity, and inclusion, such as Gaingels and Gold House, also joined the round.

Launched in 2019, Binance.US is one of the largest digital asset exchanges by trading volume in the United States and ranks among the top exchanges by volume globally, offering some of the lowest fees on the market for new and experienced retail and institutional traders alike. Binance.US offers a sophisticated user interface and innovative trading features, with the ability to process 1.4 million orders per second, all while maintaining robust compliance and security structures. Today, there are more than 85 tokens and 190 trading pairs available on Binance.US.

Binance.US plans to use the proceeds from the funding round to enhance its spot trading platform, develop a suite of new products and services to be introduced in the near-term, and invest in marketing and consumer education initiatives.

Brian Shroder, Chief Executive Officer of Binance.US, said, “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. 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. 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.”

“Importantly, we are grateful for the support from a leading group of investors, including firms that prioritize DEI initiatives which are core to Binance.US’s values,” Mr. Shroder continued. “Together with our investors, customers, regulators, and employees, we look forward to building the most customer-centric and compliant digital asset platform in the country.”

Since the appointment of Mr. Shroder as Chief Executive Officer of the Company in October 2021, Binance.US has doubled its workforce headcount and has bolstered its leadership team with several senior hires, including Sidney Majalya as Chief Risk Officer, Norman Reed as General Counsel, Tammy Weinrib as Chief Compliance Officer, and Carol Mackinlay as Chief People Officer.

The Company has invested heavily in customer service and technology to create a seamless user experience, both in the hiring of customer support staff and in implementing self-help and automation capabilities to the platform. This has streamlined and accelerated its institutional onboarding process and reduced the average customer wait time by 90%.

To date in 2022, Binance.US has launched in two new states, Connecticut and Louisiana, bringing the total number of states and territories where the platform is available to 45 and 8, respectively, and continues to work closely with the remaining state regulatory agencies to secure approvals so it can offer its services across all U.S. states and territories. The Company has also this year secured Money Transmitter Licenses in West Virginia and Wyoming in furtherance of its commitment to best-in-class compliance.

“Binance.US’s ability to offer its customers a superior trading experience at a lower cost is a structural advantage that sets it apart from the competition and positions the Company to continue to gain market share,” said Jason Black, General Partner at RRE Ventures. “By leveraging its best-in-class, highly scalable technology, Binance.US has an exceptional opportunity to serve as the platform of choice for individuals and institutions seeking exposure to digital assets.”

“As the fastest-growing US exchange, with natural advantages like best execution, low fees and tremendous brand awareness, we are excited to support the Binance.US team at this inflection point in the Company’s growth and evolution,” said Angus Davis, General Partner at Foundation Capital. “Brian is a talented leader who has built an experienced management team well suited to accelerate growth in the business while also making regulatory compliance a cornerstone of the Company’s strategy.”

“Circle Ventures is excited to invest in Binance.US,” said Jeremy Fox-Geen, Chief Financial Officer at Circle. “We are committed to helping create a robust and competitive digital assets ecosystem.”