US-based bitcoin exchange Binance has raised $200 million in an initial venture capital funding round. Binance.US preliminary valuation reached $4.5 billion.

RRE Ventures, Foundation Capital, Original Capital, VanEck, Circle Ventures, Gaingels, Gold House and a number of other investors participated in the company’s initial external financing.

Funds raised on Binance.US will be used to develop the spot trading platform, expanding the range of products and services as well as marketing and education initiatives in the short term.

The exchange was launched in the USA in 2019. In October 2021, Brian Schroeder took over as CEO of Binance.US. In this position, he replaces Brian Brooks, the former head of the Office of the Currency Controller at the U.S. Treasury, who worked for the company for about three months.

According to a press release, Binance.US has doubled its headcount since Schroeder’s appointment and strengthened its leadership team with several veteran executives, including former Intel Vice President of Compliance Sidney Majalai.

The company’s plans to increase its media funding were announced in September 2021. It was assumed that the valuation would rise to $3 billion by the end of the round.

In November, Binance CEO Changpeng Zhao confirmed that the US arm could raise “several hundred million dollars”. It also did not rule out the possibility of Binance.US going public, following the example of Coinbase.

According to the Wall Street Journal, the SEC is investigating Binance.US’ ties to two trading firms affiliated with Zhao.