Binance.US is looking to raise as much as $100 million in a private funding round to strengthen its U.S. business, Bloomberg reported Thursday. The exchange is targeting a valuation of about $1 billion, according to a person familiar with the matter.

That would be well below the $4.5 billion pre-money valuation Binance.US secured in 2022, when it raised more than $200 million. Bloomberg said the size, valuation and makeup of the investor group could change as the process continues.

World Liberty Financial (CRYPTO: $WLFI), the crypto venture co-founded by President Donald Trump among others, was among those made aware of the…