(Reuters) – Crypto exchange Binance.US said on Wednesday it had raised more than $200 million in a seed funding round at a pre-money valuation of $4.5 billion.

Launched in 2019, the company is operated by BAM Trading services, the US partner of Binance, the world’s largest crypto exchange by trading volume. Binance.US and Binance have a license agreement but operate as separate legal entities.

Binance.US said RRE Ventures, Foundation Capital, Original Capital, VanEck, and Circle Ventures were among the investors that participated in the fundraising, which was its first round of external funding.

It added that the funds would be used to invest in its spot trading platform and for the development of new products and services.

Last month, Binance rejected calls for a blanket ban on all Russian users after Moscow invaded Ukraine.

Its decision last month to stay in Russia, which was a departure from major financial companies such as PayPal (NASDAQ:) Holdings Ltd and Visa Inc. (NYSE:), had angered the Ukrainian government.

Binance has also attempted to deepen ties with the United Arab Emirates as the country attempts to portray itself as the new global hub for digital assets.

The crypto industry continues to face the wrath of international regulators, who are concerned about how a collapse in crypto assets, considered highly volatile and opaque, will ripple through the broader financial sector, leading to a global push for more regulation.