Hidden Road Partners Seeks $120 Million in Series B Funding
Hidden Road Partners, a prime brokerage backed by Citadel Securities, is gearing up to raise $120 million in its Series B funding round, with a target market valuation of $1 billion. Sources familiar with the matter revealed that the firm aims to expand its presence in the cryptocurrency and foreign exchange markets.
Details of the Funding Round
- The funding round is expected to raise approximately $120 million.
- A representative from Hidden Road declined to comment on the matter.
Founded in 2018 by Marc Asch, a former employee at prominent hedge fund firms, Hidden Road quickly made its mark in the financial industry by securing $50 million during its Series A funding round. The Series A was led by Castle Island Ventures, with notable investors including Citadel Securities, FTX Ventures, and others.
Hidden Road provides prime-brokerage services across various markets, including foreign exchange, precious metals, and digital assets.
Binance’s KYC Requirements
In March 2024, Binance mandated prime brokers like Hidden Road Partners to enhance their Know Your Customer (KYC) processes. This directive was part of Binance’s efforts to comply with U.S. regulations, ensuring that U.S. nationals adhere to proper registration before using its services.
Binance specifically required prime brokers to collect and verify detailed KYC information, such as the geographical locations of their clients’ offices, founders, and staff. This verification is crucial to comply with U.S. laws’ geographic restrictions.
A spokesperson for Binance emphasized the exchange’s commitment to transparency and regulatory compliance. By strengthening KYC protocols, Binance aimed to clarify its partnering institutions’ obligations, aligning them with its compliance framework to maintain access to liquidity offerings.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
