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Binance.US announcement
On 27 March the Commodity Futures Trading Commission (CFTC) filed a civil enforcement action alleging that Binance has wilfully evaded US federal law and is operating an illegal digital asset derivatives exchange. Binance has issued a preliminary response to the action.
This action relates to separate business entities and it is not clear if it will impact the services of Binance.US.
Our take on Binance.US
Binance.US is a subsidiary of Binance, the largest crypto exchange in the world by trading volume.
Binance.US is best known for its large selection of altcoins even though Binance.US does not support as many altcoins as Binance.
The platform is also known for its low trading fees that become even lower when you use Binance Coin (BNB) to pay for your trades.
And you can stake select crypto assets via Binance.US to earn a yield on them.
On the downside, Binance.US has been reported to have insufficient customer support and the exchange is licensed to serve residents in all 50 US states.
3.6
Finder Rating
★★★★★
Supported cryptocurrencies
★★★★★
Transferring money or assets
★★★★★
Fees and costs
★★★★★
Ease of use
★★★★★
Customer service
★★★★★
Features
★★★★★
Staking/earn
★★★★★
Trustworthiness/security
★★★★★
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
Binance.US pros and cons
Pros
Advanced trading features. Binance offers an array of trading and charting tools.
Staking offerings. You can stake over 20 crypto assets via the Binance.US interface, preventing the need to use a blockchain and Web3 wallet yourself. While this is convenient, staking still has its own unique set of risks that you should consider before depositing assets.
Transparency of digital asset reserves. Binance.US’s cold wallet addresses are public. Anyone can audit its supply of digital assets.
Complies with the Financial Crimes Enforcement Network regulations in the US. FinCEN is the peak body for regulating cryptocurrency exchanges in the US which requires Binance.US to comply with laws and regulations that are intended to provide certain protections for users.
Trade with multiple fiat currencies. Binance.US allows you to trade with 1 currencies including USD, .
Cons
Not available in all US states. Binance.US isn’t available in Hawaii, New York, Texas and Hawaii.
Poorly rated customer service. Binance.US users have complained that customer service at Binance.US is not very responsive.
Not available to all US residents. Binance.US is only available in 47 states. You can not use Binance.US if you are a resident of Vermont
No mobile app available. Binance.US does not have a dedicated mobile app. You can still use the platform on your phone, but the experience may not be as smooth as other platforms that have smartphone apps.
About Binance.US — company background
Binance is among the largest cryptocurrency exchanges in existence. Currently experiencing more than $2 billion per day in trade volume, the platform has grown considerably since its launch in 2017.
In 2019, regulations within the United States forced Binance to create an alternative for the country’s customers. The result was Binance.US, which is run by BAM Trading Services with licenses from the original Binance platform. This review covers everything you need to know about the US focused version of the cryptocurrency exchange.
Listed Binance.US crypto exchange assets
Binance.US supports over 152 cryptocurrencies, but some notable assets are missing. Namely, XRP, Lido Staked Ether and TRON, which are in the top 20 cryptos by market cap. In total, 17 of the top 20 cryptos are available on Binance.US.
Popular assets on Binance.US
supports
Bitcoin (BTC)
supports
Ethereum (ETH)
supports
Tether (USDT)
supports
BNB (BNB)
supports
USD Coin (USDC)
does not support
XRP (XRP)
does not support
Lido Staked Ether (STETH)
supports
Cardano (ADA)
supports
Dogecoin (DOGE)
supports
Solana (SOL)
supports
Polygon (MATIC)
does not support
TRON (TRX)
supports
Litecoin (LTC)
supports
Polkadot (DOT)
supports
Binance USD (BUSD)
supports
Avalanche (AVAX)
supports
Shiba Inu (SHIB)
supports
Dai (DAI)
supports
Wrapped Bitcoin (WBTC)
supports
Uniswap (UNI)
BTC
ETH
BCH
EOS
FET
LTC
ADA
XLM
MIOTA
NEO
DASH
VET
USDT
ETC
ICX
QTUM
BNB
OMG
ZEC
ZIL
LSK
ONT
ZRX
WAVES
MKR
DOGE
IOST
DGB
BAT
LRC
KNC
LOOM
BNT
SYS
LINK
MANA
RLC
REQ
THETA
STORJ
GTC
ZEN
ANT
ENJ
TRAC
REN
RVN
DAI
NMR
TUSD
DOT
DAR
ATOM
IMX
UNI
XTZ
FTM
USDC
VITE
MXC
ANKR
CELR
MATIC
TFUEL
ALGO
ONE
QNT
LTO
LPT
HBAR
SNX
WAXP
WBTC
PAXG
VTHO
OCEAN
PROM
BUSD
CHZ
ARB
RAD
OP
APT
BOSON
COMP
ASTR
BAND
OXT
KAVA
OGN
KSM
COTI
CTSI
SOL
KDA
STMX
BAL
DIA
YFI
CRV
AVAX
SUSHI
SAND
EGLD
FIL
AAVE
NEAR
AUDIO
ROSE
AXS
SLP
ACH
SKL
GRT
GLM
1INCH
CELO
REEF
API3
FLOW
POND
BOND
ALICE
FORTH
TLM
ICP
SHIB
MASK
FLUX
RNDR
XNO
CLV
ILV
GALA
LDO
GAL
RARE
BTRST
LAZIO
FLOKI
ENS
PORTO
SANTOS
BICO
JAM
VOXEL
LOKA
AXL
T
ALPINE
APE
STG
Binance.US fees
Deposit & withdrawals fees
Transaction type
Fee
Deposit funds
Bank transfer: None Wire transfer: None Debit card: 3.75% Apple Pay: 3.75% Cryptocurrency: None
Before you can even get started trading on Binance.US, you have to go through the rigorous verification process (which usually involves proof of identification). This can take quite a long time. The reason for this is Binance.US's commitment to certifications, and compliance with regulations and insurers.
Get started After selecting the Get Started button, fill in the create account form.
Set up payment Before you can start trading, you have to add your bank account to your Binance.US account. There are several options to choose from, so choose the option most compatible.
Provide identification Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this.
Start trading After all that is processed, you're ready to trade on Binance.US.
About Binance.US app
The Binance.US app is available for desktop and mobile devices. The app can be downloaded from Google Play and the Apple App Store.
Binance.US is available as an app for Apple and Android mobile devices. Though not as full-featured as the original Binance platform, the Binance.US interface is streamlined in an easy-to-use format that both beginning and experienced investors can take advantage of.
Is Binance.US safe?
Past hacks. Binance.US has never been hacked. However, the flagship exchange, Binance, suffered a massive hack in 2019. Approximately $40 million worth of Bitcoin was stolen from user accounts on the platform. To its credit, Binance quickly returned the stolen funds to users.
Security audits. Binance.US offers a number of security features for user accounts. Among them is 2-factor authentication (2FA). You can activate 2FA via SMS or through the Google Authenticator app. In December of 2021, Binance announced a security audit program to enhance the protection of user accounts. Project Shield audits BEP-20 and ERC-20 projects listed on the exchange.
Insurance. US dollar deposits are held in pooled custodial accounts at insured banks. As such, all US dollar deposits made on Binance.US are eligible for FDIC insurance. Binance Holdings Ltd. has also created a Secure Asset Fund of over $1 billion to help combat potential hacks to user accounts.
Keeping your crypto secure
All centralized exchanges, including Binance.US, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or
hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Binance.US customer service does not have the best reputation. The only way to contact support is through a form on the company’s support page. There is a virtual assistant that can help with basic questions, however.
The reputation of the site remains somewhat mixed, largely due to the wait times associated with customer support. Users can only contact Binance.US customer support via email. Reviews concerning Binance.US have consistently knocked the cryptocurrency exchange for its lack of timely responses.
Unfortunately, customer support can take quite some time to respond via email. Many reviewers of the service report being unable to receive more than canned responses and apologies for continued wait times. Fortunately, a support page with detailed answers to the most basic questions is available.
Werner Vermaak is a technical writer and blockchain consultant with an extensive 20-year marketing resume across Taiwan, the UK and South Africa. He came across Bitcoin and cryptocurrency in Taiwan during mid-2017 and has worked with several companies and projects in the areas of crypto security, regulations, custody and new fields such as DeFi, NFTs and Web 3.0 since. Werner has a business degree from Stellenbosch University and postgraduate qualifications in strategic marketing from the AAA School of Advertising. Werner enjoys geeking out on new technology and pondering the mass adoption of digital assets.
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