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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.
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.
Finder Rating
★★★★★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.
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| Transaction type | Fee |
|---|---|
| Deposit funds | Bank transfer: None Wire transfer: None Debit card: 3.75% Apple Pay: 3.75% Cryptocurrency: None |
| Withdraw funds | Bank transfer: None (minimum $1 withdrawal) Wire transfer: $10-15 (minimum $100 withdrawal) Cryptocurrency: Fees vary |
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.
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.
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.
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.
Ledger Nano X Wallet |
Trezor Model T Wallet |
Ledger Nano S Plus Wallet |
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Supported assets 5,500+ |
Supported assets 1,317+ |
Supported assets 5,500+ |
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Price (USD) $149 |
Price (USD) $186 |
Price (USD) $79 |
See more of the best crypto wallets
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.
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