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On June 5, 2023, The SEC filed 13 charges against Binance.com and its CEO Changpeng Zhao for securities violations. CZ has decided to step down from his role as Chairman of our Board of Directors. Note that Binance.US is not a party to the settlements nor does it have any outstanding enforcement matters with the DOJ, FinCEN, OFAC, or CFTC. Binance.US remains fully operational.
In this 2024 Binance US review, I will examine what Binance US is, its history, team, the pros and cons of the platform, and more.
Why Trust Us
CryptoManiaks is your go-to source for an in-depth Binance US review. We offer a comprehensive analysis of the exchange’s features, security measures, fees, and overall user experience. Our dedicated team meticulously evaluates every aspect, ensuring transparency and accuracy in our assessment.
Drawing on practical experiences as active users of the Binance US platform, we provide nuanced insights into its strengths and potential limitations. Our commitment to delivering accurate and up-to-date information empowers you to make well-informed decisions, whether you’re a novice or an experienced trader.
Key Takeaways
- Binance US, an extension of the global exchange, adheres to U.S. regulations
- Founded by Changpeng Zhao and He-Yi, it boasts a global reputation
- CEO Catherine Coley leads the platform with a focus on a robust asset listing framework
- Notable cryptocurrencies listed include BTC, ETH, XRP, BCH, LTC, BNB, and USDT
- Binance US offers fast processing, low fees, and high liquidity
- While recommended for experienced traders, beginners should approach cautiously due to its complexity
Pros and Cons of Binance US
Now, so far this review has laid down a lot of info in a few thick paragraphs. So for those of you skimming through, let’s list a few highlights.
| Pros | Cons |
|---|---|
| Fast – Binance US uses the same technology as Binance, which processes 1.4 million orders per second | Users may encounter higher fees compared to some other platforms |
| Low fees – You will be charged 0.1% transaction fees, less if you pay in BNB | The selection may be limited compared to specialized exchanges |
| Liquidity – Since trading started on the Binance US, the platform has offered a high liquidity to its customers | KYC/AML policies may raise privacy concerns for some users |
| Great customer service – Customers will enjoy even better customer service than the original. It’s based in the US, after all, where “the customer is always right.” | Instances of account freezes or holds have been reported |
| Great reputation. Binance is well-known to pay attention to user security and to be continually innovating | |
| The mobile app allows for convenient on-the-go transactions |
What Is Binance US
Binance US is a cryptocurrency exchange launched by Binance, one of the biggest cryptocurrency exchanges on the planet.
The platform brings the same cutting edge tech and world-class trading services loved by crypto traders worldwide to US customers — under full US regulatory compliance.
Wild anticipation had been building for how Binance US would work, how it would compare to Binance.com and other popular exchanges like Coinbase, and how US citizens would begin legally trading on the exchange.
Keep reading this Binance US review and I’ll help you determine whether or not you should start using Binance US.
Binance US is an effort to bring cryptocurrencies to U.S. based customers using all the knowledge and resources used to launch and improve Binance over the years. So before we tackle the U.S. side of things — this Binance US review will need to start with an analysis of Binance itself.
Binance is a popular cryptocurrency exchange launched in 2017. The name Binance is a mashup of the words ‘binary’ and ‘finance’. That’s why Binance for US customers just added US to it instead of changing the name.
Binance has been accepting U.S. customers since its launch. But once regulators in America began grumbling about them, Binance announced the launch of Binance U.S., which would comply with local regulations.
*According to the FCA, Binance is not allowed to operate in the UK. However, Binance is still offering services to UK customers. If you live in the UK, use Binance at your own risk. Binance has also updated its Terms of Use to provide that Ontario (Canada) has become a restricted jurisdiction, and they can no longer continue to service Ontario-based users.
Who is behind Binance?
Changpeng Zhao and He-Yi co-founded the exceedingly popular company.
He graced the cover of Forbes three months after Binance was launched — that’s how big a deal it was. Partly because he didn’t come out of the blue.
Zhao earned his computer science degree in Canada and went on to learn the best tips and tricks by using it at the Tokyo Stock Exchange. He then got his crypto chops from Blockchain.info and OKCoin.
After co-founding Binance, Zhao went on to get a tattoo of the Binace logo on his forearm. This was to show how committed he is to making the best trading company.
Binance US Review, The Start
Regulators in America began grumbling about Binance — saying Binance never officially operated in the US, yet US customers were accessing it.
So Zhao announced Binance US — a new spinoff to be lead by Catherine Coley — a former Ripple executive. She is now the CEO and “regulator-friendly face” of Binance’s efforts to win over American crypto traders.
“I am honored to lead BAM and bring Binance.US to North America. […] This is just the beginning of a long journey ahead, and I look forward to working with Binance as a partner to unlock more potential for the blockchain ecosystem here in the U.S.”
Catherine Coley is leading the company from San Francisco — birthplace of amazing tech. Though Binance, the parent company, officially resides in Malta, they also have physical locations in Jersey, Singapore, Hong Kong, and Uganda. And now San Francisco!
The size of the Binance US user base is still unknown. But an article did mention that 30% of Binance’s traffic in early 2018 came from the U.S. — and ever since the regulations started causing problems, that number dropped to 15%.
Obviously that is a significant drop. Now, perhaps many of these users simply bought a VPN to access their favorite crypto trading site. In any case, it’s now easier for U.S. residents to trade on Binance since Binance US registration opened on September 18th, 2019.
Binance US Fees
| 30d Trading Volume | Maker/Taker Fees Tier 0 | Maker/Taker Fees Tier I |
|---|---|---|
| <$10K | Free | 0.3800% 0.5700% |
| $10K – $50K | Free | 0.2375% 0.3800% |
| $50K – $100K | Free | 0.1425% 0.2375% |
| $100K – $1M | Free | 0.0950% 0.1900% |
| $1M – $20M | Free | 0.0760% 0.1710% |
| $20M – $100M | Free | 0.0475% 0.1425% |
| $100M – $300M | Free | 0.0190% 0.0950% |
| $300M – $500M | Free | Free 0.0760% |
| ≥$500M | Free | Free 0.0475% |
Listed Crypto Assets
This Binance US review wouldn’t start off on the right foot without diving into what the platform offers to its users — and especially what the future holds. Which cryptocurrencies are listed? Which cryptocurrencies can hope of being listed?
Catherine Coley wrote a Medium article addressing some of those questions. She stated that Binance.US has adopted a “Digital Asset Risk Assessment Framework.”
This framework will be used to select “genuine blockchain projects with a real chance of making the world more efficient, to provide transparency in our listing standards, and to ensure Binance.US’s compliance with applicable legal requirements.” This framework will be used to select crypto assets using five major points.
- Whether trading the candidate asset will affect the ability of the famous US exchange to comply with applicable legal requirements;
- Whether the candidate asset’s core team has a clear strategy to solve a real problem and make the world a more efficient place;
- Whether the candidate asset’s community has a record of reaching compromises and consensuses to move the project forward, and how well the asset’s core team interacts with the asset’s community members;
- Whether the candidate asset’s market supply and demand are reasonably fair and likely to meet the Binance US quantitative standards; and
- Whether the candidate asset is technologically secure to transact and/or realistic to build.
So far, Binance US has applied these five points and their whole framework to list the 5 following cryptocurrencies on their platform:
BTC, ETH, XRP, BCH, LTC, BNB, USDT.
Sign Up And Get $15 After Trading $100 
People reading this Binance US review who are also based in the US will be particularly pleased to note Binance Coin (BNB) is listed — since it was one of the best performing cryptocurrencies since its ICO.
BNB is an ERC-20 token built on Ethereum. In 2018 Binance issued 20 million Binance Coins during its ICO. Zhao and Binance plan to buy back half of them and destroy them by “burning” them — which is a crypto term for removing coins from supply. This ‘burning’ process reduces supply — thereby increasing or stabilizing price; Companies on the stock exchange employ a similar process when they buy back shares of their stock.
Still, Binance US claimed to be exploring the listing of all the following cryptocurrencies:
That’s 30 different cryptocurrencies — over half of which are in the top 20 according to coinmarketcap.com
Currently, Binance US does not offer services in New York due to missing regulatory requirements which NY requires. Plus, 12 more states are affected:
| Alaska | Louisiana |
| Alabama | North Carolina |
| Connecticut | Idaho |
| Georgia | Vermont |
| Florida | Washington |
| Hawaii | Texas |
Still, Binance US is working on getting people from these 13 states ready to trade.
Binance US Investment Tips & Best Practices
To conclude this review, I’d say that if you’re a U.S. resident, you must have an account there. Considering its history, Binance should quickly become an excellent trading platform for U.S. residents.
If you haven’t signed up already, then go to Binance US and:
- Sign up for your account. It’s easy and should take literally one minute.
- Verify your identity. It’s easy to do, but the process might take 24-48 hours and is mandatory due to U.S. regulations.
- Deposit. You can deposit USD or any these cryptocurrencies: BTC, ETH, XRP, BCH, LTC, USDT.
- Trade!
More Awesome Resources:
Final Word
Binance is a big player in the crypto world and has a lot to offer. If you’re someone with experience and you want to explore different kinds of digital coins and trading options, Binance is your go-to.
However, if you’re new to this whole crypto thing, Binance might be a bit tricky. It’s not as easy for beginners compared to some other platforms.
In short, if you’re a pro trader wanting lots of options, Binance is exciting. Just be aware of its availability and coin offer.
Frequently Asked Questions
-
01.
Can I use Binance in the US?
Yes. It’s made specifically for you, the US customer, after all … as long as you’re not from NY anyway… or Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, Texas. Wow, I hope they loosen their regulations soon.
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02.
Where is Binance US located?
San Francisco, California.
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03.
Is Binance US safe?
As safe as Coinbase, the brand will hold to all the regulations that fully regulated exchanges must stick to.
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04.
Is Binance US legal in the US?
Yes. Binance US is approved to go ahead with trading.
-
05.
What are the alternatives to Binance US?
Coinbase springs to mind. Binance US offer 15+ cryptocurrencies to trade and offer the ability to buy and sell cryptocurrency for US dollars.
-
06.
How can I register on Binance US?
To register, go to the official website, click “Sign Up,” and input your name, email, and a secure password. Afterward, verify your identity by submitting a government-issued ID and completing a facial recognition scan. Once these steps are done successfully, your Binance US account will be created, allowing you to engage in trading activities.
