Binance.US
Coins
150+
Trading fees
0.40%/0.60% maker/taker fee* (bitcoin trades are free)
*Assuming $10,000 or less is traded over a 30-day period for Tier I pairs
About Binance.US
Binance is the largest crypto exchange on the planet. But U.S. customers can’t trade on the platform. Instead, they’re pointed toward Binance.US, which is available to residents of most U.S. states.
The exchange has built up a tremendous suite of products and supported cryptocurrencies. It boasts low fees that are among the most competitive on the market, including zero-fee bitcoin trading on select pairs. But it isn’t perfect.
Binance.US is subject to a Securities and Exchange Commission suit. And there are a few more odds and ends to be aware of. Here’s what you need to know if you’re considering Binance.US.
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Pros and cons
Binance.US is highly regarded by both beginner and advanced crypto investors. But like any exchange, it has drawbacks.
| PROS | CONS |
|---|---|
Fees are among the most competitive on the market, and bitcoin trades are free on select pairs | Not available in Alaska, American Samoa, Hawaii, Maine, New York, the Northern Mariana Islands, Texas, the U.S. Virgin Islands and Vermont New user onboarding is paused in Connecticut, Florida, Georgia, North Carolina, Ohio, Oregon and Minnesota |
Wide ranges of cryptocurrencies and features are supported and offered | Regulatory issues are concerning |
Well-reviewed app for mobile use on Android and Apple devices | The exchange operates in an opaque manner |
Binance.US overview
Binance.US is a strong crypto exchange overall. It is easy to use and has an excellent suite of products. It also boasts an intuitive website and one of the best mobile apps in the industry. The app has high ratings in the Apple and Google app stores.
The exchange offers more than 150 cryptocurrencies. So you’re unlikely to be left wanting for choice. Staking options are also plenty, with 20 coins available, including ethereum, BNB, cardano and polygon.
The fees are competitive. And Binance.US offers zero-fee bitcoin trading on select pairs. This can significantly affect the bottom line for high-volume and active traders.
Binance.US regulatory challenges
Binance.US is the U.S. partner of Binance.com. They operate as separate independent entities governed by a licensing agreement that shares the same brand and industry technology.
The SEC charged Binance founder Changpeng Zhao and Binance.US with securities law violations in 2023. The regulator alleged that Binance and Zhao secretly controlled Binance.US. Zhao was also sentenced to four months in prison in April 2024 for violating the Bank Secrecy Act.
Key perks
The 0.40%/0.60% maker/taker fee is competitive and on par with Coinbase. But it’s slightly higher than Crypto.com and Kraken. Binance.US makes up for it with zero-fee bitcoin trades on select pairs. It also offers discounts for trading higher volumes and using its proprietary coin, BNB.
The product and crypto offerings are also key perks. As mentioned, you can access more than 150 coins to trade and 20 to stake. The website is well built. The app is easy to use and available on Android and Apple devices.
Disadvantages
The main disadvantage for prospective Binance.US users stems from the regulatory risk.
While the ongoing SEC investigation primarily focuses on parent company Binance, Binance.US has not been immune to repercussions. The regulator alleged that Binance commingled customer funds and had access to Binance.US wallets, assets, custody tools and private keys. It also accused the platform of artificially inflating its trading volume and facilitating the trading of crypto tokens the SEC considered unregistered securities.
Adding to the uncertainty was the suspension of U.S. dollar transactions in July 2023, making Binance.US a crypto-only exchange. This means you can’t make USD deposits or withdrawals until further notice. But you can deposit, withdraw, convert, trade and stake crypto.
User experience
The Binance.US desktop interface is attractive, fast and smooth to operate. The only criticism is that certain features may take some time to find at first. But this reflects the fact that there are so many niches and offerings within the product suite.
The app is equally smooth if you prefer a mobile experience. It’s highly rated in the Apple and Google app stores, with 4.8 and 4.7 out of 5 stars, respectively.
Commissions and fees
The exchange offers free bitcoin trading on select pairs. Other pairs are charged a maker/taker fee for trades. For instance, there’s a maker fee of 0.40% and a taker fee of 0.60% for Tier I pairs, assuming you trade $10,000 or less over a 30-day period.
Fees drop in a stepwise fashion as your trading volume increases. And if you use BNB to pay for fees, you’ll get 5% off.
If you want to stake coins for yield, note that Binance.US deducts a service fee of 25% to 35% from earned staking rewards. This fee is built into the estimated rewards rate for each staking asset.
There are no fees to deposit crypto. But withdrawal fees may apply. Remember that USD withdrawals have been suspended, meaning ACH transfers aren’t allowed. Fee calculations vary based on the asset, payment method, network conditions, etc.
SEC charges against Binance.US
In June 2023, the SEC charged Binance, Zhao and Binance.US with various securities law violations. These included artificially inflating trading volume, diverting customer assets, failing to restrict U.S. customers from Binance.com, and misleading investors about market surveillance and controls.
The SEC also alleged that Binance and Zhao created Binance.U.S. to evade securities laws and secretly controlled it.
Binance and Binance.US have maintained that they operate independently. Regarding the SEC’s filings, Binance released a statement that read, in part, “We stand with digital asset market participants in the U.S. in opposition to the SEC’s latest overreach, and we are prepared to fight it to the full extent of the law.”
Other legal trouble
The SEC complaint isn’t the only legal headache Binance and Zhao have faced. In November 2023, Zhao pleaded guilty to violating money laundering laws. He resigned as CEO and agreed to pay a $50 million fine. Binance also pleaded guilty and agreed to pay $4.3 billion to settle with the Justice Department, Treasury Department and Commodity Futures Trading Commission.
As a potential Binance.US user, you want to know the issues impacting the platform and its parent company before signing up for an account.
How Binance.US compares
| COINBASE | BINANCE.US | KRAKEN | CRYPTO.COM | |
|---|---|---|---|---|
Trading fee* | 0.40%/0.60% maker/taker fee | Free bitcoin trading on select pairs 0.40%/0.60% maker/taker fee | 0.25%/0.40% maker/taker fee | 0.075%/0.075% maker/taker fee |
Cryptocurrencies supported | 240+ | 150+ | 240+ | 350+ |
Publicly traded? | ✔ | ✘ | ✘ | ✘ |
*Maker/taker fees cited are for the lowest volume traded or lowest tier level.
About BNB
BNB is the cryptocurrency that powers the Binance ecosystem. One use of the coin is to save on spot trading fees on the exchange. The current discount is 5%.
It’s one of the biggest cryptocurrencies in the world, after bitcoin, ethereum and tether. BNB’s market cap is around $87 billion.
Who is Binance.US best for?
Binance.US is an excellent all-around exchange for both beginner and advanced crypto traders who understand the ongoing regulatory concerns and their potential consequences.
But it’s perhaps even more suitable for high-volume traders and institutions. Free bitcoin trading on select pairs can make a massive difference. And the platform’s tiered pricing model based on volume means the more active you are, the more you can save.
How to open a Binance.US account
Binance.US isn’t available in Alaska, American Samoa, Hawaii, Maine, New York, the Northern Mariana Islands, Texas, the U.S. Virgin Islands and Vermont. And new user onboarding is paused in Connecticut, Florida, Georgia, North Carolina, Ohio, Oregon and Minnesota.
If you live elsewhere in the U.S., follow these steps to open an account using the app:
- Download and install the app. Tap “No account yet? Sign up now.”
- Enter an email address and a password. Review the terms of use and privacy policy and check the box to agree. Tap “Register.”
- Verify your email by entering the code you receive on the app screen.
- Secure your account by entering your phone number and enabling two-factor authentication via SMS.
- Enter the last four digits of your Social Security number to verify your identity.
- Provide your full legal name and other requested information, such as your address.
- Complete a tax certification to attest you’re eligible to use the platform. One of three results will occur: successful, pending or unsuccessful.
Our take
From a features and fees angle, Binance.US stands out among cryptocurrency exchanges. It has a competitive fee schedule, a wide array of offerings, user-friendly web and mobile platforms, and a solid set of resources for learning the crypto ropes. On paper, it’s a top contender.
But the shadow of regulatory concerns looms large. If the SEC’s lawsuit succeeds, serious legal and operational fallout could occur.Cryptocurrency exchanges like Binance.US exist in murkier, less regulated waters than typical online brokerages. The question for you as a prospective user is whether the platform’s robust features outweigh these uncertainties.
Frequently asked questions (FAQs)
Binance.US is the American arm of Binance, the world’s largest crypto exchange by trading volume.
The distinction between the two is a much-discussed topic. Binance.US was launched as a separate entity due to regulatory conditions in the country.
But the division has been called into question by regulators and members of the public. Richard Teng leads Binance, while Norman Reed serves as interim CEO of Binance.US after the resignation of Brian Shroder in September 2023.
As a much smaller company, Binance.US has significantly less trading volume than Binance. It also supports fewer cryptocurrencies.
Whether Binance.US is better than Coinbase largely depends on the type of user.
Coinbase is publicly listed and adheres to more stringent disclosure requirements. Binance has been criticized for acting in an opaque manner.
The exchanges have comparable fees. But Binance.US offers free bitcoin trades on select pairs and discounts for using BNB coin.
Whether Binance.US is safe is hard to say given the need for more transparency. Certainly, there’s no evidence to suggest that user assets are at risk or that the platform is unsafe.
But regulatory organizations like the SEC have levied many allegations against Binance.US and Binance. Concerns remain regarding the company’s financials, how the exchange operates and its relationship with Binance. This makes a confident assessment of the situation challenging.
Binance.US is required to report transactions that reach a certain threshold to the IRS. You must provide your Social Security number during the registration process.
But full access to customers’ holdings and transactions is not available. The area of crypto taxation is also rapidly changing. New laws are likely in the near future.
Binance.US is available to most U.S. residents, unlike parent company Binance. But there are some restrictions.
The exchange isn’t available in Alaska, American Samoa, Hawaii, Maine, New York, the Northern Mariana Islands, Texas, the U.S. Virgin Islands and Vermont. New user onboarding is paused in Connecticut, Florida, Georgia, North Carolina, Ohio, Oregon and Minnesota.
