Updates to Terminologies | Binance Support (2024)

FAQs

Why doesn t Binance work in the US? ›

The world's largest cryptocurrency exchange, Binance.com, isn't available in the US. It stopped accepting US users in 2019 after facing regulatory issues in the country. That's why Binance partnered with US-based BAM Trading Services to create Binance.us, a new cryptocurrency exchange for US citizens.

To unlock full access to Binance's products, we require identity verification. Rest assured, your personal information is securely encrypted both in storage and in transit.

Most reputable financial service providers will require you to verify your account before you can start buying crypto. This is a security measure designed to prevent fraud and ensure you're a legitimate user. As part of our regulatory compliance, Binance requires all users to complete identity verification (KYC).

Unverified accounts that have not fulfilled KYC requirements will not be able to trade. All new users are required to verify their accounts (i.e. Verified or Verified Plus) in order to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.

Binance was banned in the United States in 2019 over regulatory issues. CFTC has filed its suit in the Federal Court of Chicago and has made severe allegations against the exchange.

Is Binance legal in the USA? Binance is legal in the U.S. However, the U.S. version has fewer features than the full website includes.

To withdraw money from Binance to a bank account, you must first log in to your account. After you have done that, go to Wallet and click on Fiat and Spot. Doing that will take you to the page where you see the deposit, withdraw, and send options; then, select Withdraw.

Security

Identity Verification plays an important role in account security. With Identity Verification, Binance can protect your account from potential risks.

Binance Security Rules

Additionally, Binance offers a decentralized wallet for your to store your currency in called Trust Wallet. This feature allows you to keep your funds safe under your complete control. Not even Binance has the security keys to access your information once it is in TrustWallet!

Can I Buy in Binance Even Not Verified? Yes, you can buy in Binance even if you are not verified. However, there are limits on how much you can buy and sell without being verified. These limits are 2 BTC per day for unverified accounts and 100 BTC per day for verified accounts.

Can you withdraw from Binance to bank account without verification? ›

If you're unable to pass the verification, go to [Wallet] - [Withdraw Crypto] and click [Withdraw appeal] on the alert, then submit the required documents. Alternatively, go to [Wallets] on the Binance App and tap [Spot] - [Withdraw]. You will see a pop-up window.

Increased Transaction Limits

Additionally, Binance will be increasing the transaction limit of users from 2,000,000 NGN to 5,000,000 NGN per transaction. The daily limit for active transactions will also be increased from 5,000,000 NGN to 18,750,000 NGN.

#6) Binance

For fiat transactions, you will not have to use a bank account or online wallet. This makes trading easy and fast. To anonymously buy Bitcoin, you have to go to Binance P2P, select the option of “Cash in person”, and schedule a meeting with the seller. Here you need to physically complete the transaction.

According to public information, Binance also charges 0.001 BTC ($27) as a BTC withdrawal fee, while the minimum withdrawal amount is 0.002 BTC, roughly $55.

To enhance account security and secure your assets, Binance may require you to complete additional identity verification procedures for specific fiat services. Additional verification will be triggered when you start using the fiat service on Binance. You will be asked to resubmit your ID verification.

Availability to all U.S. Residents

Binance.US is available to most residents of the United States. However, the platform is still restricted to residents in New York, Hawaii, Texas and Vermont.

In 2019, Binance was banned in the United States on regulatory grounds. In response, Binance and other investors opened Binance.US, a separate exchange designed to comply with all applicable US federal laws, which nonetheless is banned in six states: Hawaii, Idaho, Louisiana, New York, Texas, and Vermont.

Coinbase is the largest U.S.-based cryptocurrency exchange, trading more than 30 cryptocurrencies. Its fees, however, can be confusing and higher than some competitors.

Yes, it's perfectly legal to use a VPN with Binance. However, you should bear in mind that Binance is banned in the US. Therefore, using a VPN to access it while you're in the US goes against Binance's Terms of Service. If Binance detects that you're using a VPN, it might ban you from the site.

On wire transfers, Binance does a bit better, with no charge for wire deposits and a $15 withdrawal fee for domestic wires. For its part, Coinbase charges $10 for wire deposits into its accounts and $25 for wire withdrawals. Advantage: Binance offers a better fee structure here, both for ACH fees and even wire fees.

Can I use a VPN to use Binance? ›

Can I Use a VPN for Binance? Absolutely. You can use a VPN to disguise your traffic and gain access to Binance in the US. There have been no reports of the cryptocurrency exchange penalizing US investors who trade and deposit through a VPN.

You can withdraw fiat currencies from Binance via bank transfer (Stitch).

Recent Account Changes (Including Password Changes) Occasionally, we may need to lock your account if you have made recent changes to it. For example, if you have reached out to our team to reset your two-factor authentication, or you have changed your password, we will temporarily disable your ability to withdraw.

It's likely due to criminal charges potentially being brought against top executives of the exchange in relation to potential money laundering that occurred on the exchange. The good news is that suspension of USD bank transfers does not impact that many Binance customers.

You will need to upload documents to prove your annual income and source of income. Notes: Please make sure that all the information entered is consistent with your supporting documents.

Our payments partner in South Africa securely encrypts all banking details and will never share them with us or with any third parties.

Market Risks. Virtual Asset trading is subject to high market risk and price volatility. Changes in value may be significant and may occur rapidly and without warning. Past performance is not a reliable indicator of future performance.

The lawsuit, which was filed on Monday, alleges that Binance intentionally evaded US laws including failing to register in the country and allowing Americans to trade crypto derivatives, which is barred for retail investors.

The Binance withdrawal limit in a 24-hour period is 8,000,000 BUSD for a normal user. However, according to the official website, this limit in BUSD fluctuates based on the user's status. They are as follows: Normally: 8,000,000 BUSD.

What is the minimum of amount I can deposit in Binance? ›

Following feedback from the community, Binance is pleased to announce that the minimum trading requirement for all BNB and USDT trading pairs on Binance Convert is lowered from $1 to $0.1. This will benefit users who want to convert smaller amounts of cryptocurrencies into BNB or USDT.

In February 2023, Binance has announced that it will temporarily suspend deposits and withdrawals in US dollars.

In most cases, Binance withdrawal requests are processed within 5 minutes. However, some tokens and transactions can take up to 24 hours to process.

ZenGo- ZenGo is one of the top anonymous cryptocurrency wallets. The most secure non-custodial wallet in Web3 is thought to be ZenGo. It is simple to use and reduces private critical vulnerability. Users can send, receive, send, and keep cryptocurrency.

To complete basic verification on the app:

Otherwise, open the Binance.US app and tap the Verify Identity button at the top of the screen. 2. Enter the last four digits of your Social Security Number (SSN). Your SSN is required by federal law, and all your personal data is securely stored.

There are no fees for cash deposits or withdrawals by ACH bank transfers. Bank wire deposits are free, and wire withdrawals cost $10 to $15. Fees for cryptocurrency withdrawals differ by cryptocurrency; withdrawals of Bitcoin cost 0.0002 BTC.

Binance does not charge deposit fees. For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account. Withdrawals rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.

How do I convert Bitcoin to cash? ›

All new users are required to complete [Verified] to access Binance products and service offerings, including cryptocurrency deposits, trades, and withdrawals.

Unverified accounts that have not fulfilled KYC requirements will not be able to trade. All new users are required to verify their accounts (i.e. Verified or Verified Plus) in order to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.

To unlock full access to Binance's products, we require identity verification. Rest assured, your personal information is securely encrypted both in storage and in transit.

Binance.US is available to many, albeit not all, U.S. residents. It's important to note that this crypto exchange is not available to residents of Hawaii, New York, Texas and Vermont.

Is it legal to use a VPN with Binance? Yes, it's perfectly legal to use a VPN with Binance. However, you should bear in mind that Binance is banned in the US. Therefore, using a VPN to access it while you're in the US goes against Binance's Terms of Service.

Binance has long been dogged by allegations that it skirted global money-laundering rules and sought to evade regulations in the countries where it operates.

Coinbase is the most popular and successful cryptocurrency exchange based in the United States, and offers an extremely user-friendly UI and trading experience. Founded in 2014 and based in San Francisco, Coinbase is a great choice for both new traders and professional investors.

On wire transfers, Binance does a bit better, with no charge for wire deposits and a $15 withdrawal fee for domestic wires. For its part, Coinbase charges $10 for wire deposits into its accounts and $25 for wire withdrawals. Advantage: Binance offers a better fee structure here, both for ACH fees and even wire fees.

Can I use Binance in Florida? Yes, you can use Binance.us in Florida.

How do I access Binance in USA? ›

To get access to Binance.com from the US, you'll need to connect to a VPN. You can connect to a server in Europe or Mexico to get an IP from there so that Binance.com grants you access.

NordVPN – the best VPN for unblocking Binance

It has servers in Canada, Mexico, and other locations where this crypto trading platform is available. Additionally, this service offers top-notch security and privacy for cryptocurrency aficionados.

No, Buying crypto when using a VPN isn't illegal.

The world's biggest cryptocurrency exchange has been threatened with a US trading ban after allegedly hosting accounts linked to Hamas and Russian criminals.

Binance is one of the safest and most secure cryptocurrency exchanges, but you still shouldn't keep your money there for long. After all, we've seen enough cryptocurrencies and crypto exchanges crash to know that the best option is always keeping your funds, whether crypto or fiat, in your possession.

Coinbase – The Safest High-Volume Exchange

Coinbase has mandatory two-factor authentication (2FA) on your account, to ensure that your account remains secure. Coinbase is also a publicly traded company meaning it has undergone extra financial and security examinations to reach that status.

If our system detects that your account may have been compromised, we will temporarily lock your account to ensure the safety of your funds.

Posted by Frank Gogol in Crypto | Updated on November 28, 2022. At a Glance: To withdraw from Binance, a user must login and click “Withdraw.” Under the “Crypto” tab, they can then choose the network and desired currency then click “”Receive.”” After a 2FA code is entered, the transaction will be complete.