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 cannot trade on the platform.
Instead, they are pointed toward Binance.US, which is available to residents of most, but not all, 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 trading of bitcoin.
On the downside, many legal and regulatory issues may concern consumers. In March, a Securities and Exchange Commission official said the agency staff “believes that Binance.US is operating an unregistered securities exchange in the United States.”
In June, the SEC filed a complaint containing 13 charges against Binance and an emergency action restraining order to prevent funds from leaving Binance.US. As a result, all U.S. dollar transactions have been suspended at Binance.US.
The Commodity Futures Trading Commission also filed a complaint alleging that partner company Binance violated federal law to solicit U.S. users for revenue, among other allegations.
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Pros and cons
As with any exchange, there are pros and cons to Binance.US.
Some will be more relevant to certain customers than others, as each individual may want different things from the exchange and value certain attributes over others.
| PROS | CONS |
|---|---|
Fees are among the lowest on the market, even free for bitcoin | Not available in New York, Texas, Vermont or Hawaii |
Wide ranges of cryptocurrencies and features are supported and offered | Regulatory issues are concerning, highlighted by recent SEC comments and actions implying securities law violations |
A well-reputed app for mobile use | The exchange operates in an opaque manner, and the nature of its relationship with Binance is unclear |
Binance.US overview
Binance.US is a strong exchange that is easy to use and has an excellent suite of products. Not only is its website intuitive, but its mobile app is also among the best in the industry.
It offers more than 150 cryptocurrencies, meaning investors are unlikely to be left wanting for choice. Staking options are also plenty, with 16 coins available. However, the recently filed complaint by the SEC adds uncertainty to staking. The SEC alleges that the staking service by Binance.US might be in violation of federal securities laws.
The fees are also extremely competitive, if not the best available anywhere. The exchange offers zero-fee trading for bitcoin, which can make a huge difference to the bottom line for high-volume and active traders.
But be aware that New York, Texas, Vermont and Hawaii residents cannot trade on the exchange.
The exchange has found itself embroiled in regulatory investigations over the past year. As a result, uncertainty remains surrounding Binance.US, particularly since U.S. dollar transactions have been suspended. However, other crypto-to-crypto transactions are still allowed.
While the allegations have not been proven, Binance.US customers should understand that the regulatory regime in the U.S. has been clamping down on the industry to develop a regulatory framework surrounding cryptocurrency exchanges and their products and services.
As a result, customers of Binance.US should consider the regulatory risks associated with the firm and the potential impact on its ability to offer its products and services. The regulatory environment of the crypto industry is changing, and how it plays out remains uncertain. For Binance.US, it is hard to say how accommodating the U.S. will be for this U.S.-based exchange in the future.
But in reviewing the functionality and services offered by Binance.US, there’s little to criticize. The main drawbacks surround the murky outlook for resolving the firm’s regulatory and legal issues.
Key perks
The fees are among the best on the market, with zero-fee trading for bitcoin. While the difference in fees may not be significant for many users, it is important for high-volume and active traders.
The wide range of products offered and cryptos supported are also key perks. The website is well-built, and the app is easy to use.
Disadvantages
The main disadvantage of Binance.US is the threat of what will happen in the future, particularly the recent SEC complaints.
There have been lawsuits against the exchange and investigations into its relationship with Binance. Another major disadvantage is the inability to execute transactions in U.S. dollars on the platform.
Mounting pressure from regulators and lawmakers may also be a potential disadvantage. For example, U.S. senators called on Binance in March “to provide transparency about potentially illegal business practice.”
Also, the Commodity Futures Trading Commission has sued Binance for operating a “sham” compliance program, while the SEC is examining the relationship between Binance.US and two trading firms with ties to Binance CEO Changpeng Zhao.
While it is important to note that none of the allegations have been proven, their existence is nonetheless a source of risk for investors, at least until they are resolved, and the lack of transparency needs to be considered.
In the meantime, crypto investors should be aware that these regulatory changes, which may help the industry in the long term, may add to market volatility and the risk of trading losses in the short term.
User experience
Binance.US is a very smooth exchange to operate. The only criticism is that certain features can take some time to find at first, but this reflects the fact that there are so many different niches within the product suite.
The app is equally smooth to use if customers prefer a mobile experience. It is highly rated in both Apple’s App Store and the Google Play Store.
Commissions and fees
The exchange offers free trading for bitcoin, while all other pairs are charged a maker/taker fee for trades. For instance, there is a maker fee of 0.40% and a taker fee of 0.60% for trading Tier I pairs, assuming $10,000 or less is traded over a 30-day period. Tier I pairs include DOT/USDT, LTC/USDT and SOL/USDT, to name just a few.
Beyond that, fees drop in a stepwise fashion as a trader’s volume increases. And if you use BNB, Binance’s native token, you’ll get 5% off.
Although there are no fees for deposits, withdrawal fees can vary, depending on the fiat currency or crypto. For example, withdrawal fees for euros can be as high as 1.8%, and U.S. dollar withdrawals have been suspended, meaning ACH transfers are not currently allowed.
SEC charges against Binance.US
In a significant escalation of its oversight of the cryptocurrency world, the SEC in June filed an extensive series of charges against Binance.US, Binance Holdings Ltd. and Zhao, signaling a potentially game-changing move in the flourishing digital finance sphere.
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 alleges that Binance and its U.S. arm, along with Zhao, have been operating as unregistered broker-dealers, violating the Securities Act of 1933 and the Securities Exchange Act of 1934. The lawsuit comes amid an ongoing crackdown that saw the SEC target another major crypto exchange, Kraken, earlier this year.
In a multipronged attack, the SEC alleges that Binance.US, was secretly controlled by Zhao and Binance, potentially jeopardizing the image of the platform, which has been keen to distance itself from allegations of unregulated activities.
What makes this situation unique is the scale of the operations in question. Binance is the largest crypto trading platform in the world, and the SEC’s charges involve a complex network of operations and multiple violations of critical securities laws.
Both Binance and Binance.US have maintained that the two companies operate independently. Regarding the SEC’s filings, Binance released a statement that read, in part, “Still, 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.”
How Binance.US compares
| COINBASE | BINANCE.US | KRAKEN | CRYPTO.COM | |
|---|---|---|---|---|
Trading fee (lowest tier) | 0.40%/0.60% maker/taker fee | Free trading in bitcoin | 1.5% flat fee / 0.9% flat fee for stablecoins | 0.075% maker/taker fee |
Deposit/withdrawal fee | $10/$25 deposit/withdrawal | Varies, No ACH U.S.Transfers | $0-$5/$4-$35 deposit/withdrawal | $0 deposit/withdrawal |
Cryptocurrencies supported | 260+ | 150+ | 220+ | 290 |
Publicly traded? | Yes | No | No | No |
*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 of the most common uses of the coin is to avail yourself of lower fees on the exchange.
It is one of the biggest cryptocurrencies in the world, after bitcoin, ethereum and tether, with a market cap of around $33 billion.
Who is Binance.US best for?
Binance.US is a good exchange for anyone if they can look past the regulatory concerns.
But it is perhaps even more suitable for high-volume traders and institutions, as zero-fee trading on bitcoin can make a massive difference to sophisticated trading strategies.
Our take
It is hard to criticize the product when it comes to Binance.US. The website is smooth, and the app is strong. More than 150 cryptocurrencies are offered, and customers won’t be left wanting for features.
For the everyday consumer, however, perhaps it would be wise to see how the recent regulatory storm against the exchange plays out. While there is no current evidence that customer assets are at risk — and no allegations have been proved — the reality is that Binance.US operates in a highly opaque manner, and a thorough assessment of the exchange is impossible given this lack of transparency.
Allegations range from a failure to protect against terrorist financing and money laundering to secretive trade and securities violations.
Asset custody and security have been thrown into the limelight off the back of this, while regulators have begun to move in harshly on the crypto industry.
Even if that is unfair to Binance.US, investors are understandably on high alert, especially with the lack of transparency on show.
Having said that, the existence of zero-fee trading for bitcoin is an incredible boon to high-volume traders. This feature alone could mean that Binance.US may be the best option available for this cohort.
Frequently asked questions (FAQs)
Binance.US is the American arm of the biggest exchange on the planet, Binance.
The distinction between the two is a much-discussed topic. Binance.US was launched due to regulatory conditions in the U.S.
It is set up as a separate company, but the division has been called into question by U.S. regulators as well as members of the public. Changpeng Zhao 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.
This is a difficult question to answer and largely depends on the type of user.
Coinbase is publicly listed and, hence, adheres to more stringent disclosure requirements, while Binance has been criticized for acting in a highly opaque manner.
Binance.US has lower fees and, hence, maybe a better option for more active traders or high-volume users.
This is hard to say, given the need for more transparency around the platform. Certainly, there is no concrete evidence to suggest that user assets are at risk or that the platform is in any way unsafe.
But there are many allegations against both Binance.US and Binance. Transparency concerns remain surrounding the company’s financials and how the exchange operates, as well as the relationship with Binance, making a confident assessment of the situation challenging.
Binance.US is required to report transactions that reach a certain threshold to the IRS.
But full access is not available to customers’ holdings and transactions. The area of crypto taxation is also rapidly changing, and new laws are likely in the near future.
