Binance is the world’s largest cryptocurrency exchange by trading volume, serving tens of millions of users across more than 100 countries. This page covers how the platform works, what it costs, who can use it, and how to get help when something goes wrong.
US residents use Binance.US – a separate platform built for the American market – while users elsewhere access the global platform at binance.com. This review covers both platforms and explains the key differences.
Is Binance Legal and Safe?
Binance.com operates globally and holds licenses in several jurisdictions, though its regulatory status varies by country. In the United States, the company settled with the Department of Justice and FinCEN in 2023, paying $4.3 billion in penalties for compliance failures – the largest corporate settlement in crypto history. Founder Changpeng Zhao (CZ) stepped down as CEO and pleaded guilty to violating the Bank Secrecy Act. Richard Teng now serves as CEO.
Binance.US (operated by BAM Trading Services Inc.) is a licensed money services business registered with FinCEN. It operates under US regulations and is the correct platform for American users. Binance.US is not available in Hawaii, New York, Texas, Vermont, and several other states – check the official website for the current list.
On the security side, Binance uses two-factor authentication (2FA), anti-phishing codes, withdrawal address whitelisting, and maintains the Secure Asset Fund for Users (SAFU) – an emergency insurance reserve. The platform suffered a $40 million hack in May 2019 but reimbursed all affected users from the SAFU fund. Trustpilot shows over 5,900 reviews with a majority of 1-star ratings (as of March 2026), with complaints centering on customer support response times and withdrawal issues. Binance actively responds to negative reviews and directs users to support channels.
How Does Binance Work?
Binance is a centralized crypto exchange. You create an account, complete identity verification (KYC), deposit funds, and then trade digital assets on the platform’s order books. Binance matches buyers and sellers in real time, charging a small fee per transaction.
Beyond spot trading, Binance offers futures contracts, options, staking, savings products, a peer-to-peer (P2P) marketplace, and a crypto debit card. The global platform (binance.com) provides the full product suite, while Binance.US offers a more limited but simpler lineup tailored to US regulatory requirements.
How Does Binance Make Money?
Binance generates revenue primarily from trading fees. Every time a user completes a trade, Binance takes a percentage of the transaction value. The platform also earns from listing fees (charged to crypto projects wanting to be listed), withdrawal fees, interest on lending products, and the spread on card purchases.
Binance also issues its own token, BNB (Binance Coin), which powers its ecosystem. Users who hold and pay fees in BNB receive a 25% trading fee discount – an incentive that drives BNB demand and benefits Binance through token appreciation.
Who Can Use Binance?
The global Binance.com platform is available in most countries, with exceptions for the United States, Canada, Japan, and other heavily regulated markets where local rules restrict or prohibit its services. US residents must use Binance.US instead.
To trade, all users must complete identity verification (KYC). This requires a government-issued photo ID and a selfie. US residents on Binance.US must also provide their Social Security Number. Basic verification unlocks standard trading limits; additional verification steps can raise deposit and withdrawal limits further.
What Can You Trade on Binance?
Global Binance (binance.com) supports over 350 cryptocurrencies and thousands of trading pairs, making it one of the broadest selections of any major exchange. The most traded assets include:
- Bitcoin (BTC)
- Ethereum (ETH)
- BNB (Binance Coin)
- Solana (SOL)
- XRP
- Cardano (ADA)
- Dogecoin (DOGE)
- Litecoin (LTC)
- Polkadot (DOT)
- Chainlink (LINK)
Binance.US offers a more limited selection of assets due to US regulatory requirements. The count changes regularly as new listings are approved or tokens are delisted. Check the official listings page for the current full list.
Binance.US vs. Global Binance – What’s the Difference?
This is a common source of confusion. Binance.com and Binance.US are two distinct platforms that share a brand name but operate independently.
- Binance.com (Global): Operated by Binance Holdings Ltd., available to users in most countries outside the US. Offers 350+ cryptos, advanced trading features, futures, options, and the full product suite.
- Binance.US: Operated by BAM Trading Services Inc., built specifically for US residents. Offers a more limited selection of assets. Not available in all US states. Registered with FinCEN as a money services business.
US residents should not attempt to use Binance.com – the global platform is not licensed to serve US customers. Use Binance.US at binance.us instead.
How to Deposit Money on Binance
On Binance.US, you can fund your account via ACH bank transfer, wire transfer, or debit/credit card. ACH transfers are typically free and take 1-3 business days. Card purchases are faster but carry higher fees. You can also deposit cryptocurrency directly from an external wallet by sending to your Binance deposit address.
On the global platform (binance.com), crypto deposits are the standard method. Fiat deposits via bank transfer are available in select regions. Log in, go to your wallet, select “Deposit,” choose the asset, copy the deposit address, and send from your external wallet or bank.
How to Withdraw Money from Binance
To withdraw fiat on Binance.US: log in, go to Wallet, select “Withdraw,” choose USD, and pick ACH or wire transfer. ACH withdrawals typically take 2-5 business days. Wire transfers are faster but may carry a fee.
To withdraw cryptocurrency: go to Wallet, select “Withdraw,” choose the coin, enter the destination wallet address, select the correct network, and confirm the transaction. Network fees (blockchain transaction fees) apply and vary by cryptocurrency and current network congestion. These are separate from Binance’s exchange fees.
Binance Fees
Understanding Binance’s fee structure before you trade saves surprises. There are three main types of fees:
- Trading fees: Standard spot trading fee is 0.1% per trade (maker and taker). Paying fees in BNB reduces this by 25%, bringing it to 0.075%. High-volume traders qualify for lower VIP-tier rates based on 30-day trading volume.
- Withdrawal fees: Vary by cryptocurrency and the network used. For example, withdrawing Bitcoin on the Bitcoin network carries a different fee than withdrawing an ERC-20 token on Ethereum. These are network fees – Binance passes the blockchain transaction cost to you.
- Deposit fees: Crypto deposits are free. Fiat deposits via credit/debit card carry a fee (typically around 1.8% on Binance.US). ACH deposits are free.
Always check the current fee schedule at binance.com/en/fee/schedule before trading, as rates can change and VIP discounts depend on your trading volume.
How to Contact Binance Customer Service
Binance does not offer phone support. The primary contact method is live chat through the website or mobile app. For Binance.US, live agents are available 7 days a week from 6am to midnight EST. Global Binance provides a 24/7 AI chatbot with escalation to live agents available during support hours.
Binance Customer Service – Live Chat
Chat support is the fastest way to get help. On the website, click the chat or help icon (usually in the lower right corner). In the mobile app, tap your profile icon and select “Get Help.” You’ll first interact with the AI chatbot, which can resolve common issues. If it cannot help, you can request to speak with a live agent.
For Binance.US: live chat with a human agent is available 7 days a week, 6am to midnight EST. For global Binance: live agent availability varies; the AI chatbot is available 24/7.
Binance Customer Service – Support Ticket
For issues that require documentation or follow-up – such as account access disputes, suspected fraud, or complex withdrawal problems – submit a support ticket. Binance.US users can submit tickets at support.binance.us/hc/en-us/requests/new. Describe the issue clearly and attach any relevant screenshots or transaction IDs to speed up the response.
Binance Help Center
The help center at binance.com/en/support (global) and support.binance.us (US) contains hundreds of guides covering account setup, trading, deposits, withdrawals, security, and troubleshooting. Most common issues – including 2FA resets and account verification problems – have dedicated self-service tools in the help center.
Binance on Social Media
Binance is active on multiple social platforms. Note that social media is for announcements and community – not for resolving account-specific support issues. Never share your account credentials or private keys with anyone claiming to be Binance support on social media.
- X (Twitter): @Binance
- Facebook: facebook.com/binance
- Instagram: @binance
- YouTube: Binance YouTube
- Telegram: t.me/binanceexchange
- Reddit: r/binance
- LinkedIn: Binance on LinkedIn
Pros and Cons of Binance
Pros:
- Largest selection of cryptocurrencies of any major exchange (350+ on global platform)
- Low trading fees (0.1% standard; 0.075% with BNB discount)
- High liquidity across most trading pairs
- Full-featured mobile app for iOS and Android
- Advanced tools: futures, options, staking, savings, P2P marketplace
- SAFU emergency insurance fund for users
Cons:
- Customer support quality receives poor reviews from many users
- Regulatory history includes a major US DOJ settlement (2023)
- Binance.US offers a smaller selection than the global platform
- Not available in all US states
- Platform can be complex for beginners
- No phone support
Binance – FAQ
What is the difference between Binance and Binance.US?
Binance.com is the global exchange serving users in most countries, offering 350+ cryptocurrencies and the full range of Binance products including futures and options. Binance.US is a separate exchange operated by BAM Trading Services Inc. for US residents, with a more limited asset selection and product range due to US regulations. US residents must use Binance.US – not Binance.com, which is not licensed for US customers.
Does Binance have a phone number?
No, Binance does not offer phone support on either the global platform or Binance.US. Customer service is handled through live chat (via the website or app) and a support ticket system. For Binance.US, live chat agents are available 7 days a week from 6am to midnight EST.
How many cryptocurrencies does Binance support?
The global Binance platform (binance.com) supports over 350 cryptocurrencies and thousands of trading pairs. Binance.US offers a smaller selection due to US regulations. New tokens are added regularly, so the count changes over time – check the official listings page for the current full list.
What are Binance’s trading fees?
The standard spot trading fee is 0.1% per trade for both maker and taker orders. Paying fees in BNB (Binance Coin) reduces this to 0.075%. High-volume traders can qualify for lower VIP-tier rates. For the current full fee schedule, visit binance.com/en/fee/schedule.
Is Binance safe to use?
Binance uses industry-standard security measures including 2FA, anti-phishing codes, withdrawal address whitelisting, and the SAFU insurance fund. The platform suffered a $40 million hack in 2019 but reimbursed all affected users. In 2023, Binance settled with the US DOJ for $4.3 billion over compliance failures. For long-term crypto storage, security-conscious users prefer transferring assets to a personal hardware wallet rather than leaving them on any exchange.
Which US states is Binance.US not available in?
Binance.US is currently unavailable in Hawaii, New York, Texas, Vermont, and several other states. The list of supported and unsupported states can change as regulatory approvals are granted or withdrawn. Check the official Binance.US support page for the current list before signing up.
How do I withdraw money from Binance.US?
Log in to Binance.US, go to your Wallet, and select “Withdraw.” For USD withdrawals, choose ACH bank transfer or wire transfer. ACH transfers typically take 2-5 business days and are generally free. Wire transfers are faster but may carry a fee. To withdraw crypto, select the cryptocurrency, enter your external wallet address, choose the correct blockchain network, and confirm.
Tips for Using Binance
- Pay fees in BNB: Holding BNB in your account and enabling the BNB fee payment option saves 25% on every trade. Over time, this adds up significantly for active traders.
- Use the referral program: Binance offers a referral program that gives you a percentage of the trading fees from users you refer. Share your referral link to earn passive income.
- Use ACH for US deposits: On Binance.US, ACH transfers are free and add no markup to your crypto purchase price. Card deposits cost more. Use ACH whenever you’re not in a rush.
- Enable all security features: Turn on 2FA, set an anti-phishing code, and whitelist your withdrawal addresses. These steps protect your account from the most common attack methods.
- Contact support via the app: The in-app chat connects you to the same support team, but having your account details at hand speeds up verification. For Binance.US, live agents are available 6am-midnight EST.
- Keep records for taxes: Crypto trades are taxable events in the US. Download your trade history regularly from the account portal and use a crypto tax tool to track your cost basis.
About Binance
Binance was founded in 2017 by Changpeng Zhao (widely known as “CZ”) and quickly grew to become the world’s largest cryptocurrency exchange by trading volume. The company is headquartered outside the US and operates globally, with a regional platform – Binance.US (operated by BAM Trading Services Inc.) – serving American customers from its Palo Alto, California base at 611 Cowper Street, Suite 400, Palo Alto, CA 94301.
In 2023, Binance reached a $4.3 billion settlement with the US Department of Justice and FinCEN, resolving charges related to anti-money laundering and sanctions compliance failures. CZ stepped down as CEO and pleaded guilty to violating the Bank Secrecy Act. Richard Teng took over as CEO. Despite the regulatory setback, Binance remains the largest crypto exchange globally by volume and user base, serving users in over 100 countries.
Binance’s product ecosystem extends beyond trading to include staking, savings, a peer-to-peer marketplace, a crypto debit card, its own blockchain (BNB Chain), and the BNB token. The company maintains the Secure Asset Fund for Users (SAFU), an emergency insurance reserve created in 2018 to protect users in extreme scenarios.