⚡ Binance in a nutshell
- 💱
World's #1 crypto exchange by trading volume. Binance processes more daily crypto volume than any other exchange — providing the deepest liquidity for spot and derivatives trading across 350+ assets.
- 💰
0.10% spot fee — 0.075% with BNB discount. Among the lowest spot trading fees in the industry. Further reduced to 0.075% when paying with Binance's native BNB token.
- 📊
350+ cryptocurrencies — most comprehensive selection. Bitcoin, Ethereum and hundreds of altcoins, DeFi tokens, gaming tokens and new project launches all available.
- ⚠️
- 📈
US Stocks & ETFs with $0 regulatory fees. Binance offers direct equity ownership via Nest Exchange (ADGM FSRA regulated) and Alpaca Securities (FINRA/SIPC). Platform fee is a 0.05%/0.10% spread. Binance absorbs all SEC, FINRA, and CAT mandatory regulatory fees.
- 🔧
Full product suite — spot, futures, options, margin, staking, NFT. Beyond spot trading: crypto options (0.024%/0.030%), commodity options (0.000% maker promo), futures (up to 125x leverage), margin trading, staking, crypto savings, NFT marketplace and crypto payments.
⚠️ What to watch out for
- ⚠ Not available to US residents — use Binance.US instead (see pricing guide)
- ⚠ Not FCA registered for UK retail clients since 2021 — UK residents should verify current regulatory status before using
- ⚠ 2023 DOJ settlement ($4.3bn) — former CEO Changpeng Zhao guilty plea — operational risk history
- ⚠ No direct SIPC/FSCS government compensation scheme for crypto
- ⚠ Leverage products extremely high-risk — most futures traders lose money
- ⚠ Regulatory landscape varies significantly by jurisdiction
WhichBrokr Category Ratings
Binance Overview
Binance was founded in 2017 by Changpeng Zhao (CZ) and within a year became the world's largest cryptocurrency exchange by trading volume — a position it has maintained since. The exchange has over 270 million registered users globally and processed over $65 trillion in spot trading volume in 2022. It holds licences in UAE (VARA), Japan (FSA), Bahrain (Central Bank), and Abu Dhabi (ADGM FSRA — covering Nest Exchange, Nest Clearing, and Nest Trading). Binance has fully exited Canada (May 2023), Netherlands (July 2023), and Russia (September 2023).
⚠️ EU Regulatory Alert (July 2026): Binance withdrew its Greek MiCA licence application on June 24, 2026. As of July 1, 2026, Binance suspended all new spot orders, deposits, sign-ups, Earn, and staking products for EU residents (including France, Spain, Italy, and Poland). EU users can currently only withdraw existing balances. For MiCA-authorised alternatives, consider Coinbase, Kraken, or OKX.
In 2023, Binance and its founder pleaded guilty to US money laundering and sanctions violations, resulting in a $4.3 billion settlement with the US Department of Justice. CZ resigned as CEO; Richard Teng took over. Binance exited the US market (Binance.US is a separate entity) and exited several other jurisdictions. The settlement was a significant reputational and operational event.
Despite the regulatory challenges, Binance remains the dominant global spot and derivatives exchange due to its unmatched liquidity, the lowest fees in the industry, and the broadest asset selection. For experienced crypto traders outside the US who understand the regulatory history and accept the platform risk, Binance provides the best trading conditions available.
Binance: Pros & Cons
✅ Pros
- World's #1 exchange by volume — deepest liquidity for all major pairs
- 0.10% spot fee (0.075% with BNB) — lowest fees among major exchanges
- 350+ cryptocurrencies — widest selection of any major exchange
- Full product suite: spot, futures, margin, staking, NFT, payments
- BNB ecosystem — fee discounts, Launchpad for new token access
- 24/7 customer support (chat)
❌ Cons
- Not available to US residents (Binance.US is a separate, more limited product — pricing guide)
- 2023 DOJ settlement — $4.3bn, former CEO guilty plea — trust risk for some investors
- Regulatory status varies significantly by country — not FCA registered for UK retail
- EU services suspended July 2026 — Binance withdrew MiCA licence bid; all new EU spot orders, deposits and Earn suspended
- No government compensation scheme for crypto losses
- Leverage products extremely high-risk
- Complex platform can overwhelm beginners
🔍 Binance Audit Report
A structured assessment across 5 pillars — regulation, tax/legal, costs, features and platform accessibility. Updated September 2026.
🛡️
1. Legal Entity & Capital Protection
Binance's complex regulatory situation
Global Licences
VARA (UAE) · Central Bank of Bahrain · FSA (Japan) · ADGM FSRA (Nest Exchange, Nest Clearing, Nest Trading — Abu Dhabi). Note: France (AMF), Spain (Bank of Spain), and Italy (OAM) licences no longer cover new retail services following MiCA suspension (July 2026).
US Status
Binance.com is
not available to US residents. The DOJ settlement (2023) involved US charges of money laundering and sanctions violations. US residents must use
Binance.US — see the
Binance.US pricing guide.
UK Status
Binance Markets Limited (UK entity) had its FCA temporary registration withdrawn in 2021. Check current FCA register for the most up-to-date UK status.
⚠️ EU Status
New services suspended as of July 1, 2026. Binance withdrew its Greek MiCA licence application on June 24, 2026 following regulatory scrutiny. All new spot orders, deposits, sign-ups, Earn, and staking are suspended for EU residents (FR, ES, IT, PL and others). EU users may only withdraw existing balances. MiCA-authorised alternatives: Coinbase (CASP licensed), Kraken, OKX.
Market Exits
Canada: Fully exited May 2023. Netherlands: Operations exited July 2023. Russia: Operations exited September 2023.
Crypto Insurance
SAFU (Secure Asset Fund for Users) — Binance maintains a $1bn+ emergency insurance fund for extreme events. No government backing.
DOJ Settlement
2023: Binance paid $4.3bn to US DOJ; former CEO CZ pled guilty. Richard Teng is current CEO. Compliance improvements mandated.
💼
2. Tax Notes
Crypto tax treatment globally
Tax Reporting
Binance provides transaction history export for tax filing. Third-party crypto tax tools (Koinly, CoinTracking) integrate with Binance API.
Country Variation
Tax treatment of crypto varies by jurisdiction. Consult a local tax adviser for your specific situation.
No Registered Accounts
Binance does not offer TFSA, ISA, IRA or equivalent registered accounts.
💶
3. Total Cost of Ownership
Binance fee structure
Spot Trading
0.10% maker and taker. With BNB payment: 0.075%. VIP tiers reduce fees further for high-volume traders (>$1m/month: ~0.02%).
USDC Spot Pairs
0.095% maker/taker (standard rate for USDC pairs — slightly below the 0.10% standard). With BNB: 0.07125%. Zero-fee promo active on select pairs (FDUSD, USDC).
Options
Crypto Options: 0.024% / 0.030% maker/taker. Commodity Options: 0.000% Maker / 0.020% Taker (promotional rate active from July 29, 2026 until further notice).
Futures
0.02% maker / 0.05% taker (standard tier). Lowest in the industry for derivatives.
US Stocks & ETFs
Via Nest Exchange (ADGM FSRA) & Alpaca Securities (FINRA/SIPC). Trading spread: 0.05% promo (standard 0.10%) for orders ≥ $340. Platform fee: $0.17 for orders ≤ $340 · $0.35 for orders > $340. $0 account opening, maintenance, custody, and $0 USDC↔USD conversion. Binance absorbs 100% of SEC fees ($20.60/$1M), FINRA TAF ($0.000166/share), and CAT fees ($0.000003/order).
Fiat Deposits / Withdrawals
USD SWIFT Bank Transfer: $0 deposit / $25 withdrawal. USDC↔USD conversion: $0 fee (spread absorbed by Binance).
Staking / Earn
Up to 10–20%+ APY on selected assets (rates vary significantly, check current offers). No guaranteed returns.
📈
4. Asset Catalogue
The world's most comprehensive crypto selection
Spot Trading
350+ cryptocurrencies — all major and hundreds of altcoins
Futures/Perps
150+ perpetual contracts — BTC, ETH and altcoin futures up to 125x leverage
DeFi Tokens
Major DeFi protocols — Uniswap, Aave, Compound and hundreds more
New Token Launches
Binance Launchpad — early access to new token sales
NFTs
Binance NFT Marketplace
US Stocks & ETFs
✅ Direct equity ownership via Nest Exchange Limited (ADGM FSRA regulated) & Alpaca Securities LLC (FINRA/SIPC member). $0 account, $0 custody, $0 inactivity fees. All SEC/FINRA/CAT regulatory fees absorbed by Binance. 30% US dividend withholding tax applies (legal obligation, not a platform fee).
Staking
Flexible and locked staking on 50+ assets
🖥️
5. Platform
The most feature-complete crypto trading suite
Web Platform
✅ Advanced — full spot, futures, margin, staking, NFT, earn in one interface
Mobile App
✅ iOS 4.3★ / Android 4.3★ — full trading functionality
API
✅ Institutional-grade REST/WebSocket API — used by thousands of algorithmic traders
TradingView Charts
✅ Integrated TradingView charting on all pairs
Customer Support
24/7 chat — quality variable at scale (270M+ registered users)
Fees 4.6 / 5
Binance has the lowest fees among major exchanges. The BNB discount makes it even cheaper. Always check withdrawal fees and network costs.
| Fee type | Binance | Market Average |
|---|
| Spot fee (standard) | 0.10% / 0.10% (0.075% with BNB) | 0.10–0.50% |
| USDC spot pairs | 0.095% / 0.095% (0.07125% BNB) | 0.10% |
| Crypto options | 0.024% / 0.030% maker/taker | 0.03–0.05% |
| Commodity options | 0.000% maker / 0.020% taker (promo) | 0.02–0.05% |
| Futures fee | 0.02% / 0.05% maker/taker | 0.02–0.10% |
| US Stocks & ETFs | 0.05% / 0.10% spread ($0.17 flat <$340) | $0–$10 |
| Staking APY | Variable — up to 20%+ | Variable |
| Fiat deposit (SWIFT) | $0 deposit / $25 withdrawal | $0–$25 |
| USDC↔USD conversion | $0 (spread absorbed by Binance) | 0.1–1% |
| Available to US | ❌ Use Binance.US | — |
Safety & Regulation 3.4 / 5
| US residents | ❌ Not available (use Binance.US) |
| DOJ settlement | 2023 — $4.3bn, former CEO CZ guilty plea |
| SAFU fund | $1bn+ crypto insurance reserve |
| Active licences | VARA (UAE), Central Bank of Bahrain, FSA (Japan), ADGM FSRA (Nest Exchange / Nest Clearing / Nest Trading — Abu Dhabi) |
| EU status | ⚠️ New services suspended July 1, 2026 — MiCA licence bid withdrawn June 24, 2026. FR, ES, IT, PL users can only withdraw existing balances. |
| Market exits | Canada (May 2023), Netherlands (July 2023), Russia (September 2023), EU new services (July 2026) |
| Current CEO | Richard Teng (since 2023) |
| Trading volume | #1 globally by spot volume |
Products & Asset Catalogue 4.9 / 5
| Spot coins | 350+ |
| Futures/perps | 150+ |
| Options | ✅ Crypto options (0.024%/0.030%) · Commodity options (0.000% maker promo) |
| US Stocks & ETFs | ✅ Via Nest Exchange (ADGM FSRA) / Alpaca — $0 regulatory fees, 0.05% spread |
| DeFi tokens | Extensive |
| Staking | 50+ assets |
| NFT marketplace | ✅ |
| Launchpad (new tokens) | ✅ |
What investors say about Binance
👍 What investors praise
45%
Lowest fees & largest selection
0.1% spot taker, 350+ pairs — the deepest global crypto liquidity venue by volume
28%
Widest product range
Spot, futures, options, earn, launchpad, NFT, copy trading — full ecosystem under one account
18%
Earn & staking rewards
Flexible savings and locked staking — high yields on BNB, ETH, stable assets vs competitors
9%
BNB fee discount
Holding BNB reduces trading fees by 25% — meaningfully lowers cost for frequent traders
👎 Common complaints
39%
Regulatory and legal issues
2023 DOJ settlement ($4.3bn), Changpeng Zhao resignation — serious jurisdiction restrictions affect trust
28%
Account freezes & KYC
Enhanced KYC requirements post-settlement; account freezes reported; high-risk jurisdiction blocks
21%
US residents excluded
Binance.com is blocked for US-based users; must use Binance.US instead (different product, fewer coins)
12%
Customer support quality
Large user base overwhelms support queues — long wait times and scripted responses widely reported
ⓘ Percentages reflect share of mentions across 22,000+ Trustpilot reviews and Reddit r/binance threads analysed in Aug 2026. User-reported sentiment, separate from our editorial findings.
Our Binance Verdict
WhichBroker's Take
Binance remains the world's dominant crypto exchange for volume, liquidity, fees and product breadth — despite the 2023 DOJ settlement and CEO change. For experienced crypto traders outside the US who prioritise the lowest fees and deepest liquidity, Binance is hard to match.
For US investors, Binance.US is the separate alternative (more limited — see pricing guide). For risk-averse or institutional investors who are uncomfortable with the DOJ history, Coinbase or Kraken provide stronger regulatory standing at the cost of higher fees and narrower asset selection.
Best for: Experienced non-US crypto traders wanting lowest fees, best liquidity, and broadest asset selection. Altcoin investors and futures traders. Not ideal for: US residents (use Binance.US), risk-averse investors (regulatory history concern), beginners (too complex), UK clients (FCA status uncertain).
Binance: Frequently Asked Questions
| Is Binance available in the US? | No — Binance.com is not available to US residents. US investors must use Binance.US, which is a separate, more limited entity with its own licensing. See the Binance.US pricing guide for full fee details. |
| What happened with Binance and the DOJ? | In November 2023, Binance and its founder Changpeng Zhao (CZ) pleaded guilty to US money laundering and sanctions violations. Binance paid $4.3 billion in fines and CZ resigned as CEO. Richard Teng became CEO. Binance was placed under compliance monitoring. |
| What is SAFU? | Secure Asset Fund for Users — Binance's self-funded emergency insurance reserve, maintained at $1bn+. Provides some protection in extreme events (exchange hacks, errors). Not a government scheme. |
| What are Binance's fees? | Spot: 0.10%/0.10% maker/taker (0.075% with BNB). USDC pairs: 0.095% (0.07125% BNB). Crypto options: 0.024%/0.030%. Commodity options: 0.000% maker / 0.020% taker (promo active July 2026+). Futures: 0.02%/0.05%. US Stocks & ETFs: 0.05%/0.10% spread ($0.17 flat for trades below $340), $0 SEC/FINRA/CAT fees. Fiat SWIFT: $0 deposit / $25 withdrawal. Volume VIP discounts available. |
Ready to open a Binance account?
350+ coins · 0.10% spot fee (0.075% BNB) · US Stocks via Nest Exchange · Futures · Staking · 270M+ registered users
Open Binance Account →
Crypto trading involves significant risk.