Christy Lynn
Quick answer: Binance is the world’s largest crypto exchange by trading volume, offering hundreds of coins, very low trading fees (around 0.1%, lower with BNB), staking, futures and more. It is not available to US residents: Americans must use the separate Binance.US. Binance pleaded guilty to US anti-money-laundering violations in 2023 and paid about $4.3 billion. Founder Changpeng “CZ” Zhao served four months in prison in 2024 and was pardoned in October 2025, but no longer runs the company. It suits experienced international traders who are comfortable with its regulatory history.
What is Binance?
Binance launched in 2017 and became the world’s largest exchange within months. Beyond spot trading, it offers futures, options, staking, savings products, a launchpad for new tokens, a self-custody wallet and its own blockchain, BNB Chain. Its native token, BNB, is used to discount trading fees and pay for transactions on BNB Chain. See how to buy BNB.
Binance’s legal history
- November 2023: Binance pleaded guilty to US charges, including failing to maintain an effective anti-money-laundering program, and agreed to pay about $4.3 billion. CZ stepped down as CEO and pleaded guilty to a related charge.
- 2024: CZ served a four-month prison sentence. Richard Teng became CEO.
- October 2025: CZ received a presidential pardon but has said he will not return to run Binance.
Binance remains under compliance monitoring and is restricted or unlicensed in several countries, so check availability where you live.
Is Binance safe?
Binance holds most customer funds in cold storage, publishes proof-of-reserves data and maintains an emergency insurance fund (SAFU), which it used to cover users after a 2019 hack. Even so, its regulatory history means some users prefer more tightly regulated exchanges. Protect your account with an authenticator app or security key, withdrawal address whitelisting and anti-phishing codes.
Binance fees
- Spot trading: about 0.1% maker and taker for regular users, with discounts when paying in BNB and for high-volume traders.
- Card purchases: convenient but much more expensive than funding with a bank transfer or crypto deposit.
- Withdrawals: a network fee that varies by coin and network.
Can US residents use Binance?
No. US residents must use Binance.US, a separate company with fewer coins and features. Binance.US restored US-dollar deposits for most states in 2025 and offers staking on many assets, but availability varies by state. US readers may also consider Coinbase, Kraken or Gemini. See the best crypto exchanges.
How to sign up for Binance (outside the US)
- Create an account on the official Binance website or app. Visit Binance
- Complete identity verification. It’s required to deposit, trade and withdraw.
- Enable two-factor authentication and set an anti-phishing code.
- Deposit funds by bank transfer, card or crypto.
- Buy crypto using Convert (simplest) or the spot market (lowest fees).
Who should use Binance?
- Good fit: experienced traders outside the US who want the widest coin selection and lowest fees.
- Not a fit: US residents, and beginners who’d prefer a simpler, more tightly regulated platform.
Compare it with Kraken vs Binance and our KuCoin review.
Frequently asked questions
Is Binance legal in the US?
Binance.com doesn’t serve US residents. Americans can use Binance.US, a separate, US-registered exchange.
Who owns Binance now?
CZ remains a major shareholder, but Richard Teng has been CEO since late 2023.
Is Binance safe to use?
It has strong security tools and an insurance fund, but carries regulatory risk. Use two-factor authentication and don’t keep long-term savings on any exchange.
What are Binance’s trading fees?
Around 0.1% per spot trade for regular users, with discounts for paying fees in BNB.
