Binance.US review (2024)

FAQs

How long does it take for Binance us to respond? ›

For the majority of routine account verifications, the process only takes a few days. Some verifications may even take a few minutes, and some may take up to 10 days. The best way to reduce how long does Binance verification take is to make sure all the pictures of your documents are clear.

Binance.US rates highly on the security of its exchange. For instance, crypto exchange security review site CER ranked Binance.US as one of the most secure exchanges as of October 2022, ahead of big names like Coinbase and Gemini.

Why is Binance not allowed in the US? Due to US government regulations, the original exchange platform stopped accepting American customers in 2019. They launched Binance.US to meet the needs of American investors, but the version of the site only has about 50 cryptocurrencies to trade.

Binance, the world's biggest cryptocurrency exchange, is investigating a hacking incident that affected a number of crypto tokens Friday. According to its founder and CEO Changpeng Zhao, a private key, used to encrypt or decrypt data, had been hacked.

Binance.US customers can now also connect directly with a dedicated customer support agent using our Live Chat service. Live Chat is available 24/7, and joins our existing ticket-based email support solution. The new feature is available on app and web.

Binance verification time depends on your type of KYC and country of residence. And you can start verification as soon as you open a Binance account. According to Binance, it may take between two and ten days to complete the verification review and receive a Verified badge.

Coinbase is the winner here as it's more accessible to beginning traders, offers a rewards debit card, displays clear security measures, and doesn't have the legal issues of Binance.US.

What does Binance US report to the IRS? Currently, Binance issues 1099-MISC forms which include details of any income over $600 investors have made to the IRS. The IRS is currently developing a dedicated digital asset 1099 form, so in the future the information Binance US reports to the IRS may increase considerably.

When you convert your money into cryptocurrency or token, though, it is not insured anymore. This applies to every single country – therefore, storing your official currencies with Binance should be safe most of the time.

In 2019, Binance was banned in the United States on regulatory grounds and is no longer accessible for U.S. citizens.

How do I get my money out of Binance? ›

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.

Binance requires identity verification before it lets you deposit or withdraw funds. That's easy If you aren't a US citizen. Simply provide your ID information, complete your KYC, and use Binance freely.

While user safety is Binance's priority, it's always worth being vigilant. The best protection for users of any P2P trading platform is to be aware of the most common scam tactics, so that you can better equip yourself to avoid them. Below are some common P2P scams you should be aware of.

While Binance offers a secure custody solution to keep your crypto safe, you may want to experiment with directly holding your crypto assets. If you want to go this route, you should always store your funds in a secure, self-custodial wallet like Trust Wallet.

It is our policy to comply with the regulations and other requirements of the FDIC for pass-through deposit insurance.

For security reasons, Binance Support is not available via phone. However, hackers and scammers are constantly trying this method to steal funds from users. Anyone that's calling you on your phone number, on Telegram, or other social media sites, claiming to be from Binance is a scammer.

Those who don't complete verification will only have basic access to the Binance site. Non-verified users can explore our offerings, and claim NFTs, Fan Tokens, and Binance Gift Cards, but they will not — under any circ*mstances — be able to interact with any Binance trading products.

Log in to your Binance account and click [User Center] - [Identification]. You may click [Get verified] on the homepage directly for new users. 2. Here, you can see [Verified], [Verified Plus], and [Enterprise Verification] and their respective deposit and withdrawal limits.

Top Tips to Pass your Verification. 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. Please ensure you are not wearing any glasses, hats, headphones or other items that can obscure your face.

What is the best crypto wallet for USA? ›

Low fees. One of the biggest attractions of Binance.US is its low fee structure. Traders pay a maximum 0.1% maker/taker fee, which is extremely competitive compared to other platforms.

If you are looking to trade high volumes of different cryptocurrencies quickly, then Binance is the better platform. If you are looking to invest slowly in a few cryptocurrencies, then Coinbase is better.

Is Bitcoin traceable by the IRS? Yes, Bitcoin is traceable. Here's what you need to know: Blockchain transactions are recorded on a public, distributed ledger.

The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.

If you don't report a crypto-taxable event, you could incur interest, penalties, or even criminal charges if the IRS audits you. You may also even receive a letter from the IRS if you failed to report income and pay taxes on crypto, or do not report your transactions properly.

Binance Blockchain Hit by $570 Million Hack, Exposing Crypto Vulnerabilities. The world's biggest cryptocurrency exchange confirmed that assets were stolen from the Binance Smart Chain network, the latest in a series of attacks on so-called cross-chain bridges.

Debit: 7 days withdrawal lock. ACH: 7 days withdrawal lock. Apple Pay: 7 days withdrawal lock.

Other important factors to consider when researching alternatives to Binance include user interface and security. We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to Binance, including Coinbase Exchange, UPHOLD, Poloniex, and LocalBitcoins.

Is Binance under investigation? ›

Federal prosecutors are examining American hedge funds' dealings with cryptocurrency exchange Binance as part of a long-running investigation into potential violations of money-laundering rules at one of the world's leading crypto companies.

Binance requires users to complete Identity Verification to increase their account security.

Why can't I complete my face verification even after uploading the proper document? It is one of the common issues during identity verification. Make sure that you are not wearing any glasses, avoiding filters, and the light is appropriate. If the issue is still, then verify by uploading your selfie.

The process may take up to 3 business days . Please remain patient while the information is being reviewed.