Crypto
Updated on December 19, 2023
Written by
Frank Gogol
Written by
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank Gogol
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
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At a Glance: Binance and Binance.US differ primarily due to financial regulations in the United States. Binance is a global cryptocurrency exchange, while Binance.US is a separate exchange created specifically for U.S. customers to comply with U.S. regulations. Binance offers a wider range of cryptocurrencies and trading pairs, lower fees, and a larger liquidity pool, while Binance.US has a smaller selection of cryptocurrencies and trading pairs but still provides competitive fees and sufficient liquidity for most traders in the U.S.
The crypto industry is still very young. Bitcoin, the most well-known and first viable cryptocurrency, is only 12 years old. Even the biggest companies in crypto are often recent start-ups. One of these companies is Binance. Founded just 4 years ago in 2017Binance has grown to become a leader in cryptocurrency exchange. However, there is more than one Binance. Read on to learn how Binance relates to Binance.US.
In This Article
Quick Overview: Binance and Binance.US
The world of cryptocurrency is ever-evolving, with platforms coming up left and right. Among the frontrunners is Binance, a name many are familiar with. But wait, there’s Binance.US too? If you’re scratching your head, fret not. Let’s dive into understanding these two platforms.
Binance: The Global Giant
Binance is a global cryptocurrency exchange platform founded in 2017 by Changpeng Zhao, affectionately known as “CZ” within the crypto community. In a short span, Binance skyrocketed to become one of the world’s largest and most popular cryptocurrency exchanges by trading volume. Here’s what you need to know:
- Global Reach: Binance serves users from over 100 countries, offering a wide array of services.
- Multifunctional Platform: Apart from the regular spot trading, Binance provides a multitude of services like futures trading, staking, P2P trading, savings, DeFi products, and much more.
- Binance Coin (BNB): Binance introduced its native cryptocurrency called Binance Coin (BNB). Initially launched on the Ethereum blockchain, BNB transitioned to Binance’s native blockchain, Binance Chain, in 2019. It’s used to pay for transaction fees on the platform at a discounted rate, among other utilities.
Binance.US: Catering to the US Market
Recognizing the unique regulatory landscape of the United States, Binance launched a separate entity in 2019 called Binance.US to cater specifically to US residents. Here’s the scoop:
- Tailored for the US: Binance.US was designed to comply with US regulations, ensuring that US residents have a platform to trade cryptocurrencies without any legal hiccups.
- Variety, but with Limits: While Binance.US offers many of the core features of its global counterpart, including spot trading and staking, it lacks some of the advanced features available on the global Binance platform. For instance, certain investment tools and products available to international users might not be accessible to Binance.US users due to regulatory reasons.
- State Restrictions: Even within the US, the availability of Binance.US can vary. Some states have restrictions, meaning residents might not be able to use the platform.
Binance vs. Binance.US
When deciding between Binance and Binance.US, availability and features are key considerations. Here’s a quick breakdown to help you make an informed choice:
Availability: Where Can You Access Each Platform?
While both platforms have widespread reach, there are specific countries where residents cannot access them.
Countries Supporting Binance:
- Europe: UK, France, Germany, Bulgaria, Czech Republic, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Switzerland, Turkey, Ukraine.
- South America: Argentina, Brazil, Chile, Colombia, Mexico, Peru.
- Africa: Nigeria, South Africa.
- Asia and Pacific: Afghanistan, Australia, Bangladesh, Cambodia, India, Indonesia, Japan, Kazakhstan, Mongolia, Myanmar, New Zealand, Pakistan, Philippines, Taiwan, Vietnam.
Countries Supporting Binance.US:
- The US (with exceptions for Texas, New York, Hawaii, and Vermont).
It’s noteworthy that while Binance boasts availability in over 100 countries, there are specific nations, including Iran, North Korea, Thailand, Malaysia, and the United States, where it is off-limits.
Features: What Can You Do on Each Platform?
Both platforms offer a range of features, but Binance is notably more comprehensive.
Features on Binance:
- Crypto trading
- Spot trading
- Staking & various staking methods (liquid, DeFi)
- Conversions
- OTC block trading
- Market statistics
- Liquidity farming
- Mining options (mining pools, cloud mining, peer-to-peer trading)
- Binance Loans
- Binance Card, BNB Vault, Binance Pay, Binance Blog.
Features on Binance.US:
- Crypto trading
- Spot trading
- Staking
- Conversions
- Market statistics
- OTC trading.
If you’re particularly interested in futures trading, mining pools, or loans, take note: these features are not available on Binance.US.
Supported Assets: How Diverse is Their Portfolio?
Another key difference between Binance and Binance.US is the number of supported assets and how you can utilize them.
Asset Support on Binance:
- Supports 600+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Solana, and many more.
- Noteworthy delistings from other exchanges but present on Binance include privacy coins like Monero and Zcash.
- Over 1,400 trading pairs are available.
- While not available in the US, Binance supports many traditional currencies such as USD, GBP, EUR, and INR, accommodating global users.
Asset Support on Binance.US:
- Supports 150+ cryptocurrencies, including mainstream ones like Bitcoin, Ethereum, and Litecoin.
- Unlike Binance, Binance.US doesn’t list restricted cryptocurrencies like Monero and Zcash, nor other popular cryptos like Kusama, Enjin, and Basic Attention Token.
- Offers 324 trading pairs.
Fees: What’s the Cost of Trading?
Binance and Binance.US differ in their trading fees and fees structure, too.
Binance Fees:
- Typical trades have a maker and taker fee of 0.1%.
- A 0.5% fee for instant trades.
- Variable withdrawal fees based on the cryptocurrency.
- Mining pools have fees between 0.5% to 2.5%.
- Cloud mining charges 2.5% fee plus 1.5% management fee.
- Staking and deposits are free.
Binance.US Fees:
- Maker and taker fees of 0.1% align with Binance.
- Deposits are majorly free, but specific fees can apply for USD deposits.
- A significant 4.5% fee on debit card transfers.
- Staking on Binance.US comes with a 20% service fee on rewards.
Trading Volume and Support
As you navigate the crypto world, you’ll notice some differences between Binance and Binance.US beyond their regional availability. Two key distinguishing aspects are their trading volume and customer support.
1. Trading Volume: A Peek into Popularity
Trading volume represents the total amount of cryptocurrency transacted on an exchange within a certain period, most commonly a day. It provides a snapshot of the platform’s activity level and popularity.
To put things into perspective:
- Binance boasts an impressive 24-hour trading volume of over $7.6 billion.
- Binance.US, in contrast, records a 24-hour trading volume of just over $15.2 million.
While Binance’s massive user base contributes to its dominating volume, it’s worth noting that Binance.US’s trading volume, despite its prominent brand, remains relatively modest.
2. Customer Support: Availability Matters
When you’re dealing with financial platforms, having reliable customer support is crucial. Here’s how the two platforms stack up:
- Binance ensures robust support with online chat, telephone assistance, and a 24/7 email service.
- Binance.US, however, offers a more limited approach, mainly providing assistance through its 24/7 email service.
To sum it up, while both platforms operate under the same brand umbrella, they differ significantly in terms of trading activity and the range of customer support services. Depending on your preferences and requirements, these factors might influence your choice between the two.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Final Thoughts
The choice of Binance vs Binance.US is quite a simple one. Binance.US is for residents and citizens of the United States. It is one of the largest crypto exchanges in the U.S. by trading volume. To comply with U.S. regulations, not all the functions of the international Binance exchange are available on Binance.US. However, the fees are equally low, and the liquidity is more than enough for most users. If you are in the United States and want to use Binance, Binance.US is the only fully legal way to do it.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See author's posts
As an expert with a deep understanding of the cryptocurrency landscape, I bring a wealth of knowledge to shed light on the concepts discussed in the article by Frank Gogol. My expertise extends to various aspects of finance, technology, and, specifically, the intricacies of the cryptocurrency market.
Frank Gogol, the author of the article, is a writer on the Stilt Blog, focusing on complex topics such as finance, immigration, and technology. The content and brand have garnered recognition, being featured in reputable publications like Forbes, TechCrunch, and VentureBeat. This establishes the credibility of the author and the platform, indicating a commitment to providing accurate and valuable information.
The article compares two entities within the cryptocurrency space: Binance and Binance.US. Binance is a global cryptocurrency exchange founded in 2017 by Changpeng Zhao, widely known as "CZ." The platform has achieved significant growth, becoming one of the world's largest and most popular cryptocurrency exchanges by trading volume. Binance offers a multitude of services, including spot trading, futures trading, staking, P2P trading, savings, and DeFi products.
Binance introduced its native cryptocurrency, Binance Coin (BNB), which transitioned from the Ethereum blockchain to Binance's native blockchain in 2019. BNB is utilized to pay for transaction fees on the platform at a discounted rate and has various other utilities.
Recognizing the unique regulatory landscape of the United States, Binance launched a separate entity in 2019 called Binance.US. This platform is designed to comply with U.S. regulations, providing U.S. residents with a legal and regulated platform for trading cryptocurrencies. However, Binance.US has certain limitations compared to the global Binance platform, including restrictions on some advanced features and state-specific availability.
Key Concepts Discussed in the Article:
-
Binance Global:
- Founded in 2017 by Changpeng Zhao.
- Serves users from over 100 countries.
- Offers a wide array of services, including spot trading, futures trading, staking, P2P trading, savings, and DeFi products.
- Introduced Binance Coin (BNB) as its native cryptocurrency.
-
Binance.US:
- Launched in 2019 to cater specifically to U.S. residents.
- Designed to comply with U.S. regulations.
- Offers core features like spot trading and staking but lacks some advanced features available on the global Binance platform.
- State-specific restrictions on availability within the U.S.
-
Availability and Features:
- Binance has a global reach, serving users from various countries.
- Binance.US is tailored for the U.S. market, complying with U.S. regulations.
- Availability in specific countries, with certain states having restrictions on Binance.US.
-
Supported Assets:
- Binance supports 600+ cryptocurrencies and over 1,400 trading pairs.
- Binance.US supports 150+ cryptocurrencies and 324 trading pairs.
- Differences in supported assets and availability of certain cryptocurrencies.
-
Fees:
- Binance and Binance.US have different fee structures.
- Binance fees include a maker and taker fee of 0.1%, variable withdrawal fees, and mining pool fees.
- Binance.US fees align with Binance but may include specific fees for USD deposits and a 20% service fee on staking rewards.
-
Trading Volume and Customer Support:
- Binance has a significantly higher 24-hour trading volume compared to Binance.US.
- Binance offers robust customer support with online chat, telephone assistance, and 24/7 email service.
- Binance.US provides more limited customer support, primarily through a 24/7 email service.
The article concludes with a straightforward recommendation: Binance.US is suitable for residents and citizens of the United States, providing a legal and regulated way to engage in cryptocurrency trading, albeit with certain limitations compared to the global Binance platform. This analysis is valuable for individuals navigating the choice between Binance and Binance.US based on their location, preferences, and specific needs in the cryptocurrency space.
