No exchange is risk-free. Binance.US says it holds customer balances one-to-one in full reserve, keeps most crypto in offline US-based cold storage and has completed a SOC 2 Type II audit, but these are company statements, and crypto is not FDIC insured. Turn on every security feature and keep only what you need on the platform.

Why did Binance agree to pay about $4.3 billion?

In November 2023 Binance pleaded guilty to US charges covering anti-money-laundering failures, operating as an unlicensed money transmitter and sanctions violations. It agreed to pay about $4.3 billion in a resolution announced with the Justice Department, the Treasury Department and the CFTC. Its founder resigned as CEO and pleaded guilty to a separate charge.

Is Binance.US the same company as Binance?

No. Binance.US is the trade name of BAM Trading Services, a US-incorporated company. Its own site says it has separate corporate and management structures from the global platform but shares common majority ownership with it.

Is Binance available in Europe?

As of 2 October 2026 Binance holds no MiCA authorisation from any EU member state. It withdrew its Greek application on 24 June 2026 and says it is working toward authorisation, while EU regulators have been questioning how it still serves customers there. Readers in the EU should check the ESMA register.

Binance Review: Is It Safe and Who Can Use It?

Key takeaways

For a US reader, “Binance” means Binance.US, a separate US company with a smaller product set. The global Binance platform is not available to US persons.
In November 2023 Binance pleaded guilty to US charges and agreed to pay about $4.3 billion, and its founder resigned as CEO. The SEC dropped its civil case in May 2025, and the founder was pardoned in October 2025.
Binance.US is not available in every state, and the list changes, so check it before you register.
Safety has three parts: the company, your account and the price of what you hold. A platform can only be judged on the first two.

Can you use Binance in the US?

Only Binance.US. The global Binance platform is not available to US persons, and this page does not link to it. Binance.US is the trade name of BAM Trading Services, a US-incorporated company. Its own site says it has a separate corporate and management structure from the global platform but shares common majority ownership with it.

Binance.US says it is registered with FinCEN as a money services business and holds state money transmitter licenses. It does not operate everywhere. Its support site lists unsupported states, and the list dated June 2026 included New York and Texas, among others. Kansas and Wisconsin were listed as crypto-only, which means no US dollar deposits or bank links there. Lists like this change, so use the current one on Binance.US’s support site and not this page.

How is this review put together?

The criteria come from How to Choose a Crypto Exchange: legal status and availability, how customer assets are held, security features, how the platform charges, and track record. The sources are Binance.US’s own pages, releases from US agencies and courts, and news reports. This is not a hands-on test, and there are no scores or rankings.

Links to Binance.US on this page are affiliate links, marked “ad”, and we may earn a commission if you open an account through one. That does not change the downsides listed below.

What is Binance’s legal and regulatory history?

Binance’s record is the main reason people hesitate, so here are the dated facts without commentary.

Date	What happened
5 June 2023	The SEC sued Binance Holdings, BAM Trading Services (the operator of Binance.US) and founder Changpeng Zhao, known as CZ, alleging securities law violations.
21 November 2023	Binance pleaded guilty to US criminal charges covering Bank Secrecy Act violations, operating as an unlicensed money transmitter and sanctions violations. It agreed to pay about $4.3 billion in a resolution announced with the Treasury Department and the CFTC. Zhao pleaded guilty to failing to maintain an effective anti-money-laundering program and resigned as CEO.
30 April 2024	Zhao was sentenced to four months in prison.
29 May 2025	The SEC dismissed its civil case against Binance Holdings, BAM Trading and Zhao with prejudice.
23 October 2025	President Trump pardoned Zhao.

Under the plea terms Zhao was barred from operating or managing the company, a restriction that runs for three years after a compliance monitor is appointed, and Binance agreed to an independent monitor. News reports say Zhao has since told interviewers he does not plan to return as CEO.

Three points help when reading these dates. The November 2023 resolutions were with the company behind the global platform, not with Binance.US, though the two share majority ownership. The SEC’s case did name BAM Trading, and the SEC said its dismissal was a policy decision that does not necessarily reflect its view of any other matter. The pardon applied to Zhao personally.

Readers weigh this record differently: some see penalties paid and monitoring in place, others see reason to choose another platform.

Is Binance.US safe?

No exchange is risk-free, and the question has three parts: could the company fail, could someone take over your account, and could the price fall. A review can speak to the first two. The third is market risk, covered in Why Is Bitcoin So Volatile?, and no platform removes it.

Binance.US says it holds customer balances one-to-one in full reserve and keeps the majority of crypto in offline, US-based cold storage. It says it never lends or trades your funds without permission, requires two-factor authentication, offers withdrawal address allowlisting and has completed a SOC 2 Type II audit. These are the company’s statements. The same page says crypto is not FDIC insured and that US dollar balances are held at custodial institutions. For the wider picture see Is Bitcoin Safe?.

What does proof of reserves tell you here?

Less than the name suggests. A SOC 2 Type II report is an independent audit of a company’s controls, such as security and availability. It is not a count of assets against customer balances. Binance’s global platform has published proof-of-reserves reports, but a US customer’s balance sits with Binance.US, so those reports do not check it. We could not confirm a separate report on Binance.US that lets you test your own balance, so treat its full-reserve statement as a claim.

Has Binance had a security incident?

In May 2019 the global platform disclosed that attackers had taken about 7,000 bitcoin from a hot wallet, and Binance said it covered the loss from its own emergency fund. That involved the global platform and not Binance.US, but it belongs to the company’s record.

What does Binance.US offer, and how does it charge?

Its site lists buying, selling and converting crypto, spot trading with advanced tools, staking and an over-the-counter desk for large orders. You can fund an account by bank transfer, wire, debit or credit card, or crypto deposit. The product set is smaller than the global platform’s, so check that a review you are reading describes Binance.US and not the international site.

It charges in several ways. Check its fee page, not figures quoted in articles like this one.

Buy, sell and convert: the cost is built into the price as a spread and shown on a preview screen before you confirm.
Advanced spot trading: maker and taker fees, depending on whether your order adds to or removes from the order book.
Deposits and withdrawals: the cost depends on the method. Card deposits carry a percentage-based fee, and crypto withdrawals carry a network fee.
Fee discount for BNB: paying fees with BNB, Binance’s own token, earns a discount, which also means holding another volatile asset.

Bitcoin Fees Explained separates exchange fees from network fees.

What are the downsides?

The record. Binance.US shares majority ownership with a company that pleaded guilty in 2023, and its operator was named in an SEC suit that was later dismissed.
Availability. It is not open in every state, two states were crypto-only as of June 2026, and rules for individual states can change.
A smaller product set. Much of what is written about Binance describes the global platform, which US persons cannot use.
Spread pricing. Simple buys and sells show their cost inside the price, which makes comparison harder than a stated fee.
Custody. Your crypto is a claim on the company and is not FDIC insured. Mt. Gox and FTX showed what that means, as the exchange checklist explains.

Who may Binance.US suit, and who does it not suit?

Binance.US may suit a US reader in a supported state who has read the history above, is comfortable with it, and wants a simple buying route alongside a spot order book and staking in one place. If that describes you, Binance.US is the platform this page covers.

It does not suit readers in unsupported states, anyone who wants the product range of the global platform, or anyone for whom the compliance record is a deal-breaker. It also does not suit people who want to hold their own keys, which The Power of Self-Custody covers. Coinbase vs Binance compares it with another US exchange.

Impersonating exchanges is a common scam, so reach any platform by typing its address yourself, not through a message or an ad. Common Bitcoin Scams and How to Spot Them lists the patterns.

What if you live outside the US?

This section is for non-US readers and has no affiliate link. As of 2 October 2026, Binance holds no authorisation under the EU’s MiCA rules from any member state. It withdrew its application in Greece on 24 June 2026, the MiCA transitional period for firms operating under national registrations ended on 1 July 2026, and Spain’s securities regulator, the CNMV, says only authorised providers may operate there from that date. Binance says it is actively working toward authorisation and said in June that it expected to secure a licence in the coming months.

On 1 October 2026 news reports said the European Securities and Markets Authority and national regulators were questioning how Binance still serves EU customers under an exemption for clients who approach a firm on their own initiative. Binance says it complies with applicable rules where it operates. EU readers can check any provider in the ESMA register.

How would you get started, if you decide to?

Check your state on Binance.US’s own list of supported states.
Read its fee page so you know which charges apply to what you plan to do.
Open the account from an address you typed yourself, with a unique password and two-factor authentication, and complete identity verification.
Make a small first purchase and test a small withdrawal to a wallet you control.
Keep records for taxes, as How Is Bitcoin Taxed in the US? explains.

New to Bitcoin? The Start Here path covers the basics in order. Is Bitcoin Regulated in the US? explains who oversees exchanges.

Crypto assets are volatile and you can lose money, including on a platform that works exactly as described. Nothing here is advice, and a qualified financial or tax professional can help with decisions about your own money. If you do decide to look at the US platform, start from the state list and fee page on Binance.US itself and not from a search ad or a message.

Last checked: 2 October 2026. Fees, features and availability change, so confirm them on the provider’s own site.

Where to go next

Coinbase vs Binance: Key Differences for Beginners: a side-by-side view of Coinbase and Binance.US.
How to Choose a Crypto Exchange: A Safety Checklist: the questions to ask any platform before you deposit.
Is Bitcoin Safe? The Real Risks and Common Scams: exchange failure, user error and scams in one place.
Common Bitcoin Scams and How to Spot Them: the red flags behind fake exchanges and support impersonation.

Binance Review: Is It Safe, and Who Can Use It?