An Introduction to Binance
Binance is the world’s largest centralised cryptocurrency exchange. Its platform allows users to buy and sell crypto, NFTs, earn yield, and more.
Binance was founded in China in 2017 by CEO Changpeng Zhao, known as CZ, making it one of the newer cryptocurrency exchanges to buy and sell crypto. It’s grown rapidly in size with 90 million registered users, $76 billion in 24-hour daily volume, and offers hundreds of cryptocurrencies to users. Thanks to its native coin, BNB, Binance has built a large and loyal investor base, who are rewarded with discounts for using the BNB coin. Binance is designed for all types of cryptocurrency investors, whether you’re a beginner, intermediate, or advanced trader, with different interfaces to suit your investing ability.
Binance is available in more than 180 countries worldwide, but with one key difference in its accessibility compared to other exchanges such as Coinbase. Binance is divided up into two divisions: Binance and Binance US. Binance US is for those residing in the United States and Binance is accessible to those elsewhere in the world.
After launching in 2017, Binance was later banned in the US on regulatory grounds in 2019, and US citizens were denied access. This led to the inception of Binance US in September 2019, a partnership between Binance and BAM Trading Services, headquartered in Palo Alta in California, US. Binance and Binance US have a licensing agreement but continue to operate as separate legal entities. Through this partnership, Binance became fully compliant with US regulations so they’re able to continue serving the US market. Now that does come with a downside: limited trading options.
We’ve reviewed all aspects of both Binance exchanges including availability, features, security, fees, and how to use the platform, so you can decide if this is the right exchange for you.
Buy, trade, and hold 600+ cryptocurrencies on Binance
Binance vs Binance US: Quick Glance
Binance
- $76B in 24-hour trading volume
- 90M registered users
- 0% fees on spot Bitcoin
Correct as of August 2022.
Binance US
- up to 10x lower fees than other crypto platforms
- 0% fees on spot Bitcoin
Correct as of August 2022.
What we like:
- Multiple trading interfaces
- Wide range of cryptocurrencies
- Low fees
What we don’t like:
- 2 Binance websites depending on region
- US-only platform has limited crypto and features
- Not all US states allow access
Binance no longer operates in the US as of 2019. However, Binance US is a separate platform created in partnership with BAM Trading Services, allowing US customers access to crypto trading under the Binance name. Please note, Binance US has a limited offering.
See the table below for an overview of the key differences between Binance and Binance US.
| BINANCE | BINANCE US | |
| Access | Over 180 countries | The US, excluding the following states: Hawaii, New York, Texas, and Vermont. |
| Features | – Multiple trading interfaces – Multiple order types – Low fees – Recurring buys – Staking – Custom API keys – Binance Academy – Mobile app – Derivatives – NFT marketplace – Crypto loans – Binance card with cashback – Binance gift card – Binance Pay,24/7 chat support |
– Multiple trading interfaces – Multiple order types – Low fees – Recurring buys – Staking – Custom API keys – Binance… |
Rebecca is an investor and writer based in the UK. She specializes in breaking the news into bite size pieces and simplifying investing topics. You will find her on Twitter and Instagram providing investing education.
