The world’s largest exchange by volume, Binance, is launching a US-only subsidiary, aptly named “Binance US”.
Initially, Binance announced a flat-out ban of all US-based traders on their platform. Instead of serving US customers on the main platform, they are launching an exchange specific to the country. This will also come with a more prudent selection of cryptocurrencies for its users.
It has been announced that Binance US will offer a range of 30 coins and tokens, which are more likely to be legally compliant with local laws and regulations.
Each coin enabled on the platform must first pass their Digital Asset Risk Assessment Framework.
Binance US Referral ID
Being a subsidiary of the original Binance, the US version is very likely to have a similar referral program.
If Binance US offers the same perks as the main platform, you can expect bonuses of 40% for each person you refer.[table “” not found /]
All of our reviews take a look at three main categories that are most important for users. These include ease-of-use, trading fees, and customer support.
Although Binance US isn’t up and running yet, we’ll run through each of these with the most likely scenario, using the main Binance platform as a benchmark.
Ease of Use
Binance is one of the most user-friendly crypto exchanges, with a great user interface. We can expect to see the same for Binance US, with their trademark “basic” and “advanced” options for the trading panel.
Since the platform will be tailored to US needs, we can expect the entire platform formatted in a familiar way, with all options in American English.
It’s not clear yet whether or not Binance US will have a different fee schedule from the original platform.
If it follows the same format, however, we can expect the usual default fee to remain at the competitive 0.1% mark.
The part that is up for contention is the popular discount option that comes with using Binance’s very own BNB coin.
On the original Binance platform, fees are slashed in half when paid for in BNB – however, this will only be possible on Binance US if BNB passes their vetting process for integration.
As with most exchanges, including Binance itself, fees also decrease as individual trading volume increases. The lowest fee possible on the original Binance platform is a remarkable 0.015% maker fee.
The main Binance platform has mixed reviews concerning their support processes.
The general consensus, however, is that most users are able to have their issues resolved within a 24-hour period, using the support ticket system.
Their social media team is also quick to respond to inquiries.
It may be safe to assume that support on Binance US will be just as good, if not better than the main platform.
This will be due to being able to streamline their processes for US-specific needs, as well as dealing with a smaller pool of issues.
Binance US Review 2019
Ease of Use
We expect Binance US to launch in the United States in September or October 2019.
If you want to know more about Binance US and their parent company, Binance, we’ve gathered some of the most important facts about them in this section
The original Binance platform was launched in 2017 by Changpeng Zhao, also known more simply to the community as “CZ”.
Binance rose extremely quickly to become the most popular exchange in the crypto-sphere, and remains as the go-to option for a large majority of traders.
In June 2019, however, the exchange announced that it would ban US-based traders, and move them to their own US-specific platform: Binance US.
Binance US has been built in partnership with BAM Trading Services, a firm approved by the Financial Crimes Enforcement Network (FinCEN).
Accepted Payment Methods
As with the original Binance platform, we can expect deposits to be enabled for any cryptocurrency that the exchange supports. This range of options will be narrower for Binance US, however BTC and ETH are highly likely options.
Other Binance platforms have also enabled fiat currency deposits, as well as the direct purchase of some cryptocurrencies with debit or credit card.
Nothing is confirmed yet, but US Dollar deposits and credit/debit purchases of major coins may be on the table.
Binance US transaction fees
Going by original Binance transaction fees, we can estimate a default fee of 0.1% for trading.
Credit or debit card purchases on the original platform charge either 3.5% of the transaction value, or $10 (whichever amount is greater).
Binance US will very likely utilize a strict Know Your Customer (KYC) verification process for creating an account.
For this, you’ll most likely need to provide a telephone number, as well as one or two forms of US government-issued ID. Most commonly used forms are a passport and/or driver’s license.
Buy/Sell Limits at Binance
The main Binance platform does not have a limit on trading cryptocurrencies. There are limits, however, on how much you may withdraw at a time from the exchange.
Traditionally there have been tiers of verification which allow you to withdraw more at a time, depending on how much information you have provided. “Level 1” users can withdraw up to 2BTC worth of currency within a 24-hour period, whereas additionally verified “Level 2” users may withdraw up to 100BTC worth of currency every 24 hours.
It is not clear yet whether such tiers will exist on Binance US.
The original Binance has had some security breaches in the past, however it has managed to maintain a good track record in managing these and keeping user funds safe.
We can expect Binance US to have top-notch security, too.
The exchange will provide two-factor authentication (2FA), as well as other login confirmation tools, to keep individual accounts safe.
Binance US is not decentralized, however, so user funds will be held by the exchange itself.
Binance has been one of the less-controversial exchanges in the crypto world.
Some notable occasions, however, include contentious coin de-listings, as well as dubious practices around the listing of new coins on the platform.
Cryptocurrencies listed on Binance US will be subject to much more scrutiny, and we are estimating that there will be less drama within this exchange.
We expect Binance US to provide a solid support experience, following in the footsteps of the original exchange.
Most issues seem to be fixed on the original Binance platform within 24 hours using their support ticketing system. If anything falls through there, a simple inquiry via one of their social media pages will tend to get it sorted!