Binance review

Binance is the largest crypto exchange in the world by trading volume and says it has more than 300 million registered users. This Binance review looks at what the platform offers in October 2026, what it costs, how it has handled security, and, above all, where it is allowed to operate. That last point now matters more than anything else: Binance does not serve US residents and stopped taking new customers in the European Union in July 2026.

Binance at a glance

Binance was founded in 2017 by Changpeng Zhao (“CZ”). It grew from a spot exchange into a full ecosystem: spot and margin trading, futures and options, savings and staking products, a launchpad, a P2P marketplace and its own blockchain, BNB Chain. Its current CEO is Richard Teng, who took over in November 2023. The company has no formal headquarters; since January 2026 its global platform has operated under a licence from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM).

Regulation and licences

Binance’s licence map has changed a lot in two years, so read this section before opening an account.

• Abu Dhabi (ADGM): in December 2025 the FSRA authorised three Binance entities (an exchange, a clearing house and a broker-dealer) to run the global platform, with activity starting in January 2026.
• Dubai (VARA): Binance FZE holds a VASP licence and appears as active on the VARA public register.
• European Union: Binance applied for a MiCA licence in Greece in January 2026, then withdrew the application on 24 June 2026. From 1 July 2026, the end of the MiCA transition period, it told users in France, Italy, Poland and Spain that it could no longer accept new registrations (CoinDesk). Its earlier national registrations have lapsed. Binance says it expects to obtain a MiCA licence “in the coming months”, but as of October 2026 it does not appear on ESMA’s register of authorised providers. Regulators in several member states and ESMA have asked Binance how it uses the narrow “reverse solicitation” exemption to keep serving some EU clients.
• United States: Binance.com does not accept US residents. Americans can only use Binance.US, a separate company with fewer coins.
• United Kingdom: Binance has not accepted new UK users since October 2023. Press reports say it may apply under the FCA’s new crypto regime, but nothing is confirmed.

To understand why this matters, see our guide to the MiCA regulation explained.

Enforcement history

In November 2023 Binance pleaded guilty in the US to anti-money-laundering and sanctions violations and agreed to pay about $4.3 billion; CZ stepped down and later served a four-month prison sentence. The SEC dropped its separate civil lawsuit with prejudice in May 2025, and President Trump pardoned CZ in October 2025. The company remains under its 2023 obligations: on 9 October 2026, Bloomberg reported that the Justice Department is reviewing Binance’s compliance with that settlement, after reports about Iran-linked flows. No violation has been established.

Binance fees

Binance remains one of the cheapest large exchanges. The figures below are the base tier for regular users, as of October 2026, taken from the official fee schedule.

Product	Maker	Taker
Spot (regular user)	0.10%	0.10%
Spot, fees paid in BNB	0.075%	0.075%
USDⓈ-M futures (regular user)	0.02%	0.05%

On a $1,000 spot purchase, the trading fee is $1, or $0.75 if you pay it in BNB. Fees fall further with 30-day volume (VIP levels). Card purchases go through third-party providers and cost much more than the exchange fee; crypto withdrawals carry a network fee that depends on the coin and the chain.

Security record and proof of reserves

Binance’s most serious incident dates back to May 2019, when hackers stole about 7,000 BTC from a hot wallet. Binance covered the loss from its SAFU fund, an emergency reserve it still maintains. Since late 2022 it has published a proof of reserves based on a Merkle tree and a zk-SNARK circuit, which lets each user check that their balance is included in the total. This is useful, but it is not a full audit: it does not show liabilities outside customer balances. The account side is solid, with two-factor authentication, passkeys, withdrawal address whitelists and anti-phishing codes.

Products

• Spot trading on about 500 coins and some 1,400 pairs as of October 2026, plus margin trading.
• Perpetual and dated futures, options and copy trading (availability depends on your country).
• Simple Earn, staking and dual investment products, which carry their own risks.
• Binance P2P, Binance Pay, a launchpad and Binance Wallet, its self-custody wallet.

Opening an account

Registration takes a few minutes with an email or phone number, but trading and withdrawals require identity verification (KYC): an ID document, a selfie and, for higher limits, proof of address. Binance checks your country of residence at this stage, so it is the point where users in restricted jurisdictions are turned away. Enable two-factor authentication and a withdrawal whitelist before your first deposit.

Deposit and withdrawal methods

You can fund an account with a bank card through partners, buy crypto from other users on the P2P marketplace, or deposit crypto directly. Local bank transfer options vary by country and changed for European users in 2026, so check what your account shows before you rely on them. Withdrawals in crypto are fast; fiat withdrawals depend on the local rails still available.

Who Binance suits, and who it does not

Binance suits experienced traders outside the US, the UK and the EU who want deep liquidity, low fees and the widest choice of products. It does not suit US residents (who cannot sign up), new users in the EU or the UK, or anyone who wants a platform with a clean regulatory record. Beginners will find the app powerful but crowded. Whatever you choose, move long-term holdings to a wallet you control: our guide to choosing a crypto exchange explains what to check.

How Binance compares

Against Kraken or Coinbase, Binance is cheaper and offers more coins and derivatives, but those two hold MiCA licences and serve US customers. OKX and Bybit are its closest rivals on products and fees, and both hold MiCA licences for their European entities. In 2026 the deciding factor is less about fees than about which platform is authorised where you live.