Binance vs Binance.US: What’s the Difference?

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 2017 Binance 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.

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.

Frequently Asked Questions (FAQ)

What is the primary difference between Binance and Binance.US?

The primary difference is in their operational regions and offerings. Binance is a global cryptocurrency exchange, whereas Binance.US is a separate entity designed specifically to comply with U.S. regulations and is available only to U.S. residents.

Are the cryptocurrency offerings the same on Binance and Binance.US?

No, the cryptocurrency offerings differ. Binance offers a wider range of cryptocurrencies compared to Binance.US, which has a more limited selection due to stricter U.S. regulations.

Do Binance and Binance.US have different fee structures?

Yes, their fee structures can vary. Binance.US generally offers a lower fee structure compared to Binance, but the specific fees depend on factors like trading volume and payment methods.

Can U.S. residents use the global Binance platform?

U.S. residents are generally restricted from using the global Binance platform and are directed to use Binance.US, which is tailored to meet U.S. regulatory standards.

Is the user interface different between Binance and Binance.US?

The user interface of Binance and Binance.US is similar in design and functionality, but users might notice differences in available features and tools due to regulatory constraints on Binance.US.

How do security measures compare between Binance and Binance.US?

Both Binance and Binance.US prioritize security, employing measures like two-factor authentication (2FA) and data encryption. However, Binance.US adheres to U.S. specific regulatory requirements for additional security protocols.

Are the trading options the same on both platforms?

Trading options can vary between the two platforms. Binance offers more diverse trading options and features, like futures and margin trading, which might be limited or unavailable on Binance.US.

Can users transfer funds between Binance and Binance.US?

Direct transfers of funds between Binance and Binance.US are not typically possible due to the separate nature of the platforms. Users need to withdraw funds to an external wallet or bank and then deposit them into the other platform.

How do the account verification processes differ?

The account verification process for Binance.US is typically more stringent, adhering to U.S. KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. Binance’s verification process may be less strict, depending on the user’s country.

Which platform is better for U.S. residents?

For U.S. residents, Binance.US is the recommended platform as it is specifically designed to comply with U.S. regulations, providing a safer and more legal environment for cryptocurrency trading and transactions.

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.

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