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Can Americans Use Binance?


Key Takeaways

VIDEO: Binance.com as a US resident - How to use Binance.com in the United States 2023
CyberGeeks
  • Binance is not accessible in the US; US residents need to use Binance.US, a separate exchange created for US traders and investors.
  • Binance.US has a more limited list of assets and features compared to Binance, but you can still trade a variety of cryptocurrencies.
  • Binance.US requires users to go through a verification process, including providing identification, to comply with Know Your Customer (KYC) standards.

Binance is the world's largest and most popular cryptocurrency exchange, used by novices, casual traders, and professionals alike. But can Binance be accessed in the US? As a US resident, can you trade and invest in crypto on this platform?

Not exactly. Using Binance in the US differs from using it in other countries, and it's important to understand how you can use this exchange if you're located within the US.

Is Binance Available In the US?

binance logo on laptop screen in office
Logo Credit: Binance/Wikimedia Commons

The main Binance crypto exchange is not available in the US. This is because Binance lists certain securities (i.e., crypto assets) that haven't been registered with or recognized by the US Federal Trade Commission (FTC). To operate within the US, Binance had to create an exchange specifically for US traders and investors, known as Binance.US. This version of the exchange does not list certain securities that haven't been registered with the FTC.

So, in short, you cannot access Binance in the US. Instead, you'll need to use Binance.US.

Because of its more limited lists of assets, Binance.US also lists fewer trading pairs. But you can still buy, sell, stake, and trade a wide range of cryptocurrencies on Binance.US, including:

  • Bitcoin
  • Ethereum
  • BNB
  • BinanceUSD
  • USD Coin
  • Tether
  • Aave
  • Solana
  • Litecoin
  • Dogecoin

Assets on Binance that you won't find on Binance.US include Monero, Tron, Wrapped Beacon ETH, and Stacks.

Numerous features aren't available on Binance.US that you will find on Binance, such as:

  • DeFi staking.
  • Liquidity farming.
  • Peer-to-peer (P2P) trading.
  • Binance Loans.
  • Mining pools.
  • Cloud mining.

Binance and Binance.US have the same maker and taker fee rates of 0.1%. While Binance does charge for withdrawals, Binance.US does not.

How to Use Binance.US

binance app opening screen on smartphone

You can only use Binance.US if you are located within the US. But if you fit this description, accessing Binance.US is easy.

First, search for Binance.US in your chosen search engine and click on the Binance.US website. Here, you'll be given the option to sign up for an account.

Signing up for a Binance account requires a lot of information, including your contact details, address, intentions on the exchange, and a valid form of identification. To use Binance fully, you'll need to verify your identity, which is why you need to provide an ID document (such as your passport or driver's license). This allows you to comply with Binance's Know Your Customer (KYC) standard. Binance verification usually takes less than a day or two but can take longer if there's a problem with your submission or if the service is overrun with requests.

Once your identity has been verified, you can use all the features available on Binance.US.

Binance.US Isn't Identical to Binance

While Binance.US and Binance are products of the same company, the former is only available in the United States and is more limited in its assets and features. If you find Binance.US too limiting, you may want to consider another exchange. However, US laws and restrictions will always apply, so there are some things you'll never be able to do unless you're outside of the country.

Sources


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