Binance review
Binance is a centralized cryptocurrency exchange founded in 2017 by Changpeng "CZ" Zhao. By trading volume it remains the largest exchange in the world, reporting more than 300 million registered users. It offers spot, margin and derivatives trading across 600+ cryptocurrencies, plus staking/Earn products, an NFT marketplace and a Web3 wallet. In November 2023, Binance and Zhao pleaded guilty to US federal charges stemming from anti-money-laundering and sanctions failures, paying more than $4.3 billion combined to the DOJ, CFTC and FinCEN and accepting a five-year compliance monitorship. Zhao served four months in prison in 2024 and was pardoned by President Trump in October 2025. Binance.com remains unavailable to US retail users, is not authorised by the UK's Financial Conduct Authority, and withdrew its EU MiCA licence application in June 2026, restricting services in several EU countries.
Binance key facts
- Website: www.binance.com
- Category: Centralized cryptocurrency exchange (CEX)
- Founded: 2017, by Changpeng "CZ" Zhao
- Headquarters: Disputed / no fixed HQ; Cayman Islands-registered holding company; building an Abu Dhabi (UAE) regulatory hub from 2026
- Regulatory status: Not usable by US retail customers (separate Binance.US entity); not FCA-authorised in the UK; withdrew its EU MiCA application in June 2026, restricting EU services
- Products: Spot, margin and futures/options trading; Simple Earn staking; NFT marketplace; Web3 wallet; Launchpad token sales
- Trading fees: Spot: 0.1% maker/taker standard, down to about 0.075% with BNB fee discount; futures from 0.02% maker / 0.05% taker, improving with VIP volume tiers
- Supported assets: 600+ cryptocurrencies across 1,500+ trading pairs
- Notable regulatory history: Nov 2023: Binance and CZ pleaded guilty to US federal AML/sanctions charges; $4.3B combined DOJ/CFTC/FinCEN penalties; CZ served 4 months in prison, pardoned by President Trump in Oct 2025
- FYI Score: 91.6/100 (ranked #39 of the crypto exchanges we track)
Spot & derivatives trading
- Spot trading across 600+ cryptocurrencies and 1,500+ pairs
- USDT-margined and coin-margined perpetual futures and options
- Margin trading with cross and isolated modes
Earn & staking
- Simple Earn flexible and locked products across 100+ assets
- ETH and other proof-of-stake asset staking
- Dual Investment and other structured yield products
Fees & VIP tiers
- Standard 0.1% spot maker/taker fee, reduced when paid in BNB
- Volume- and BNB-holding-based VIP tiers (VIP1 through VIP9) with progressively lower spot and futures fees
- Separate, generally lower fee schedule for futures/derivatives trading
Platform and apps
- iOS and Android trading apps with tens of millions of downloads
- Binance Web3 Wallet for self-custody and DeFi access
- NFT marketplace and Launchpad for new token listings
Markets
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Who Binance is for
Binance suits active, self-directed retail traders who prioritize deep liquidity, the widest coin selection and the lowest achievable fees, and who are comfortable with a platform carrying an unresolved, multi-jurisdiction regulatory history. It is not usable by US residents (who must use the separately regulated Binance.US) and offers reduced or no service to UK users and, from July 2026, users in several EU countries.
Pros
- Largest exchange by trading volume and liquidity among major platforms
- Widest asset selection among major exchanges: 600+ cryptocurrencies and 1,500+ trading pairs
- Competitive fee structure versus peers, with further discounts for paying fees in BNB and for higher-volume VIP tiers
- Broad product range in a single account: spot, margin, derivatives, staking/Earn, NFTs and a Web3 wallet
- High mobile app store ratings from a large volume of reviews on the Apple App Store and Google Play
Cons
- In November 2023, Binance and founder Changpeng Zhao pleaded guilty to US federal charges for anti-money-laundering and sanctions violations, including failure to report suspicious transactions; the company paid more than $4.3 billion combined to the DOJ, CFTC and FinCEN and remains under a five-year compliance monitorship
- Zhao personally pleaded guilty, paid a $50 million fine and served four months in prison before being pardoned by President Trump in October 2025, a pardon that drew scrutiny over Binance's business ties to the Trump family's crypto venture
- Not available to US retail customers on Binance.com; US users must use the separate, more limited Binance.US platform
- No Binance entity is authorised by the UK's Financial Conduct Authority for regulated activity; derivatives are unavailable to UK users, with no Financial Ombudsman Service or FSCS protection
- Withdrew its EU MiCA licence application in Greece in June 2026, restricting new sign-ups, deposits, and Earn/staking access for users in several EU countries from July 2026
Binance FAQ
Is Binance regulated?
Partially, and unevenly across markets. Binance holds a patchwork of individual licenses and registrations rather than one global regulatory umbrella, including three licenses from Abu Dhabi Global Market (ADGM) covering its exchange, clearing and broker-dealer businesses from 2026. It is not authorised by the UK's FCA for regulated activity, is not available to US retail customers (who must use the separately regulated Binance.US), and in November 2023 pleaded guilty to US federal charges for anti-money-laundering and sanctions violations, after which it accepted a five-year compliance monitorship.
Is Binance legal in my country?
It depends on the country and the product. Binance.com is fully blocked or restricted in some markets — the US requires the separate Binance.US, while Canada and Russia are fully exited — and partially restricted in others, including the UK (no FCA-authorised entity, derivatives blocked) and, from July 2026, several EU countries after Binance withdrew its EU MiCA application. Check current local rules before signing up.
What happened in Binance's 2023 US settlement?
Binance and founder Changpeng Zhao pleaded guilty in a Seattle federal court in November 2023 to violations including failing to maintain an effective anti-money-laundering program and sanctions violations. Binance paid over $4.3 billion combined to the DOJ, CFTC and FinCEN. Zhao paid a $50 million personal fine and was later sentenced to four months in prison; he was pardoned by President Trump in October 2025.
What are Binance's trading fees?
Standard spot trading fees are 0.1% for both maker and taker orders, reducible to roughly 0.075% by paying fees in BNB. Futures fees start lower, around 0.02% maker and 0.05% taker at entry level, and both spot and futures fees decrease further at higher VIP tiers based on 30-day trading volume or BNB holdings.
Compare Binance with other crypto exchanges
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