all41author Why are there two versions of Binance, and which one should you use?
Binance is one of the world's biggest cryptocurrency exchanges, but it doesn't come in just one form. You can use Binance via its original website or Binance.US. So, what's the difference between the two, and which should you use?
Binance is a centralized cryptocurrency exchange launched in 2017 by Changpeng Zhao. Since then, Binance has amassed a huge user base in over 100 countries, with tens of millions of users worldwide. Evidently, Binance is a household name in the crypto industry, but it's not available everywhere.
Enter Binance.US.
As you've likely guessed, Binance.US is a version of Binance that's available solely for United States residents. What you may not know about Binance is that its main site is not available for US residents. This is where Binance.US emerged.
But why is there an entirely separate platform for the US?
Binance.US was launched in 2019 as a way to comply with US laws while also being able to serve users within the country. The catalyst for this was the CFTC's investigation into Binance for an array of possible legal issues. For instance, the CFTC was concerned that Binance had let its US-based users place wagers that went against the country's laws.
So, we know when and why these platforms had their start. But what other factors differentiate Binance and Binance.US?
There are numerous countries where Binance and Binance.US are illegal for residents to use.
Check out the table below to see which countries support Binance.
Binance
Binance.US
Europe: The 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.
The US (excluding Texas, New York, Hawaii, and Vermont).
While Binance is widely available in over 100 countries, there are nations in which it is not permitted. The countries in which Binance cannot be legally accessed include Iran, North Korea, Thailand, Malaysia, and the United States.
Binance is one of the most feature-rich exchanges, with options for just about everyone, including novices and advanced professionals. Binance.US also has some handy features but is much more limited in what it can offer.
Below is a table listing the features offered by Binance and Binance.US, with similar services highlighted.
Binance
Binance.US
Crypto trading, spot trading, staking, liquid staking, DeFi staking, conversions, OTC block trading, market statistics, liquidity farming, mining pools, cloud mining, peer-to-peer trading. Binance Loans, Binance Card, BNB Vault, Binance Pay, Binance Blog.
Crypto trading, spot trading, staking, conversions, market statistics, OTC trading.
Popular features like futures trading, mining pools, and loans are not available on Binance.US, which is important to note if you plan on delving into these ventures.
Below is a list of the number of cryptocurrencies supported by Binance and Binance.US, as well as some noteworthy examples:
Binance
Binance.US
600+ cryptocurrencies
150+ cryptocurrencies
Bitcoin, Ethereum, Litecoin, Dogecoin, Solana, Cardano, Shiba Inu, Tether, USD Coin, Polkadot, Polygon, Chainlink, BNB, BinanceUSD, Aave, Waves, Monero, Zcash.
Bitcoin, Ethereum, Litecoin, Dogecoin, Solana, Cardano, Shiba Inu, Tether, USD Coin, Polkadot, Polygon, Chainlink, BNB, BinanceUSD.
As shown above, Binance lists assets other popular exchanges have delisted, such as privacy coins like Monero and Zcash.
While Binance has over 1,400 trading pairs, Binance.US has just 324. Binance.US also doesn't list restricted cryptocurrencies like Monero and Zcash. Other well-known cryptos, like Kusama, Enjin, and Basic Attention Token, are not listed by Binance.US.
Because Binance is global and not limited to one country, it supports many traditional currencies, such as USD, GBP, EUR, and INR. While Binance is not available in the US, it does support USD for those who want to trade, convert, and transfer in this currency. Don't forget that many countries outside the US accept USD, such as Puerto Rico, Panama, and Cambodia.
As is the case with many crypto exchanges, Binance does charge fees in certain scenarios. In typical trades, a maker fee and a taker fee of 0.1% are charged. Compared to many other similar services, this is quite low. Binance also charges a 0.5% fee for instant trades.
If you want to withdraw funds from Binance, there's a fee charged based on which crypto you're withdrawing and how much.
Additionally, Binance's mining pools come with a fee of 0.5% to 2.5% depending on what pool you're in. Binance's cloud mining pools charge users a 2.5% fee and a 1.5% management fee. However, staking on Binance, as well as deposits, are entirely free.
So, how does Binance.US match up?
Both Binance and Binance.US charge the same maker and taker fees of 0.1%. Deposits are also free for the most part, but fees may be incurred when depositing USD specifically. However, Binance.US charges a 4.5% fee on debit card transfers, which is pretty steep.
If you want to stake via Binance.US, you're also in for an unpleasant surprise. Binance.US charges a hefty 20% service fee on staking rewards, which will deduct a fifth of your overall earnings.
There are some other factors that differentiate Binance and Binance.US to consider, such as trading volume.
Trading volume refers to the amount of crypto an exchange deals with via trading. Most trading volumes are calculated as a daily figure rather than weekly or monthly. You can use trading volume to get an idea of how in-demand a crypto or platform is at any given time.
At the time of writing, Binance has a 24-hour trading volume of over $7.6 billion. Binance.US, on the other hand, has a trading volume of over $15.2 million.
Of course, Binance has a far larger user base, but Binance.US's 24-hour trading volume is still pretty low for such a big name.
Another factor to consider is customer service. While Binance offers customer service via online chat, telephone, and 24/7 email, Binance.US can only assist customers via its 24/7 email service.
There's a reason why Binance and Binance.US exist separately from one another. These two platforms share certain features, layouts, and fees, but there are important differences to consider before you sign up for either.
Katie has been writing about tech-based topics for two years, with a specific interest in cybersecurity, AI, and cryptocurrency. Katie has covered a variety of topics during her time at MUO, including crypto explainers, cybersecurity guides, VPN reviews, recent hacks, and software tutorials. With a passion for emerging tech, Katie is also excited to see what new devices and digital platforms the coming years will bring.
