Binance Review: Is It the Best Crypto Exchange in 2026?

Last Updated: November 3, 2026

Quick verdict: Binance is a legitimate exchange and the world’s largest by trading volume, with low fees and monthly proof of reserves, but it is not risk-free. Attackers took about $6.3 billion from its hot wallets on October 29, 2026; Binance says it is bearing the losses, and on November 3 it began reopening withdrawals for more assets on nine networks. Blockchainreporter rates it 6.9 out of 10, the same score Binance has in our best crypto exchanges ranking.

Binance is the world’s largest cryptocurrency exchange, and it has been for most of the past eight years. It reported more than 323 million registered users in July 2026, and on October 20, 2026, CoinGecko recorded about $8.8 billion in 24-hour spot volume on Binance, more than any other centralized exchange, across 507 coins and 1,366 trading pairs.

But “biggest” doesn’t always mean “best for you.” Binance has faced serious regulatory scrutiny, a $4.3 billion US settlement and a leadership change after its founder pleaded guilty to an anti-money-laundering violation. Binance does not serve the US or Canada and is not available to new users in the UK or the European Economic Area. US residents can use the separate Binance.US platform, and since July 1, 2026, existing customers in the EEA can only withdraw funds and close positions. For how Binance compares with eight other exchanges, see our best crypto exchanges ranking.

So is Binance still worth using in 2026? This review covers everything: features, fees, security, regulation, supported assets, the mobile app, and how Binance compares with alternatives like Bybit, OKX, Mercado Bitcoin, Paybis and 1inch.

Availability differs by country. For Canadian readers, the best crypto exchanges in Canada are compared in a separate guide.

Disclaimer: This review is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency is a high-risk asset class.

What’s Happening to Binance? Status on November 3, 2026

Binance is recovering from the largest crypto theft on record. On October 29, 2026, attackers took about $6.3 billion from its hot wallets; Binance suspended withdrawals but kept deposits open, and the FBI has attributed the theft to North Korea’s TraderTraitor group, according to CBS News. As of November 3, withdrawals are reopening in phases, and Binance says the losses will not be passed on to users.

• Withdrawals: Phase one reopened 15 networks on November 1. In Recovery Update #6, published at 02:40 UTC on November 3, Binance began a second phase from 04:00 UTC covering 38 assets on Ethereum, 31 on BNB Smart Chain plus all bStocks, 22 on Solana and 12 on Base, Sui, Arbitrum, Optimism, the XRP Ledger and Tron. The rollout is progressive, so check the withdrawal page for your coin and network.
• Reserves: Binance says it has replaced about 95% of the stolen amount with company funds, including part of its SAFU fund, and is still buying the less liquid tokens that make up the rest. On November 2, it completed the zero-knowledge proof for its October 31 reserves snapshot, and it plans the next snapshot, covering more tokens, for November 4.
• Regulation: Abu Dhabi’s Financial Services Regulatory Authority, which regulates Binance’s global platform, said on October 30 that it was engaging with Binance and monitoring the incident, according to Khaleej Times. Binance.com remains closed to new users in the US, Canada, the UK and the EEA.

Binance at a Glance

What Is Binance?

Binance was founded in 2017 by Changpeng Zhao (CZ) and Yi He. It started as a pure crypto-to-crypto trading platform and within six months became the world’s largest exchange by volume. Over the years it has expanded into a full ecosystem: spot and derivatives trading, staking and savings, a native blockchain (BNB Chain), a self-custodial wallet, copy trading, a token launch platform, and Binance Academy, one of the most comprehensive crypto education resources online.

In the United States, a separate company, Binance.US, offers a more limited product set: spot trading only, with no futures or margin, and a smaller selection of coins.

Following CZ’s resignation and $50 million personal fine in late 2023 as part of the $4.3 billion DOJ settlement, Richard Teng took over as CEO, and in December 2025 co-founder Yi He became co-CEO alongside him. Under their leadership, the exchange has prioritized regulatory compliance, securing a global licence in Abu Dhabi and growing its user base to record highs, while losing access to new customers in the EU and the UK.

Binance Features

Spot Trading

Binance’s spot market is its core offering and the deepest liquidity venue in crypto. With 1,366 trading pairs on CoinGecko and a base fee of 0.10% per side, among the lowest for a top-tier exchange, it offers tight spreads and consistent fill quality. Advanced charting via TradingView integration, a full suite of order types (market, limit, stop-limit, OCO, trailing stop), and a switchable Lite/Pro interface make it accessible to both newcomers and professional traders.

Third-party tools now plug into exchanges as well, as when altFINS partnered with CoinEx to connect its analytics with trade execution.

Futures & Derivatives

Binance offers one of the most comprehensive derivatives suites in the industry. Perpetual futures are available on hundreds of pairs, with up to 125x leverage on major contracts. Quarterly delivery futures, options and portfolio margin accounts for sophisticated risk management are available to eligible international users. Fees start at 0.02% maker and 0.05% taker for futures, lower than spot. Binance.US users have no access to derivatives.

Margin Trading

Cross and isolated margin accounts allow traders to borrow assets and amplify positions, with up to 10x leverage depending on the account mode and asset. Binance charges daily interest on borrowed assets, and its risk engine includes liquidation alerts and position monitoring tools.

Simple Earn & Launchpool

Binance’s passive income suite is one of the broadest in crypto. Simple Earn offers flexible and locked products for hundreds of assets, with rates displayed before you commit. Launchpool lets users lock BNB and other eligible tokens to farm new tokens before they list. Earn products are not available to EEA customers since July 1, 2026.

Copy Trading

Binance’s copy trading feature lets users automatically mirror the trades of experienced traders, with full transparency into historical performance, drawdown and strategy type. It suits users who want market exposure without active trading.

Trading Bots

Binance offers native trading bot strategies including Grid Trading, DCA (Dollar-Cost Averaging), Rebalancing and TWAP (Time-Weighted Average Price). These are available directly within the app with no coding required, and backtesting tools let users simulate strategies before deploying capital.

Standalone tools are also on offer. In May 2026, BSStrategy launched a free intraday trading robot for automated quantitative trading.

P2P Trading

Binance’s peer-to-peer marketplace supports hundreds of local payment methods across dozens of fiat currencies. Takers pay no platform fee, and trades are protected by an escrow service, making P2P one of the most widely used on and off-ramp options for users in regions without direct fiat support.

NFT Marketplace

Binance has wound down NFT trading on the exchange. In June 2026 it announced that NFT support on the exchange would end, gave users until July 3, 2026, to withdraw transferable NFTs, and moved NFT management to the self-custodial Binance Wallet. Users who still hold NFTs on the exchange should check the Binance Wallet for access.

Web3 Wallet

Binance Wallet, the exchange’s self-custodial wallet, is built into the Binance app and connects to DeFi protocols, token swaps, bridges and dApps across major blockchains, and it is now where Binance users manage NFTs after the exchange ended NFT support on July 3, 2026. If you’re comparing wallet options beyond the exchange, see our crypto wallet reviews for custodial and self-custodial alternatives.

Binance Academy

Binance Academy is a free, comprehensive crypto education hub covering topics from beginner blockchain concepts to advanced DeFi, trading strategies and security practices. It is one of the most widely used crypto educational resources available.

Binance Fees: Full Breakdown

Spot Trading Fees

Binance’s base spot fee is 0.10% maker and 0.10% taker, one of the lowest flat rates among top-tier exchanges. For comparison, Coinbase Advanced charges 0.60% maker and 1.20% taker and Kraken Pro 0.40% and 0.80% at their entry tiers.

Fee reduction options:

• BNB payment discount: Pay fees with BNB to receive a 25% reduction (effective rate: 0.075%).
• VIP tiers: Nine VIP levels based on 30-day trading volume. The highest tier (VIP 9) offers maker rates as low as 0.011%.
• Promotional zero-fee pairs: Select pairs periodically carry zero maker fees.

Futures Trading Fees

Note: futures fees are charged on the full notional position size, not your margin. Factor this into leverage calculations.

Deposit Fees

• Crypto deposits: Free (only standard network fees apply).
• Fiat deposits via bank transfer: Usually free, depending on region.
• Fiat via card (Visa/Mastercard): A fee that depends on the provider and region, shown before you confirm.

Withdrawal Fees

• Crypto withdrawals: A fixed network fee per coin and network, shown on the withdrawal screen and adjusted with network conditions.
• Fiat withdrawals: Vary by method and region.

Options Trading Fees

Options trading fees are charged as a percentage of each contract’s value and are listed on Binance’s fee schedule, along with exercise fees.

Binance Security

SAFU Fund

Binance’s Secure Asset Fund for Users (SAFU) is an emergency reserve held in Bitcoin. It held about 15,000 BTC, bought for $1 billion in a conversion completed in February 2026, until Binance used part of it to replace assets stolen in the October 2026 hack: about 7,499 BTC left the fund’s public wallet on October 31, leaving about 7,500 BTC on November 3, according to blockchain data. Binance says it will replenish SAFU to about $1 billion, in line with its earlier pledge to top the fund back up whenever its value falls below $800 million. The fund was originally built from 10% of trading fees from 2018 and has been used to compensate users affected by platform-side incidents, including direct compensation payouts for losses caused by platform downtime and degraded performance.

Security Features Available to Users

• Two-Factor Authentication (2FA): Authenticator app, hardware security keys (FIDO2/WebAuthn), passkeys and SMS.
• Anti-phishing code: A unique code displayed in all official Binance emails to confirm authenticity.
• Withdrawal allowlist: Restricts withdrawals to pre-approved wallet addresses only, a critical safeguard against account takeovers.
• Device management: View and revoke active sessions across all logged-in devices.
• Cold storage: The majority of user funds are held in offline cold storage.
• Proof of Reserves (PoR): A Merkle-tree verification portal lets users confirm that their own balances are included in Binance’s reserve reports. In Binance’s post-hack snapshot of October 31, 2026, Bitcoin reserves covered 100.04% of customer balances, and zk-SNARK proofs also verify that customer liabilities are not understated.

Past Security Incidents

Binance has experienced significant security events. In 2019, hackers stole 7,000 BTC from a hot wallet, and Binance covered all losses through SAFU with no user haircut. In 2022, the BNB Chain bridge was exploited for about $570 million, a chain-level event contained without affecting exchange user funds. In 2023, the DOJ settlement put a multi-year compliance monitor in place to oversee Binance’s anti-money-laundering and sanctions programs, with tighter KYC requirements across all markets.

On February 3, 2026, Binance paused withdrawals for about 20 minutes because of what it called technical difficulties, then resumed them. Its largest incident by far came later that year, on October 29, 2026.

October 2026 Hot Wallet Breach

On October 29, 2026, at about 20:05 UTC, a security incident in Binance’s hot wallets affected about $6.3 billion of assets, the largest crypto theft on record, according to Binance’s updates and blockchain analytics firms TRM Labs and Chainalysis as reported by Al Jazeera and Forbes. Binance suspended withdrawals, kept deposits open and said it would absorb the losses with company funds, including its SAFU fund, rather than pass them to users. About $3 billion had been frozen on chain by October 30, much of it by stablecoin issuers Tether and Circle, according to Reuters. The FBI attributed the theft to North Korea’s TraderTraitor group, according to CBS News.

In its recovery update of November 1, Binance said it had replenished about 95% of the affected assets, a figure it has not had independently verified, and began reopening withdrawals in phases on 15 networks, starting with Bitcoin. Binance completed the zero-knowledge proof for its October 31 reserves snapshot on November 2 and opened a second withdrawal phase, for more assets on nine networks, on November 3; the status section at the top of this review has the details. After the breach, our best crypto exchanges ranking lowered Binance’s security score and moved it from second to joint third with KuCoin, at 6.9 out of 10.

Does Binance Publish Proof of Reserves? How to Verify Your Balance

Yes. Binance publishes a proof of reserves every month, based on a snapshot of customer balances taken at 00:00 UTC on the 1st and released by the 7th, and it took an extra snapshot at 00:00 UTC on October 31, 2026, after the hack. In that snapshot, Bitcoin reserves covered 100.04% of customer balances, Ether and USDT 100.00%, BNB 101.30% and USDC 106.08%, according to Binance’s proof of reserves page. Each report pairs a Merkle tree, which lets every user check that their balance was included, with a zk-SNARK proof that the reported total of customer balances is complete. Binance finished that proof for the October 31 snapshot on November 2 and plans the next snapshot for November 4.

To check your own balance, following Binance’s verification guide:

1. Download the open-source verifier tool from Binance’s GitHub repository.
2. Log in on Binance.com, go to Profile, then Wallet, then Verification, and choose the snapshot date.
3. Check that the verification type is “Merkle Tree + Zksnarks” and click Download Merkle Tree.
4. Run the verifier for Windows, macOS or Linux to check the root hash, then run it again with the user option to confirm your own entry.

A proof of reserves compares holdings with customer balances on one date. It is not a real-time view and does not replace a full financial audit.

Supported Cryptocurrencies & Assets

Binance lists 507 coins and 1,366 trading pairs, according to CoinGecko, including:

• Major assets: Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), XRP, USDT, USDC.
• Altcoins: Hundreds of mid- and small-cap tokens across DeFi, AI, gaming, meme coins and infrastructure.
• Stablecoins: USDT, USDC, FDUSD and others.
• Tokenized assets: Access to selected tokenized real-world asset products through BNB Chain integrations.

Binance.US offers a smaller selection of coins and no derivatives.

Binance Mobile App

Binance’s iOS and Android app is one of the most widely used crypto exchange apps worldwide. Key features:

• Full spot, margin and futures trading (international version)
• Lite and Pro mode toggle for a simplified or advanced interface
• Biometric login and 2FA support
• Real-time push notifications for price alerts, order fills and security events
• P2P marketplace access
• Earn products, copy trading and bot management
• Binance Wallet integration for on-chain activity

Lite mode simplifies the interface significantly for new users, removing many of the options that Pro mode presents.

On a PC, you can trade in a browser or install the Binance desktop app, which the official Binance download page lists for Windows, macOS and Linux alongside the iOS and Android apps. Download Binance apps only from that page or the official app stores.

Pros and Cons of Binance

Pros

Deepest liquidity in crypto. Binance accounted for 38.7% of spot volume among the 10 largest centralized exchanges in the second quarter of 2026, according to CoinGecko, and consistently offers tighter spreads than competitors. Its liquidity dominance extends to stablecoins: at peak, over $47.5 billion in stablecoins were pooled on Binance, about 65% of centralized exchange stablecoin liquidity.

Lowest fees at scale. The 0.10% base fee, reducible to 0.075% with BNB, is lower than Coinbase Advanced (0.60% / 1.20% at its entry tier), Kraken Pro (0.40% / 0.80%) and Gemini. Active traders in the highest VIP tier pay maker fees as low as 0.011%.

Broadest ecosystem. Few exchanges match Binance’s combination of spot, derivatives, staking, copy trading, trading bots, P2P, a self-custodial wallet, token launches and education under one roof.

BNB token utility. Holding BNB reduces fees, BNB locked in Launchpool earns a share of new token rewards, and the token has its own supply reduction mechanism (Auto-Burn and BEP-95).

SAFU and Proof of Reserves. The Bitcoin-denominated SAFU reserve and monthly Merkle-tree and zk-SNARK reserve reports provide meaningful user protection and transparency.

Cons

The largest hack on record. Attackers took about $6.3 billion from Binance’s hot wallets on October 29, 2026, and withdrawals were suspended until a phased reopening began on November 1. Binance says it is covering the losses, but the breach showed that even the largest exchange’s hot wallets can be compromised.

Regulatory history and ongoing oversight. The $4.3 billion DOJ settlement, later fines in Canada, India and Australia, and continuing monitoring are material risks. Its regulatory status remains in flux in several jurisdictions.

Not available for US users at full capacity. Binance.US offers a significantly reduced product set. US-based traders wanting futures, margin or a wider asset selection must look elsewhere.

Shrinking access in Europe. Binance has not accepted new users in the EU since July 1, 2026, or in the UK since October 2023, so readers in Europe need an alternative such as a MiCA-licensed exchange.

Overwhelming for beginners. Even with Lite mode, Binance’s sheer breadth of features, products and settings can be intimidating. Platforms like Coinbase are significantly more beginner-friendly.

Customer support quality. User reviews consistently cite slow response times and unsatisfactory resolution for complex issues. Live chat exists, but wait times can be long during peak periods.

Fiat on-ramp limitations. Card purchases carry provider fees, and bank transfer options vary significantly by region and are not universally available.

Binance vs. Competitors

How does Binance compare with other crypto exchanges? Binance has the highest spot volume and the most listed coins of the four exchanges compared below, and its 0.10% base fee matches Bybit and is far below Coinbase Advanced, but it is not open to new users in the US, the EU or the UK. In Blockchainreporter’s best crypto exchanges ranking, last revised on November 3, 2026, Binance is joint third with KuCoin at 6.9 out of 10, behind OKX (8.0) and Kraken (7.4), after losing points for the October hack.

BNB: The Binance Ecosystem Token

BNB (Binance Coin) is the native token of the Binance exchange and BNB Chain. Understanding BNB’s role is important for any serious Binance user:

• Fee discounts: 25% off spot and 10% off futures when fees are paid in BNB.
• Launchpool access: BNB locked in Launchpool determines your share of token rewards.
• BNB Chain: Powers smart contracts, DeFi, NFTs and dApps on BNB’s layer 1 and layer 2 (opBNB).
• Supply reduction: Binance burns BNB quarterly through Auto-Burn and continuously through BEP-95, permanently removing supply.

For active Binance users who trade frequently or take part in Launchpool events, using BNB to pay fees lowers trading costs. For the latest price, see our BNB price page.

How to Create a Binance Account

1. Visit binance.com (or binance.us if you’re in the US), or install the official Binance app.
2. Click Register and enter your email or phone number.
3. Create a strong password and complete email or phone verification.
4. Complete KYC identity verification (government ID and selfie), which is required for full access to the platform.
5. Enable 2FA immediately after account creation (an authenticator app or passkey is recommended over SMS).
6. Set up your anti-phishing code in security settings.
7. Make your first deposit through P2P, bank transfer or a crypto transfer from an external wallet.

For beginners: start with the Lite interface and explore Binance Academy before making your first trade, and start with small amounts until you’re comfortable with order types and fee structures. Residents of the US, Canada, the UK and the EEA cannot open a new Binance.com account.

Does Binance Require KYC? How Identity Verification Works

Yes. Binance requires every new user to complete identity verification, known as KYC (know your customer), before depositing or trading, and existing accounts that never reached the basic “Verified” level are limited to withdrawals, cancelling orders and closing positions, according to Binance’s help center. On the website, verification takes a few steps:

1. Log in, open Account, then Identification, and click Get Verified.
2. Select your country of residence, the country that issued your document and the document type.
3. Upload the front and back of your ID, or connect your phone to take the photos.
4. Complete the liveness check, a short face scan with your camera.
5. Confirm your personal details exactly as they appear on the document, because they cannot be changed later.

In the app, the same steps start from Account Center. Binance says it usually reviews documents within 48 hours, and some regions or payment methods require a higher verification level.

There is no legitimate shortcut. Binance offers no way to verify an account without an identity document, and its rules forbid using another person’s ID or transferring an account to someone else. Using a fake name or ID, or buying a “verified” account from a seller, breaks those rules and puts any funds in the account at risk of being frozen, while the seller’s identity stays attached to the account.

Binance Regulation and Availability in 2026

Binance’s access to Western markets has narrowed in 2026, even as it has added licences in the Middle East.

• European Union: Binance withdrew its application for a MiCA licence in Greece on June 24, 2026, and from July 1, 2026, stopped accepting new users in the European Economic Area. Existing EEA customers can no longer open new spot positions, deposit funds or use Earn products, but can still withdraw and close positions. Binance says it is working toward MiCA authorisation in another member state, and in October 2026 the Financial Times reported that EU regulators were examining whether Binance was improperly relying on a reverse-solicitation exemption to keep serving customers in the bloc.
• United Kingdom: Binance has not accepted new UK users since October 2023, when the FCA’s rules on crypto promotions took effect. According to the Telegraph, it plans to apply for authorisation under the UK’s new crypto regime, which takes effect on October 25, 2027; the application window runs until February 28, 2027.
• United States: Binance.com does not serve US residents. The separate Binance.US is unavailable in 16 states and territories, including New York, Texas, Washington and Ohio, offers spot trading only and cut its fees to 0% for makers and 0.02% for takers in April 2026.
• Licences: Abu Dhabi’s Financial Services Regulatory Authority authorised Binance’s exchange, clearing and broker-dealer entities in December 2025, and Binance has held a virtual asset licence from Dubai’s VARA since 2024. In Japan, SoftBank’s PayPay bought a 40% stake in Binance Japan in October 2025.
• Enforcement: Since its $4.3 billion US settlement in November 2023, Binance has been fined C$6 million by Canada’s FINTRAC (May 2024) and INR 18.82 crore by India’s Financial Intelligence Unit (June 2024), and in March 2026 an Australian court ordered its local derivatives arm to pay A$10 million in a case brought by ASIC. The SEC dismissed its civil lawsuit in May 2025.
• Leadership: President Trump pardoned founder Changpeng Zhao in October 2025. Zhao has said he will not return to run the exchange, which has been led since December 2025 by co-CEOs Richard Teng and co-founder Yi He.

Is Binance Safe in 2026?

The honest answer: safer than it was before 2023, but not risk-free. On October 29, 2026, attackers took about $6.3 billion from Binance’s hot wallets, the largest crypto theft on record. As of November 3, 2026, Binance says it is bearing the loss itself, its October 31 reserves snapshot shows customer balances in ten major tokens backed at least 1:1, and withdrawals are reopening in phases.

On the positive side, the SAFU reserve is real and has been used, most recently to help replace the stolen assets, cold storage protects the majority of user assets, monthly proof of reserves offers genuine transparency, and the DOJ settlement forced real compliance improvements.

On the risk side, the regulatory situation remains active in several jurisdictions. EU regulators are examining whether Binance still serves EU customers after its July 2026 wind-down, and shortly after the DOJ settlement, questions arose about whether Binance was financially solvent, concerns the exchange addressed publicly through its proof-of-reserves data.

Using the withdrawal allowlist, enabling hardware-key or passkey 2FA, and not keeping more capital on the exchange than you actively need are sensible precautions for any centralized exchange, including Binance. Binance has also handled large withdrawal waves: in October 2025, a $21.75 billion outflow over seven days tested the exchange’s liquidity, and it processed withdrawals without restrictions. After the October 2026 breach, by contrast, withdrawals were suspended from October 29 until a phased reopening began on November 1, which is why keeping only what you need on any exchange matters.

Verdict: Is Binance the Best Crypto Exchange?

For most active crypto traders outside the United States, Canada, the EU and the UK, yes: Binance remains the default choice, and for good reason. The combination of the deepest liquidity, the lowest fees at scale, the broadest product ecosystem and strong passive income options is unmatched by any single competitor.

For US-based users, Binance.US is functional but significantly limited, and Coinbase offers a more complete regulated US experience. In Europe, Binance is no longer an option for new users, so MiCA-licensed exchanges such as Bybit, OKX, Kraken and Coinbase are the practical alternatives.

For absolute beginners in countries where Binance is available, it is worth learning, but start in Lite mode and read Binance Academy before deploying any capital.

Overall rating: 6.9/10, the same score Binance has in our best crypto exchanges ranking. We lowered it from 8.5 after the October 29, 2026 hot wallet breach. Binance offers best-in-class liquidity and fees for experienced traders outside the US, the EU and the UK, but it is no longer available to new users in Europe.

This review is for informational purposes only and does not constitute financial advice. Exchange fees, products and availability can change; always check Binance’s current terms and your local rules before opening an account.

Frequently Asked Questions

Is Binance safe and legit?
Binance is legitimate: it is the world’s largest crypto exchange by trading volume, with more than 323 million registered users, a 10/10 Trust Score on CoinGecko, licences in Abu Dhabi and Dubai and monthly proof of reserves. It is not risk-free. It agreed to a $4.3 billion US settlement in 2023, and on October 29, 2026, attackers took about $6.3 billion from its hot wallets.

Can I use Binance in the US or New York?
Not Binance.com, which does not serve US residents. Americans can use Binance.US, a separate company that offers spot trading only, but it is unavailable in 16 states and territories, including New York, Texas, Washington and Ohio, so New York residents cannot use either platform. Users in Kansas and Wisconsin can trade crypto on Binance.US but cannot use US dollar services.

Is Binance available in the EU and the UK?
Not for new users. Binance withdrew its MiCA licence application in Greece in June 2026 and, from July 1, 2026, stopped onboarding users in the European Economic Area, while existing customers can still withdraw funds and close positions. In the UK, Binance has not accepted new users since October 2023, although it plans to apply for authorisation under the UK’s new crypto regime.

What are Binance’s trading fees?
Binance charges 0.10% for makers and 0.10% for takers on standard spot trades. Paying fees in BNB cuts this by 25%, to 0.075%. Futures fees start at 0.02% for makers and 0.05% for takers. VIP tiers based on 30-day volume reduce fees further, with maker fees as low as 0.011% at the highest tier. Card purchases carry separate provider fees.

Has Binance ever been hacked?
Yes. On October 29, 2026, attackers took about $6.3 billion from Binance hot wallets, the largest crypto theft on record. Binance says it will bear the losses and had replaced about 95% of the stolen assets by November 1, when withdrawals began reopening in phases; a second phase followed on November 3. In 2019, hackers stole 7,000 BTC, which Binance covered from SAFU.

What is SAFU?
SAFU stands for Secure Asset Fund for Users, an emergency reserve Binance created in 2018 from a share of trading fees. It held about 15,000 BTC after a conversion completed in February 2026. Binance used part of it to cover the October 2026 hack, leaving about 7,500 BTC in its public wallet on November 3, and says it will replenish the fund to about $1 billion.

Is Binance good for beginners?
Binance offers a Lite mode that simplifies the interface considerably, and Binance Academy is one of the best free crypto education resources available. However, the full platform is feature-heavy and can overwhelm new users, and Coinbase offers a simpler first experience. Beginners in the US, Canada, the UK and the EEA cannot open a new Binance.com account.

Does Binance require KYC?
Yes. Every new Binance user must complete identity verification before depositing or trading, and older accounts that never finished it are limited to withdrawals and closing positions. You choose your country and document type, upload a government ID such as a passport or national ID card, complete a short liveness check with your camera and confirm your details. Binance usually reviews documents within 48 hours.

How do I download the Binance app on my phone or PC?
Use Binance’s official download page or Apple’s App Store and Google Play, and avoid download links in ads or messages. Binance offers apps for iOS and Android and a desktop app for Windows, macOS and Linux. The mobile app has a Lite mode for beginners and offers spot, margin and futures trading for international users, P2P, Earn products and the built-in Binance Wallet.

How do I send crypto from Binance to another wallet?
Go to Assets, then Overview, and choose Withdraw (Send in the app). Pick the coin, paste the receiving address and select the network the receiving wallet supports, adding a memo or tag if it needs one. Enter the amount, check the network fee, confirm and approve with your passkey or 2FA. Send a small test first, because coins sent on the wrong network can be lost permanently.

Is Binance publicly traded, and who owns it?
No. Binance is a private company and is not listed on any stock exchange, so there are no Binance shares to buy; BNB is a cryptocurrency, not stock in the company. Founder Changpeng Zhao is widely reported to remain the largest shareholder, Abu Dhabi’s MGX bought a minority stake for $2 billion in March 2025, and co-CEOs Richard Teng and Yi He run the exchange.

Where is Binance’s headquarters?
Binance has long avoided naming an official headquarters. Since December 2025, its global platform has been regulated in Abu Dhabi, where the Financial Services Regulatory Authority licensed its exchange, clearing and broker-dealer entities, and it also holds a licence from Dubai’s VARA. Binance.US is a separate company that operates in the United States.