So, is it possible?
Important keys
- Binance cannot be used in the United States. US residents are required to utilize Binance.US, which is a distinct exchange designed specifically for American traders and investors.
- Although Binance.US offers a more restricted selection of assets and features when compared to Binance, it still permits the trading of various cryptocurrencies.
- To adhere to Know Your Customer (KYC) regulations, users of Binance.US must complete a verification process that includes providing identification.
Binance, the world’s largest and most popular cryptocurrency exchange, is utilized by individuals of varying experience levels, including newcomers, casual traders, and professionals. But is Binance accessible in the United States? Can US residents engage in crypto trading and investments on this platform?
The situation is somewhat different. Utilizing Binance within the US is distinct from its usage in other regions, and comprehending how this exchange operates within the US is crucial.
Is Binance Accessible in the US?
The primary Binance cryptocurrency exchange is not accessible in the United States. The reason behind this is that Binance lists specific securities, namely crypto assets, that have not been registered with or recognized by the US Federal Trade Commission (FTC). To function within the US market, Binance established a separate exchange designed exclusively for US traders and investors, known as Binance.US. This American version of the exchange does not include certain securities that lack FTC registration.
In summary, individuals in the United States cannot access Binance as it is. Instead, they must utilize Binance.US.
Binance.US, due to its more restricted selection of assets, offers a smaller number of trading pairs. Nonetheless, it permits the purchase, sale, staking, and trading of a diverse array of cryptocurrencies, including:
– Bitcoin
– Ethereum
– BNB
– BinanceUSD
– USD Coin
– Tether
– Aave
– Solana
– Litecoin
– Dogecoin
Assets present on Binance but absent on Binance.US encompass Monero, Tron, Wrapped Beacon ETH, and Stacks.
Several features found on Binance are unavailable on Binance.US, including:
– DeFi staking
– Liquidity farming
– Peer-to-peer (P2P) trading
– Binance Loans
– Mining pools
– Cloud mining
Both Binance and Binance.US maintain the same maker and taker fee rates of 0.1%, though Binance does levy withdrawal fees, while Binance.US does not.
Navigating Binance.US:
Binance.US is exclusively accessible for users located within the United States. If you meet this criterion, gaining access to Binance.US is a straightforward process.
To begin, you can initiate a web search for “Binance.US” and click on the official Binance.US website. On the website, you’ll find an option to register for an account.
Creating a Binance account entails providing substantial information, including your contact details, address, purpose for using the exchange, and a valid form of identification. To maximize your utilization of Binance, it’s essential to complete the identity verification process, for which you will be required to submit an official ID document, such as a passport or driver’s license. This step ensures compliance with Binance’s Know Your Customer (KYC) standards. Typically, Binance’s verification process takes no more than one or two days, although it might take longer in case of submission issues or if the service experiences a high volume of requests.
Once your identity has been verified, you gain access to the complete array of features offered by Binance.US.
Binance.US Differs from Binance
While both products of the same company, differ significantly. Binance.US is specifically tailored for use within the United States and comes with more limited assets and features. If you find Binance.US too restrictive for your needs, it might be worthwhile to explore other exchange options. However, it’s crucial to remember that U.S. laws and regulations will always apply, which means there are certain activities you won’t be able to engage in unless you are outside of the country.