Security Reminder: Stay Alert to Scams as Withdrawals Resume
Withdrawals are resuming in phases and opportunistic scammers may try to take advantage of this period. They may impersonate Binance through DMs, emails, group chats and even small transfers with a message attached, offering to "speed up withdrawals," give "priority processing," help you "claim compensation," or move your assets into a "Binance vault".
Please remember that Binance will never:
• Contact you first about your account or funds
• Offer or sell you a place in the withdrawal queue
• Charge a fee to unlock a network or asset
• Ask you to connect a wallet, sign, authorize anything, or transfer funds to "unlock" a withdrawal
• Ask you to move your assets into a "vault", "safe account", "secured wallet" or any address provided by someone else
• Send you an "eligibility", "status" or "compensation claim" link
• Ask for your password, 2FA codes or seed phrase
• Point you to a unofficial PoR site
• Offer paid "asset recovery" services
Once you connect, sign, or authorize a request, third parties can move your assets — and on-chain transactions are usually irreversible.
If your withdrawal is still pending, check its status in the Binance app. Anyone promising to expedite it for a fee is scamming you.
Only use the official Binance app and official channels for updates. To check whether a channel, account or website is real, use the official verification page:
https://t.co/aywEixOmJB
If you see anything suspicious, or think your account may be at risk, change your password right away, review your security settings and contact in-app Customer Support.
Keeping your assets safe is always our top priority. Thank you for your trust and support.
3.4/ 5
Our score
Fair
Maker fee
0.1%
Taker fee
0.1%
Coins listed
507
Accepts US customers
No
What is Binance?
Binance is a centralized cryptocurrency exchange founded in 2017. It offers spot, futures, options, margin, P2P and earn products, alongside the BNB ecosystem and access to hundreds of listed assets. The platform had 323 million reported users in July 2026.
Company and founders
Binance was founded by Changpeng Zhao and Yi He. Zhao founded Fusion Systems, worked at Blockchain.info and served as CTO of OKCoin. Yi He also worked at OKCoin, where she hired Zhao. The exchange raised about $15 million through a 2017 initial coin offering, with public participants providing the funds. Binance is headquartered in the United Arab Emirates and uses BNB across parts of its ecosystem.
How the exchange works
Binance is a custodial platform, so users deposit assets into exchange-controlled accounts before trading. Its product range includes spot markets, perpetual futures launched in 2019, options, margin trading, P2P transactions, savings or earn products. The exchange supports assets across networks including Ethereum, Bitcoin, BSC, Solana, Tron, Base and Arbitrum.
Fees and trading costs
The default spot maker fee is 0.1%, and the default spot taker fee is 0.1%. Futures fees are 0.02% for makers and 0.05% for takers. Binance uses VIP tiers based on 30-day trading volume and asset holdings. Holding BNB gives a 25% spot-fee discount, reducing the default spot rate to 0.075%. A BTC withdrawal costs about 0.0002 BTC, depending on network activity.
Availability and track record
Binance is available in more than 100 countries. Access is blocked in the United States, Canada, the Netherlands and sanctioned territories, while the UK is closed to new sign-ups. Binance suspended services across the European Union from July 2026 after failing to secure a MiCA licence. Comparable licensing work supports access in Japan, Indonesia, Thailand, Bahrain and the UAE.
Binance disclosed a breach on May 7, 2019, when hackers stole 7,000 bitcoin worth about $40 million at the time. Trading stopped for one week, and the exchange said customers would be reimbursed from an emergency fund. In November 2023, Binance pleaded guilty to U.S. anti-money-laundering violations and paid a $4.3 billion fine. The custodial model adds exchange risk, while futures and margin expose traders to liquidation losses.
Founders
Changpeng ZhaoCo-founder
Founded Fusion Systems, worked at Blockchain.info and served as CTO of OKCoin.
Yi HeCo-founder
Worked at OKCoin, where she hired Changpeng Zhao.
Best for:Active spot tradersFutures tradersBNB holders seeking fee discountsUsers in supported jurisdictions
Pros and cons
Pros
- 0.1% default spot maker and taker fees
- Futures maker fees start at 0.02%
- Spot, futures, options, margin and P2P markets
- Supports networks including Ethereum, Bitcoin, Solana and BSC
- 25% spot-fee discount for BNB holders
Cons
- Custodial exchange exposure affects deposited funds
- Blocked in the United States, Canada and sanctioned territories
- EU services were suspended from July 2026
- 2019 breach involved 7,000 bitcoin
- Paid a $4.3 billion U.S. regulatory fine in November 2023
Our review
3.4/5
Fair
Binance offers deep markets, low default trading fees and many products, but its centralized custody and regulatory restrictions add material counterparty risk.
Binance is a centralized exchange with spot, futures, options, margin, P2P and earn products. Its scale is the main advantage: the exchange listed 507 coins and 1,369 pairs, and its annual crypto exchange volume reached $7.3 trillion in 2024. That gives active traders access to many listed markets, though the range also includes leveraged products with higher loss risk.
Default spot fees are 0.1% for both maker and taker orders. Futures fees are 0.02% for makers and 0.05% for takers. A tiered VIP schedule uses 30-day trading volume and asset holdings, while holding BNB can reduce spot fees by 25%, to 0.075%. The default spot fees are below the cited industry average. Withdrawal costs vary by asset and network; the BTC withdrawal fee is about 0.0002 BTC, depending on network activity.
Access is uneven by country. Binance operates in more than 100 countries and has licensing work supporting access in Japan, Indonesia, Thailand, Bahrain and the UAE. The United States and Canada are blocked, the UK is closed to new sign-ups, and services across the European Union were suspended from July 1, 2026 after Binance failed to secure a MiCA licence. Those restrictions make it unsuitable for residents of affected regions. Access and payment options vary by country.
The company behind the exchange was founded in 2017 by Changpeng Zhao and Yi He. Zhao previously founded Fusion Systems, worked at Blockchain.info and served as CTO of OKCoin; Yi He worked at OKCoin. Binance raised about $15 million through its 2017 initial coin offering and reported 323 million users in July 2026. Its record also includes a May 2019 breach in which 7,000 bitcoin, worth about $40 million then, were stolen. Trading stopped for one week, and Binance said customers would be reimbursed from its emergency fund. In November 2023, it pleaded guilty to US anti-money-laundering violations and paid a $4.3 billion fine.
Broad markets, derivatives and low published default fees are the clearest strengths. The main weaknesses are centralized custody and regulatory access limits. Binance fits active traders who need broad markets and accept exchange counterparty risk.
Specs
| Markets | Spot, Futures, Options, Margin, P2P, Copy trading, OTC · unverified |
|---|---|
| Maker fee | 0.1% · unverified |
| Taker fee | 0.1% · unverified |
| Coins listed | 507 · unverified |
| Accepts US customers | No · unverified |
| Staking / earn | Yes · unverified |
| Licenses & registrations | Japan registration, Indonesia registration, Thailand registration, Bahrain registration, UAE registration · unverified |
| Security features | Emergency fund reimbursement · unverified |
| Futures & perpetuals | Yes · unverified |
| P2P market | Yes · unverified |
| Earn / savings products | Yes · unverified |
Not disclosed by the provider: Fiat deposit methods, KYC required, Proof of reserves, Mobile app, Max leverage (x), Copy trading, User protection fund, Referral program.
Data from the provider's website and public sources. Fees and availability change; confirm on the official site before you sign up.
Key features
Spot markets
Users can trade cryptocurrencies with default maker and taker fees of 0.1%. VIP tiers and BNB holdings can reduce the rate.
Futures contracts
Binance offers perpetual futures, which launched in 2019. Futures fees are 0.02% for makers and 0.05% for takers.
Options trading
The exchange includes cryptocurrency options alongside spot and derivatives markets.
P2P marketplace
The P2P market lets users trade crypto directly with other users through the platform.
Earn products
Binance offers savings and other earn products.
BNB fee discount
Holding BNB gives a 25% spot-fee discount, reducing the default 0.1% spot rate to 0.075%.
Inside Binance
Spot
Spot markets let users buy and sell crypto assets at current market prices. Binance listed 507 coins and 1,369 trading pairs.
Futures
Binance offers futures contracts for trading crypto price movements, including perpetual futures launched in 2019. The stated futures fees are 0.02% for makers and 0.05% for takers.
Options
Options are available alongside Binance's spot and futures markets.
Margin
Margin trading lets users trade with borrowed funds against collateral. Losses can exceed the amount used in an unleveraged spot trade.
P2P
The P2P market connects users for direct crypto trades. Payment availability and access depend on the user's country.
Earn
Earn products provide staking and savings options for supported assets.
Binance screenshots
What users say about Binance
The discussion is dominated by complaints rather than specific praise. The main concerns are restricted or frozen accounts, slow or ineffective support, regional access limits, and confusing wallet transaction requirements.
In their own words
“Account restricted after attempted crypto transfer—requesting escalation for case #[removed] I’m posting here hoping a support representative can help escalate my case and move this review forward. After I attempted to send crypto to another wallet, my account was restricted.”
“Binance API Key Creation Broken on iOS and Web This has to be one of the worst website experiences I’ve had. I’m trying to generate an API key on Binance for tax, but the security verification keeps throwing an error. I’ve tried both iOS and the web version and get the same problem.”
“Binance UK cannot access account or my crypto Hi, can anyone help me access my crypto on binance in the UK? When I try to log in it keeps saying I don't have passkeys & I can't access my crypto! Please help!”
“That missing gas token problem is the oldest and most infuriating trap in crypto. You're staring at your money but can't touch it without feeding the machine some other coin first. It's a terrible design that every chain has just accepted as normal.”
“Actually it is not working correctly in futures at all. It is the most frustrating and never active position in Futures. Waste of time, it just sits in the opn order while you lose the opportunities. Good idea but worst execution”
Scam warning: Fake Binance callers, SMS messages, emails, and support contacts are being used to steal account access or funds.
Scam warning: Users report scams involving fake sites, recovery attempts, and unofficial crypto exchange offers.
Based on 200 Reddit posts and comments from the last 12 months, checked Oct 18, 2026. These are posts by users on other sites, not reviews submitted on CryptoReview.
User reviews
No user reviews yet. Have you used Binance? Share your experience below.
Funding and investors
$15MTotal raised
1Round
1Investor
-
Initial coin offering Jan 2017 $15MPP Public participants in Binance initial coin offeringSource
FAQ
Who founded Binance?
Changpeng Zhao and Yi He founded Binance in 2017. Zhao previously founded Fusion Systems, worked at Blockchain.info and served as CTO of OKCoin, while Yi He worked at OKCoin.
What are Binance's trading fees?
Binance's default spot fee is 0.1% for both makers and takers. Futures fees are 0.02% for makers and 0.05% for takers, with VIP tiers based on 30-day volume and asset holdings.
Is Binance available in the United States and Europe?
Binance is blocked in the United States and suspended services across the European Union from July 1, 2026 after failing to secure a MiCA licence. The UK is closed to new sign-ups, while access is available in more than 100 countries.
Is Binance safe to use?
Binance is a centralized custodian, so users depend on the exchange to hold and process their funds. A May 2019 breach stole 7,000 bitcoin, and Binance said customers were reimbursed from its emergency fund; in November 2023, it paid a $4.3 billion US anti-money-laundering fine.
How many assets and trading pairs does Binance support?
Binance listed 507 coins and 1,369 trading pairs.
Does Binance have its own token?
Yes. Binance's ecosystem token is BNB, and holding BNB can reduce spot trading fees by 25%, from 0.1% to 0.075%.
Latest from Binance on X
https://t.co/Dg2lQ9txpX
Trust is earned, and we’re grateful for the confidence you place in us. #ThankYouBinancians
This campaign reflects that appreciation: eligible users can claim a 100 USDC Spot fee rebate voucher, share 20,000,000 USDC, and earn up to 10% APR.
Learn more 👉 https://t.co/11kIiwtH9P
This campaign reflects that appreciation: eligible users can claim a 100 USDC Spot fee rebate voucher, share 20,000,000 USDC, and earn up to 10% APR.
Learn more 👉 https://t.co/11kIiwtH9P
Fiat Withdrawal Update
Fiat withdrawals are now available for the following currencies:
New
✅ USD
✅ AED
✅ VND
✅ PHP
✅ IDR
Current:
JPY, VES, BRL, MXN, ARS, BHD, KZT, EUR, CHF, CZK, HUF, KWD, PLN, RON, SEK, CDF, KES, SLE, UGX, XAF, XOF, ZMW, and KGS.
We will continue to share further updates through official Binance channels.
Fiat withdrawals are now available for the following currencies:
New
✅ USD
✅ AED
✅ VND
✅ PHP
✅ IDR
Current:
JPY, VES, BRL, MXN, ARS, BHD, KZT, EUR, CHF, CZK, HUF, KWD, PLN, RON, SEK, CDF, KES, SLE, UGX, XAF, XOF, ZMW, and KGS.
We will continue to share further updates through official Binance channels.
Binance began restoring withdrawals in phases at 06:00 UTC on November 1, 2026. By 12:36 UTC, withdrawals had resumed for all 15 networks and assets in the initial phase. After an initial spike, withdrawal volumes have declined and are stabilising as expected, while deposit volumes have remained substantial.
Between 06:00 and 15:30 UTC on November 1, we processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion. This represents 2.1% of our $171 billion in total assets under management (AUM), based on the latest available Proof of Reserves (PoR) data as of October 28, 2026. A new PoR snapshot was taken at 00:00 UTC on October 31, and zero-knowledge proof (ZKP) computation began. The updated report is expected to be available on our PoR website tomorrow.
Our team continues testing rigorously the remaining networks and assets. We know how important safe and reliable access to your funds is and will share details of the next phase as soon as we can. Rest assured that market conditions are stable.
Thank you for your patience and continued support.
Between 06:00 and 15:30 UTC on November 1, we processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in a net outflow of approximately $3.64 billion. This represents 2.1% of our $171 billion in total assets under management (AUM), based on the latest available Proof of Reserves (PoR) data as of October 28, 2026. A new PoR snapshot was taken at 00:00 UTC on October 31, and zero-knowledge proof (ZKP) computation began. The updated report is expected to be available on our PoR website tomorrow.
Our team continues testing rigorously the remaining networks and assets. We know how important safe and reliable access to your funds is and will share details of the next phase as soon as we can. Rest assured that market conditions are stable.
Thank you for your patience and continued support.
Recent public posts from @binance, shown as published. Not reviewed or endorsed by CryptoReview.
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