Recently, there has been a lot of controversy about the credibility and security of Binance.US exchange. Did Binance.US do its job well or is it really a scam as all rumors and criticisms spread on the Internet?
What is Binance.US doing as the controversies have no sign of ending?. Read our article and find out the answer to the question "Is Binance.US a Scam?".
1. About Binance.US
Binance.US is an effort to bring cryptocurrencies to U.S. based customers using all the knowledge and resources used to launch and improve Binance over the years. So before we tackle the U.S. side of things -- this Binance US review will need to start with an analysis of Binance itself.
Store your cryptocurrency even when not trading in your Binance.US wallet
Use the app–available in the iOS App Store and Google Play Store–or your browser to access your account
Enjoy fees as low as 0.1%
Make investing easy with scheduled investments
Binance.US has a Certified Cybersecurity Score of 9.63
- Low fees, especially compared with its main rivals
- Wide variety of cryptocurrencies supported
- Easy-to-navigate trading platforms for users with any level of crypto experience
- Allows staking for Audius (AUDIO), Avalanche (AVAX), Binance Coin (BNB), Cosmos, Livepeer (LPT), Solana, and The Graph (GRT)
- Not available to all U.S. residents: Currently, Binance US does not offer services in New York due to missing regulatory requirements which NY requires. 12 more states are also affected: Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, Texas. But Binance US is working on getting people from these 13 states ready to trade
- Limited choice of cryptocurrency for trading. Although they are exploring 23 additional coins, Binance US currently offers 7 coins only. This is a far cry from the hundreds which Binance itself offers.
- Not good customer services: Below are some customers service reviews that we have collected from Trustpilot.com
- Parent company was subject to a major hack in 2019: On May 07 2019: Binance suffered a large-scale security breach where the hackers managed to steal around 7000 Bitcoin which is worth more than $40 Million USD at current price. The hack occurred at an inappropriate time for the exchange and it appears to be its largest hack to date.
2. Is Binance.US Scam?
If the Global Rank of the Binance.US exchange is not in the top 50,000, it proves that this exchange is relatively small, the number of visitors is small, there are not many investors participating, the risk of blocking the term is very low liquidity, The long-term risk is low floor revenue, easy bankruptcy, can't withdraw money and turn into a scam, or easy to be used as a manipulation tool to pump & dump junk coin prices.
Psychology is very important in cryptocurrency trading success. For peace of mind, you should open an account at a large and reputable exchange.
Our question arises, Is Binance.US A Scam? We can't confirm yet. When assessing the credibility of an exchange, we must rely on many factors, including information about the development team, transaction costs, security system and the ability to store assets. The most important thing is each individual's experience. Hope that you will provide us with more information and comments right below!