- Binance has warned US users that they have two weeks to leave Binance.com.
- In the future, US users will be limited to the Binance.US exchange.
- Binance.US is not available in all US states and offers a limited selection of cryptocurrencies.
Crypto Exchange Binance this week Emails sent to all US customers who suspect they are using the Binance.com exchange, warning them that they had two weeks to leave the platform before they were locked out of their money.
The warning was a long time coming: Binance announced it was rebooting its US customers who, according to Binance’s guidelines, are not allowed to use the exchange (for fear of annoying US regulators who may object to some of the coins listed on Binance his exchange). But it only became active this year.
“We have also put procedures in place to bring users on board who we have reason to believe are US persons,” a Binance spokesman said Decrypt. Each recipient of the email “has 14 days to withdraw all their funds in full before restrictions and offboarding measures take effect.” (Any US customer who has not Received the email but could use a VPN to bypass the restrictions.
But where can the US Binancians turn to? One answer is: Binance. Binance.USthat is – the company US arm.
“We urge all users who are US persons to register with Binance.US in order to continue to enjoy trading, “said the Binance spokesman. But how do the two platforms differ? And what’s the same
Binance.US is an independent company
Binance.US is a separate company from Binance operated by BAM Trading Services, but bears his name and logo. Its CEO is Catherine Coley, a former investment banker for Morgan Stanley. In comparison, Binance is run by a crypto billionaire Changpeng Zhao, also known as CZ.
Binance.US is available in 41 states.
Binance.US is available in 41 states – 41 more than Binance. Support for Alaska and North Carolina was added this month. But it is Not supports in the following states: Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, Vermont and Washington.
Binance.US offers far fewer cryptocurrencies than Binance.
Binance.US offers 52 cryptocurrencies, a meager supply compared to Binance’s 259. The reason lies in the US regulators, who are far more concerned about the coin exchange list than in some other countries – and at the behest of US securities and Exchange Commission, far more likely to sue.
However, this is a larger number of coins offered by other top US exchanges. Coinbase Pro offers 38; Kraken offers 49 and Gemini offers 26.
The largest coins are still on Binance.US: Bitcoin, Tether, XRP and so on. The only top 10 coin (by market cap) that isn’t on the lineup is Polkadot. Some of the newer DeFi (Decentral Finance Niche) coins such as Aave and YFI are also not included.
Compared to the American Binancians, however, Binance.US offers far fewer options than what its parent company has to offer.
The fees for Binance US are higher
Binance’s low fees are one of the main selling points. Binance.US fees are higher for high rollers.
On Binance.US, traders with a monthly volume of less than $ 50,000 must pay 0.1% for manufacturer and buyer fees, less any discounts offered to those who pay their fees in BNB, Binance’s own cryptocurrencies. However, at Binance, these fees are offered to anyone trading less than 50 Bitcoin, currently valued at $ 829,825. Withdrawal fees are comparable.
So if you plan to invest all of your savings in Binance.US, you will pay far more fees in the long run.
Binance.US is much smaller than Binance
After all, Binance.US is much smaller than other exchanges. CoinGecko, a cryptometrics website, names Binance the largest cryptocurrency exchange with a daily volume of $ 8.2 billion. By comparison, Binance.US has a daily volume of $ 89 millionAs of this writing, Binance.US is more than 90 times smaller.
This also makes Binance.US far smaller than other leading US exchanges. Traders on Coinbase Pro have moved $ 1.7 billion in the past 24 hours. on Kraken $ 774 million; and on Gemini $ 97 million.