Overview
Binance is the largest cryptocurrency exchange in the world by trading volume. It was founded in 2017 by Changpeng Zhao (“CZ”) and grew from a small spot exchange into a full ecosystem: spot and futures trading, savings and staking, a launchpad for new tokens, a payments app, its own blockchain (BNB Chain) and its own token (BNB).
In December 2025, Binance said it had passed 300 million registered users. Since late 2025 it has been led by two co-CEOs, Richard Teng and co-founder Yi He.
That scale is Binance’s main advantage. More users means more buyers and sellers on every market, which gives deep liquidity and tight spreads: you usually get a price very close to the market, even for large orders. The same scale also brings regulatory attention, which matters a lot in 2026, especially in Europe (see below).
What you can do on Binance
- Spot trading: hundreds of coins and well over a thousand trading pairs, with basic and advanced order screens.
- Convert: a one-click swap between coins, useful for beginners who do not want an order book.
- Futures and options: perpetual and dated futures with leverage, in USDⓈ-M (settled in stablecoins) and COIN-M (settled in the coin) markets. Leverage is high-risk and is limited or unavailable in some countries.
- Binance Earn: flexible and locked savings, staking, and more complex products (dual investment, auto-invest).
- Launchpool and Launchpad: ways to earn or buy new tokens before they list.
- Trading bots and copy trading: grid bots, DCA bots and copying other traders’ strategies.
- Binance Pay and Binance Card (in supported countries).
- Binance Wallet: a self-custody Web3 wallet inside the app for on-chain tokens and DeFi.
The mobile app has a “Lite” mode for simple buying and selling and a “Pro” mode with the full feature set. Beginners should start in Lite mode: the Pro screens are dense.
Fees
Binance uses a maker-taker model. A maker adds an order to the order book (for example, a limit order below the current price); a taker fills an existing order (for example, a market order).
| Product | Regular user (maker / taker) | Notes |
|---|---|---|
| Spot | 0.10% / 0.10% | 25% off when you pay fees in BNB |
| USDⓈ-M futures | 0.02% / 0.05% | 10% off with BNB |
| Convert / Buy Crypto | No separate fee, spread in the price | Card purchases cost more |
Fees fall as your 30-day trading volume or BNB balance grows (VIP tiers). Withdrawal fees depend on the coin and the network: the same USDT can cost very different amounts to withdraw on Ethereum, Tron or BNB Chain, so always check the network before you confirm.
These are the standard rates at the time of writing (October 2026). Promotions, regional entities and VIP levels change them, so check the official fee page before you trade.
Security
Binance has a strong technical security record for a platform its size:
- SAFU fund (Secure Asset Fund for Users): an emergency fund created in 2018 to cover users in extreme cases. Binance used its own funds to cover users after a 2019 hack of about 7,000 BTC.
- Proof of Reserves: Binance publishes regular reserve reports using a Merkle tree, so you can check that your balance is included and that the exchange holds at least 1:1 of the main assets. These reports are not a full audit of liabilities.
- Account protection: two-factor authentication, passkeys, withdrawal whitelists, anti-phishing codes and new-device confirmations.
Use all of them. Most losses on large exchanges come from phishing and stolen accounts, not from the exchange being hacked.
Regulation and legal history
Binance’s legal history is the most important thing to understand before you open an account.
- In November 2023, Binance pleaded guilty in the United States to anti-money-laundering and sanctions violations and agreed to pay about $4.3 billion. CZ stepped down as CEO and served a short prison sentence. He received a US presidential pardon in October 2025.
- Binance is not available in the US (Binance.US is a separate company) and is restricted in several other countries.
The situation in the EU (MiCA)
Under the EU’s MiCA rules, exchanges need a licence from one EU country to serve the whole EU. The transition period ended on 1 July 2026.
On 24 June 2026, Binance withdrew its MiCA application in Greece and said it would seek authorisation in another EU member state “in the coming months”. Reports since then say it is pursuing a licence in France, and that European regulators are examining how it continues to serve some EU customers.
In practice, many EU users have had services cut back since July 2026. Reports describe new sign-ups, deposits, new trades and Earn products being stopped in several countries, while withdrawals remain open. Binance says user funds are safe and accessible. What you can do depends on your country and account, so if you live in the EU, check what Binance offers you before you sign up or deposit, and consider a MiCA-licensed exchange such as Bybit EU, OKX, Kraken or Coinbase.
Pros and cons
Pros
- Deepest liquidity in the market and tight spreads
- Huge selection of coins, pairs and products
- Low fees, with extra discounts in BNB
- Strong security tools, SAFU fund and Proof of Reserves
- Good mobile app with a simple Lite mode
Cons
- No MiCA licence: services for EU users reduced since July 2026
- Large US settlement and a long list of regulatory disputes
- The number of products can overwhelm beginners
- High-leverage futures make it easy to lose money fast
- Customer support can be slow during busy periods
Binance vs. alternatives
| Binance | Bybit | OKX | Kraken | |
|---|---|---|---|---|
| Spot fees (base) | 0.10% / 0.10% | 0.10% / 0.10% | 0.08% / 0.10% | Higher (see review) |
| Coins | Very large | Large | Large | Medium |
| MiCA licence (EU) | No | Yes (Austria) | Yes (Malta) | Yes (Ireland) |
| Best for | Liquidity, choice | Derivatives | Exchange + Web3 wallet | Security, regulation |
Our verdict
Outside the EU, Binance remains the most complete exchange: the most liquidity, the widest choice and some of the lowest fees. For active traders, few platforms match it.
Inside the EU, the picture changed in 2026. Without a MiCA licence, Binance cannot offer its full service to new European users, and the timing of a new licence is uncertain. EU residents should check their country’s status first and, for now, a MiCA-licensed exchange is the simpler choice.
Whatever you choose, turn on every security feature, start small, and keep long-term holdings in a wallet you control.
This review is for information only and is not financial advice. Crypto is volatile and you can lose money.