Review
Binance
One of the largest crypto exchanges by volume, with a US regulatory history on record
Our Verdict
Binance is one of the largest crypto exchanges by trading volume, with deep liquidity (lots of buyers and sellers, so your order fills without moving the price) and a published fee schedule (see the fee page for current rates). Its 2023 resolution with the US Department of Justice is on record in the sources below, and Binance.US is a separate entity with a narrower offering. Our verdict for a US-based buyer: this is not the right choice, because of that regulatory uncertainty. For an international user who wants to trade on a high-volume venue and can stomach the trust deficit, it works but carries real risk. We would point you to River or Swan if you are in the US, and Kraken if you are abroad, before Binance.
What we like
- Published spot fee of 0.10%, lower with BNB discount (see Binance's fee page)
- Deep liquidity by trading volume; tight spreads on BTC pairs
- Largest trading volume globally - institutional-grade execution
- Proof of reserves published (Merkle tree-based)
- Wide availability in most non-US jurisdictions
- Advanced trading features (limit, stop, OCO orders)
What could be better
- $4.3 billion DOJ resolution in 2023 for Bank Secrecy Act violations, failure to register as a money transmitting business, and sanctions violations
- Founder CZ pleaded guilty to federal charges and resigned as CEO
- Binance.US is a separate, restricted entity with limited functionality
- Aggressively promotes altcoins, meme coins, and speculative products
- Complex, overwhelming interface not designed for Bitcoin-only buyers
- Regulatory status remains uncertain in multiple jurisdictions
- Admitted in 2023 to willfully operating as an unregistered money services business in the US (FinCEN)
How We Scored This
Community score compiled from Reddit threads, expert reviews, and app store ratings.
The Bitcoin community is deeply skeptical of Binance post-DOJ settlement. Common sentiment: "cheap fees aren't worth the risk." Most r/Bitcoin users recommend withdrawing Bitcoin from Binance to self-custody immediately. The platform's altcoin-heavy culture conflicts with Bitcoin-only values.
More positive sentiment in the broader crypto community, where low fees and deep liquidity are highly valued. But even here, post-settlement threads show eroded trust. Many users report moving to Coinbase or Kraken for peace of mind.
The DOJ resolution totaled $4.3 billion ($4,316,126,163 in forfeiture and a criminal fine), which the Attorney General called one of the largest corporate penalties in U.S. history. Binance pleaded guilty to Bank Secrecy Act violations, failure to register as a money transmitting business, and sanctions violations, and DOJ said it willfully caused over $898 million in trades between U.S. users and users ordinarily resident in Iran. New CEO Richard Teng is working to rebuild compliance.
On 21 November 2023 Treasury announced a $3.4 billion FinCEN settlement and a $968 million OFAC settlement. FinCEN said Binance admitted it willfully operated as an unregistered money services business while obscuring its ties to the U.S., and that it willfully failed to maintain an effective anti-money laundering program.
4.6/5 on the App Store globally. The high rating reflects the broader crypto-trading community, not Bitcoin-specific users. Positive reviews praise the low fees and feature set. Negative reviews cite account freezes, verification delays, and withdrawal holds.
Score History
Initial review published. Low trust score (8/20) reflects DOJ settlement, CZ guilty plea, and ongoing regulatory issues.
Related Reviews
Explore more Bitcoin product reviews
Newsletter
Bitcoin insights, no noise.
Bitcoin explained without the hype. Updates when they matter.