Binance.US Review: Pros, Cons, and More | The Ascent by Motley Fool

What could be improved

Limited features compared to international site

Binance’s main site is a behemoth with hundreds of cryptocurrencies and all kinds of advanced trading tools. Binance.US pales in comparison. But in fairness, this has more to do with regulatory guidelines in the U.S. than the Binance.US product.

Regulatory concerns

Binance.US does not have any issues with regulators. However, Binance has had regulatory challenges in several countries, including Japan, the U.K., Canada, Singapore, Thailand, and the U.S. Bloomberg has reported that there’s a U.S. investigation into Binance by the Commodity Futures Trading Commission (CFTC) and the Justice Department, though so far no charges have been brought.

Until last year, Binance appeared to prioritize user experience over regulatory concerns. However, it appears to have changed its tune — in part due to the issues it has faced. Binance says it grew its compliance team 500% in 2021. As regulators worldwide focus on cryptocurrency, it remains to be seen whether Binance’s new approach will be enough.

Does not accept credit card deposits

Binance.US is not alone in not accepting credit card payments. In fact, it isn’t always a good idea to try to buy crypto using a credit card. You may face extra charges from your card issuer, plus you’re essentially taking on debt to make a high-risk investment. Nonetheless, this is a slight negative.

Not available in every U.S. state

Binance.US is not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont. Cryptocurrency traders in these states will need to look for another exchange. Check out our list of top cryptocurrency apps and exchanges for more options.

Customer support

Binance.US does not have a telephone customer support line. It has an automated live chat function that can give basic assistance. But users with more specific queries need to fill out a form and wait for an email response. This is an issue for several cryptocurrency exchanges, as customers want more hands-on assistance, especially if they’re trying to report fraud or suspicious activity.