Is Binance Legally Available In The United States?
Mike Harry
Feb 2024
7 min read
Fact checked
Introduction: Binance is a major player in the global cryptocurrency scene but questions remain about its availability in the United States. This article explores the accessibility of Binance for U.S. users, as well as its compliance with regulations and licensing in the country. Continue reading to find out whether using Binance in the United States is both safe and legal!
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Is Binance available in the United States?
Binance, a dominant force in the cryptocurrency space was established in 2017 by Changpeng Zhao. Officially registered in the Cayman Islands as Binance Holdings Ltd, the platform has rapidly expanded its operations to over 186 countries.
Binance exchange
This includes spot trading, futures trading, staking, earn products, and its proprietary smart chain, among others. The exchange supports a vast array of over 350 cryptocurrencies, with numerous trading pairs, solidifying its position as the most liquid exchange in the world.
With a user base of over 120 million worldwide, Binance's influence in the crypto world is undeniable.
However, despite its global reach, Binance remains unavailable in the United States. The primary reason for this restriction is its lack of regulation by the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission) in the United States.
Can you use Binance in the United States?
For US-based crypto enthusiasts, Binance remains out of reach. US residents are restricted from signing up on the platform. Additionally, IP restrictions are in place, preventing users from accessing the website from US-based IP addresses.
Americans that want to invest in digital assets by using safe and FinCEN regulated exchanges, we recommend signing up to eToro and Uphold.
These are beginner friendly platforms that allow Americans to quickly and safely deposit funds in order to invest in cryptocurrencies.
Know Your Customer (KYC) is a standard verification procedure adopted by many financial platforms to ensure user security and prevent fraud. However, US residents will find themselves unable to complete the KYC process on Binance.
Binance KYC United States
Even if they employ VPNs to bypass IP restrictions, the KYC process will identify them as US residents, preventing further access.
Is Binance legal in the United States?
Binance's legal standing in the US is clear-cut: it is not legal. The stringent regulations in the US, combined with Binance's lack of regulatory compliance in the country, make its operations there non-permissible.
When will Binance be available in the US?
As of now, there's no clear indication or announcement from Binance regarding its plans to enter the US market.
Given the regulatory challenges and the need for compliance with US financial regulations, it remains uncertain when or if Binance will become available in the US.
Where is Binance based?
Binance is officially registered in the Cayman Islands as Binance Holdings Ltd. While it operates in numerous countries globally, its official registration remains in the Cayman Islands.
Is Binance Safe?
Binance is renowned for its security measures and robust infrastructure. However, potential users should be aware of regulatory risks.
Even if the platform is technically safe, the lack of regulatory compliance in certain countries, including the US, poses potential challenges and uncertainties.
For US residents seeking a secure and regulated platform, we recommend signing up for eToro. Regulated by FinCEN in the United States, eToro offers a safe and compliant environment for crypto trading.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
