Users from the US have been kicked out of Binance and sent to its sister exchange, Binance.US. But what distinguishes Binance and Binance US? Learn more here.
Users in the US have been given two weeks to quit Binance.com, according to Binance.
US users will only be able to use the Binance.US exchange in the future. In addition to not being accessible in all US states, Binance.US offers a smaller variety of cryptocurrencies.
The warning was long overdue: Binance said that it would ban all US customers, who are prohibited from using the exchange per Binance's policy (for fear of angering US regulators, who might object to some of the coins Binance listed on its exchange). But it didn't take action until this year.
About Binance US
Binance. US, run by BAM trading services and not affiliated with Binance, uses its name and logo. Former Morgan Stanley investment banker Catherine Coley serves as the company's CEO. Changpeng Zhao, a cryptocurrency billionaire also known as CZ, is the CEO of Binance.
Binance. US is accessible in 41 US states, which is 41 more than Binance. This month, it added support for North Carolina and Alaska. Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, Vermont, and Washington are the only states that do not support it.
Binance. Compared to Binance, which offers 259 coins, US only offers 52, a pitiful selection. The cause is due to US regulators, who are far more worried about the currencies trading list than some other nations—and much more likely to sue at the direction of the US Securities and Exchange Commission.
However, some prominent US exchanges provide a greater selection of coins than this. Kraken offers 49, Gemini gives 26, and Coinbase Pro offers 38. Still present on Binance are the major coins. United States: XRP, Tether, Bitcoin, etc. Polkadot is the only top 10 coin (by market cap) missing from its lineup. Additionally excluded are some of the more recent, specialized decentralized finance (DeFi) currencies as Aave and YFI. However, Binance.US offers significantly fewer options than the offerings of its parent firm, compared to what American Binancians may be accustomed to. One of Binance's key selling features is its cheap fees. Binance. High rollers pay greater fees in the US.
Finally, compared to other exchanges, Binance.US is substantially smaller. With a daily volume of $8.2 billion, the crypto analytics website CoinGecko rates Binance as the biggest cryptocurrency exchange. The smallest fish by nearly 90x is Binance.US, which as of this writing had a daily volume of $89 million.
