Ex-Binance CEO Changpeng Zhao sentenced to four months for allowing money laundering on largest crypto exchange

As a result, uncertainty remains surrounding Binance.US, particularly since U.S. dollar transactions have been suspended. The charges came around the time when FTX, a rival to Binance, collapsed over allegations in November 2022 that the exchange’s owners had misused customer funds. Sam Bankman-Fried, the CEO of the exchange, was eventually sentenced to 25 years in prison after he was found guilty of multiple fraud charges. binance review Binance will also pay a $4.3 billion fine in federal court, part of which will go toward settling a lawsuit the Commodity Futures and Trading Commission launched against the exchange in March 2023. The CFTC lawsuit accused the ex-CEO and his company of „failing to stop illegal trading activity” on the platform. That’s a much shorter sentence than the US Department of Justice had recommended earlier this month.

How To Buy Bitcoin Cash (BCH) and Everything You Need To Know

For example, withdrawal fees for euros can be as high as 1.8%, and U.S. dollar withdrawals have been suspended, meaning ACH transfers are not currently allowed. The exchange offers free trading for bitcoin, while all other pairs are charged a maker/taker fee for trades. For instance, there is a maker fee of 0.40% and a taker fee of 0.60% for trading Tier I pairs, assuming $10,000 or less is traded over a 30-day period.

Reduced Trading Fees via Binance Coin

Moreover, Binance is also one of the cheapest crypto exchanges with zero trading fees on Bitcoin spot pairs. Combined with its excellent security track record and advanced mobile app, Binance is hard to beat. Conversely, the abundance of features can take a while to explore and get used to, but it’s well worth the effort. For basic verification, Binance.US allows traders to make U.S. dollar deposits and withdrawals via bank transfers and debit cards. Traders can also deposit and withdraw cryptocurrency, buy, sell and convert cryptocurrencies, and become eligible for Advanced Trading Feature. In addition, Binance.US carries high-security rankings as well as ultra-low fees.

Withdrawing Cryptocurrency

It has been 2 weeks since my first contact with support and to date I have received no contact whatsoever. Additionally every agent always end the chat with a flag that says „This issue has been marked as solved” when it clearly is not. Ever since its launch, Binance has become the largest exchange in terms of the global trading volume. Examples of the technologies used to provide a safe and secure trading environment for users include cold wallet storage and 2FA. While researching the company’s pricing structure for our Binance review, we were impressed with the value offered by the platform. With competitive standard fees and large discounts available for high-volume traders, Binance is an excellent trading platform for everyone, regardless of how far they are in their trading journey.

Move your mouse over Trade, and then click on Classic.

• In order to secure your account, Binance will ask you to set-up two-factor authentication (2FA).
• Additionally, its ongoing investigations and growing list of regulatory issues are also concerning.
• You can procure standard trading margins of 3x to even 10x, depending on the type of trades you want to execute.
• You can also choose to receive email notifications when key account functions are performed, such as withdrawals.

Launched in 2019, Binance US was created to ensure a compliant and stress-free trading experience for US users. A key benefit is that US users can deposit USD directly into their trading account, as well as trade directly against the US dollar. Binance Savings allows users to make a return on idle funds, through “flexible” or “locked” account types. Flexible savings accounts yield variable interest rates, while locked savings accounts pay higher interest on fixed-term deposits. Binance also offers futures that are collateralized using non-stablecoin cryptocurrencies such as Bitcoin or altcoins, under a separate tab named “Coin Futures”.

4.8/5.0 – Binance User

The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. The information is accurate as of the publish date, but always check the provider’s website for the most current information. Binance.US is required to report transactions that reach a certain threshold to the IRS. Even if that is unfair to Binance.US, investors are understandably on high alert, especially with the lack of transparency on show. Binance.US is a good exchange for anyone if they can look past the regulatory concerns.

Can you trade fiat currencies on Binance?

Any action taken by the reader based on this information is strictly at their own risk. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. By conducting this testing process, we aim to offer readers a clear and informative perspective on Binance, empowering them https://www.tokenexus.com/bitcoin-mining-on-mac/ to make well-informed decisions regarding their cryptocurrency endeavors. As of 2024, Binance lacks phone support as part of its customer service spread. However, Binance users still have a variety of ways to ask for help. Additionally, users can easily submit tickets or communicate issues via email.

This leads to long resolution times for issues and makes it a time-consuming process for the consumer to file any complaint only through the ticketing service. In reality, it’s amazing just how quickly the platform has grown since it was launched in 2017. Although the exchange is less than two years old, Binance is already responsible for billions of dollars in weekly trading volumes. The team at Binance recently introduced margin trading to its platform. You will need to apply for a margin account if this is something you’re interested in, which will include a disclaimer form indicating that you understand the risks involved.