We all know that the Binance exchange is the largest exchange in the world. Meanwhile, so many people are always looking for different kinds of information about this platform.
Therefore, we have created a series of articles called “Binance FAQ”. They will try to answer your questions in the best way possible. Here is the 6th part.
1) Are Binance and Binance.us the Same?
No. In fact, they are two different companies legally speaking. In fact, you can see this in CoinGecko’s exchange list, where this exchange is in the first place and Binance US is in the tenth position.
But, why are they totally different? The reason for this was that this exchange was forced to have a different version in the United States. Their cryptocurrency regulatory policies are different and constantly changing more than in other parts of the world.
Therefore, this implies that Binance US has different investment tools, different amounts of tokens available, different limits for withdrawing fiat money, etc. Here is a brief comparison of some features. You can see more in this article.
Regarding security, both platforms use the same security protocols. Security policy, asset management, operational security, and information systems are one of them. Also, the main branch and Binance US are working to achieve ISO standards on this topic.
Finally, another important feature that very few people talk about is customer support. Personally, I’ve used this service on both platforms and they answer you normally in 1 day or even less. Also, you can ask about any doubts on their social media accounts. Outstanding.
2) Can Binance be Used in the US?
The main branch founded Binance US in China 2 years after the start of the power plant (2017). Right after the exchange stopped accepting investors from the U.S. For American users, Binance US is a very interesting alternative to trading and investing in crypto.
But the launch of Binance US was a headache for the main platform, as countries such as the UK, Hong Kong, Japan, and Italy wanted to ban the platform from operating. Also, Binance was under investigation by the US authorities for tax fraud, money laundering, and insider trading.
Well, nowadays, Binance US has great acceptance by the crypto community in its country with other crypto exchanges like Coinbase, Crypto.com, and FTX.
3) Can Binance Collapse?
I really don’t think that is possible now. This exchange is currently the largest exchange in the world by far. To give you an idea, the transaction volume in the last 24 hours is $10.5 billion, while that of the 2nd place (Coinbase) is $1.4 billion. That’s 10 times bigger.
The reason this crypto platform is so widely adopted worldwide is that it has focused on being the world’s crypto bank. The investment tools, the trading tools, the solutions to exchange cryptos for fiat money, the integrations with NFTs, and the reliability of its platform, make it an unmatched exchange right now. You can see more about Binance’s features in this article.
4) Can Binance be Used in New York?
When this exchange decided to enter the U.S. in 2019, it did so in all but 13 states, where New York, Florida, and Texas were the most important exclusions. In other words, Binance’s entry was progressive in the United States.
Currently, this platform has increased coverage in more states. However, New York, Hawaii, and two more states are the ones that still do not have access to this world-renowned exchange. More info here.
The reason why New York is not in Binance US is because of the increasing regulatory pressure and overall hostility among American legislators toward the sector. NY is the home of the controversial BitLicense.
5) Can Binance be Used in Texas?
Not yet, Binance US is still not licensed to operate in Texas. Currently, Texas is an increasingly important state for the crypto ecosystem in the U.S., however, it still lacks the endorsement of U.S. regulators. The downside is that if Texans wanted to open a Binance account, they would not be able to since US residents can only open a Binance US account.
Moreover, the fact that this exchange, not Binance.US, is an unregulated firm means that it is illegal for it to conduct business there. Because Binance.US is a sibling firm, they are also subject to the ban for having ties to an unlawful organization.
Finally, the Texas authorities were also concerned about Binance’s deceptive and manipulative advertising. They were saying that consumers might receive a 30% or even 40% return on their capital. This was a preposterous and unreal return rate on investment.
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