Binance.US is a US-based centralized cryptocurrency exchange (CEX). It was founded specifically to provide cryptocurrency exchange services in the US after the ban on the global iteration of Binance. It offers spot and over-the-counter (OTC) trading, as well as staking.
The platform is operated by BAM Trading Services. The number of available Binance.US trading pairs is more limited compared to other centralized exchanges to comply with SEC regulations regarding some assets that are considered illegal. In 2022, Binance.US exceeded 70 available assets.
USD is the only fiat currency supported by the Binance.US cryptocurrency exchange. Although the platform was built specifically for the US crypto market, its availability is limited in some states. As of 2022, the service is available in 45 states, with licensing for the remaining states under negotiation.
Although the interface of the Binance.US crypto exchange is similar to the international version, it offers fewer functionalities. The primary services offered by the platform are Binance.US spot trading and direct cryptocurrency purchases. Users must be fully compliant with KYC regulations and provide ID verification.
The US-based platform uses the BNB token that can grant users additional discounts on the Binance.US crypto price they pay for the services. The fees are calculated based on the tier structure and use the maker-taker model.
The Binance.US spot market is known as Advanced Trading. Fees on Binance.US are calculated based on the order details when placing it. The transaction fee rate may vary based on trading pairs and market conditions when setting the order. The minimum required Binance.US crypto price for trading is $10.
The structure of Binance.US crypto fees is two-fold. There are nine VIP levels determined by the 30-day Binance.US trade volume and three tiers of trading pairs – Tier 0, Tier I, and Tier II.
Binance.US trading pairs that use BTC as the base currency all fall under the Tier 0 category. As of 2022, there are no Binance.US exchange fees on Bitcoin trading. Tier I and II pairs use BTC, USD, and USDT as the quote currencies. All Binance.US crypto prices are listed in USD for traders' convenience.
VIP 1 level is determined by a 30-day Binance.US volume below $10,000. In Tier I, makers and takers receive a 0.100% and 0.2000% discount, respectively. The Binance.US crypto price in VIP 1 Tier II is reduced by 0.4000% for makers and 0.6000% for takers.
Starting at VIP 6, with a Binance.US volume between $20 million and $100 million, fees no longer apply to Tier I market makers. Similarly, in VIP 8 and VIP 9, where the Binance.US trade volume is over $300 million, Tier II market makers are no longer required to pay fees.
BNB token holders receive an additional 25% discount on the Binance.US crypto exchange. For instance, in VIP 1, Tier I maker and takers fees are reduced to 0.0750% and 0.1500%, respectively, while in Tier II, the fees are down to 0.3000% and 0.4500%, respectively.
The Binance.US cryptocurrency exchange accepts various payment methods, including debit cards, domestic wires, and Apple Pay. Additionally, it's possible to use cryptocurrencies to pay for asset withdrawals. Fees are disclosed at the time of withdrawal and may vary based on the payment method.
The minimum withdrawal amount is adjusted based on the payment method. There are no deposit fees when using ACH or domestic wire. A 3.75% charge applies to debit card and Apple Pay transactions. The Binance.US crypto price on crypto-crypto transactions is asset-specific.
About the Company
The Binance.US crypto exchange was launched in 2019 after Binance was banned in the US due to regulations. Unlike the main branch, which is registered in the Cayman Islands, Binance.US is headquartered in San Francisco, CA. Catherine Coley was named the CEO at the time of launch.
In a short span, Binance.US experienced several changes regarding its executive team. Catherine Coley stepped down in April 2021, with Brian Brooks taking over as the CEO. However, Brooks resigned three months later, in August. The role was then transferred to Brian Shroder.
In early 2022, the Binance.US cryptocurrency exchange raised more than $200 million and was valued at $4.5 billion, making it one of the few US-based crypto unicorns. That same year, the company's CEO named some of the upcoming services, such as DeFi lending and an NFT marketplace.
Brian Shroder is the current President and CEO of the Binance.US crypto exchange. He's an entrepreneur and angel investor. He took over as the CEO in 2021. Prior to joining Binance.US, he worked with business development at Ant Group and Uber.