Can I Trust Binance US with My SSN?
Cryptocurrency exchanges have been overwhelmed with new investors since the beginning of 2021; there are currently over 100 million crypto users, with a growth rate of 15.7 percent in January alone. While the market has subsequently cooled, crypto has a lengthy history of enormous surges and dips, so another one isn’t out of the question.
Crypto firms must have the infrastructure and technology in place to handle these increased trade volumes. These organisations do not have a long track record of procedures to handle a big inflow of new clients and transactions, unlike stock markets and other mature exchanges that have had decades to develop such systems. Despite the fact that there has been a crypto dip, the market can rapidly rebound, and if it does, people will likely flock back to it to open new accounts.
On September 18, Binance.US began accepting new accounts. Users must provide government-issued identification and their social security number, as well as pass know-your-customer checks, in order to receive verification. Trading will start tomorrow at 9 a.m. ET for verified Binance.US users.
The global expansion of Binance
Binance has established a reputation for listing more digital assets than its competitors and focusing on crypto-to-crypto trading. Binance CEO Changpeng Zhao (also known as CZ) stated in a press release that Binance.US will “open a new key gateway” into the United States market.
However, it will be competing in a crowded market. Coinbase, a major competitor, has prioritised compliance over service expansion, supported assets, and trading options. Binance, on the other hand, has hopped through regulatory hoops and tailored its product to experienced traders. However, in order to gain favour with institutional investors and expand into new markets, it has been embracing compliance.
Binance.US is offering free trades and a $15 referral bonus for each new signup until November 1 to help with onboarding. It also hopes to attract new users by leveraging Binance’s global recognition and technical prowess. However, the program’s implementation is restricted. Despite the fact that most regulators have given Binance.US their approval, it is not available in 12 states, including New York, Texas, and Florida.
Binance US has reopened for business, allowing full fiat deposits and withdrawals for those migrating from Binance following the US ban or for those who are brand new to the platform. To enable fiat on-ramps, you must first complete three levels of verification, each of which unlocks new features and increases your limits.
Users who complete Level 1 — Basic Verification can trade crypto-crypto pairs, deposit and withdraw crypto, and have a daily withdrawal limit of $5,000 USD. Higher daily crypto withdrawal limits of up to $1,000,000 USD are available with Level 2 — Advanced Verification.
Fiat Account Verification (Level 3) allows users to deposit and withdraw USD as well as trade fiat-crypto pairs.
You should be familiar with the Binance.US features
Binance is a crypto exchange that accepts Bitcoin and other cryptocurrencies.
Bitcoin, Etherium, Bitcoin Cash, Litecoin, Chainlink, Dogecoin, and other popular digital currencies are among the more than 50 cryptocurrencies available for purchase and sale in the United States. Binance.US charges a flat 0.1 percent spot trading fee, which is less than many other US exchanges, such as eToro (about 0.75 percent for Bitcoin trades). Binance.US also has a 0.5 percent Instant Buy/Sell fee for traders who need to move quickly.
Unlike its global brokerage, Binance, Binance charges a 4.5 percent fee for debit card transfers.
(Credit card purchases are not permitted in the United States.) ACH bank transfers do not charge a fee for cash deposits or withdrawals, but bank wire transfers cost $15 per transaction. Withdrawals of Bitcoin cost 0.0005 percent and require a minimum of 0.001 bitcoin. Binance is a cryptocurrency exchange that allows you to trade cryptocurrency for cryptocurrency.
Cardano (ADA), Bitcoin Cash (BCH), Binance Coin (BNB), Etherium (ETH), Chainlink (LINK), Litecoin (LTC), Uniswap (UNI), VeChain (VET), and Tezos are among the eight digital currencies available for crypto-to-crypto trading in the United States (XTZ). Tether and Binance USD, Binance’s own stablecoin ($1 BUSD always equals $1 USD), can be exchanged for a variety of other cryptocurrencies.
Binance is a platform for peer-to-peer (P2P) trading
The OTC market in the US allows buyers and sellers to trade directly. Users are charged the spread between the buy and sell prices, rather than transaction fees. A $10,000 trade is the minimum amount that can be traded.
Binance is a cryptocurrency platform
For peer-to-peer trading, the United States uses the same technology as the rest of the world and offers three different platforms: Basic, Advanced, and OTC. New users should start on Binance.basic US’s trading platform, which will still provide experienced traders with information such as spot price, 24-hour price performance, and trading volume.
Even the basic platform may be too much for those who are just getting into crypto. You can buy bitcoins directly from the site if you don’t want to go through an exchange. After your account has been verified, all you have to do now is enter the amount of bitcoins or dollars you wish to spend. A $10 trading minimum is required on the exchange.
Hacks and security breaches involving bitcoin and cryptocurrency exchanges are still common, but the largest bitcoin exchanges are working hard to change that—with mixed results. Because bitcoin exchanges and cryptocurrency platforms lose their users’ data and, in the worst-case scenario, their actual coins, the bitcoin price takes a beating on a regular basis.
Now, Binance, the world’s largest cryptocurrency exchange by trading volume with a reputation for transparency and reliability, has issued a warning to users, claiming that it is looking into an alleged data leak. According to bitcoin and cryptocurrency news website Coindesk, the alleged security breach could affect up to 60,000 individual users who provided identification information to Binance in the previous year.