Binance.US Review 2022: Low Fees, But Investors Should Take a Pass

time.com:

No matter where you buy it, cryptocurrency is a highly volatile, speculative investment. Only invest in crypto what you’re prepared to lose, and make sure you have other financial priorities in place first: save money in an emergency fund, contribute to retirement savings, and pay off any high-interest debt balances.

Binance.US can grab investors’ attention with lower fees than many other cryptocurrency exchanges, but we’d recommend paying a bit more for added transparency. 

Binance.US is an American partner of Binance, the world’s largest cryptocurrency exchange by trading volume, and which was founded in China in 2017. The original platform stopped accepting U.S. users in 2019, and announced it would instead partner with a U.S.-based version of its platform called Binance.US.  

Since the 2019 introduction of Binance.US, the international Binance has faced regulatory scrutiny. For example, regulators in the U.K. and Italy have banned Binance from operating in their countries, while officials in Hong Kong and Japan have warned investors about the exchange. Binance was also under investigation by the U.S. government for tax fraud, money laundering, and insider trading as recently as September 2021, according to reporting by Bloomberg.

That level of scrutiny was recently extended to Binance.US, which Binance has referred to in the past as a U.S. partner. The Securities and Exchange Commission is currently investigating the relationships between Binance.US and two firms owned by Binance founder Changpeng Zhao, the Wall Street Journal reported.

We reached out to Binance and Binance.US last year and again in February 2022 in an attempt to confirm details about reported regulatory investigations, as well as to better understand the