Binance: licences, security, fees and reviews
Centralized exchange
Status update
- Security incident (hot wallet compromise)
- Binance says its hot wallets were compromised at about 20:05 UTC on 29 October 2026, with a loss of about US$6.3 billion in token assets. source ↗
- User funds / compensation
- Binance commits to cover all losses from SAFU and company funds, and says it will absorb the financial impact of the stolen funds, not its users. source ↗
- Replenishment progress (1 Nov)
- Recovery Update #4 (1 Nov, 04:10 UTC): Binance says it has covered approximately 95% of the impacted amount, up from 90%; the outstanding 5% are less liquid tokens outside the top ten. source ↗
- Proof of reserves
- A PoR snapshot was taken on 31 Oct at 00:00 UTC; Binance estimates the full zero-knowledge proof by Tuesday 3 November 2026 (UTC). source ↗
- Frozen assets
- About US$3 billion of the stolen assets had been frozen on-chain by 30 Oct. source ↗
- Service status
- Binance's withdrawals have been partly reopened since 1 November 2026; the list of coins and networks changes from hour to hour. At 12:05 UTC on 1 November 2026, Binance's Deposit & Withdrawal Status page showed withdrawals open for BTC, ETH, USDT, USDC, BNB, SOL, XRP, DOGE, TRX, ARB, SUI, AVAX and POL, while Toncoin (TON) and most other coins were still suspended. For the current list, see Binance's Deposit & Withdrawal Status page. source ↗
- Withdrawal reopening plan
- Binance said on 1 November (04:10 UTC) that it planned to resume phase one of withdrawals that day between 06:00 and 09:00 UTC for listed networks, including BTC, ETH, BSC, TRX, SOL, XRP, DOGE, TON, Polygon, Avalanche C-Chain, Arbitrum, Base, Optimism and SUI, with more networks added once ready. source ↗
- SAFU fund
- Binance said on X on 31 October that the SAFU fund transfer (7,499 BTC) is complete, and it commits to replenishing SAFU to about US$1 billion. source ↗
As of 1 November 2026, from the company’s own announcements unless stated otherwise.
In short
- Legal entity
- Nest Exchange Limited, ADGM recognised investment exchange trading as Binance
- Fees
- Spot maker: 0.100% for regular users; 0.075% when paid in BNB (fee page, 2 October 2026 copy)
- Risks and caveats
- In November 2023 Binance Holdings Limited pleaded guilty in the US to anti-money laundering, unlicensed money transmitting and sanctions violations; the US resolutions totalled over $4.3 billion.
- Checked
- 28 October 2026
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On-chain stablecoin data
- Stablecoins held (floor)
- At least US$33.19 bn, read on 167 of the exchange’s 167 own wallets on 1 November 2026
- Held by network
- Ethereum US$29.29 bn (44 of 44 wallets read); BNB Chain US$2.87 bn (41 of 41 wallets read); Tron US$621.15 m (33 of 33 wallets read); Arbitrum One US$175.71 m (24 of 24 wallets read); Base US$164.37 m (15 of 15 wallets read); Optimism US$63.80 m (10 of 10 wallets read)
On-chain measurement by Stablecoin Scanner (ACHIVX), not a reserve or solvency claim. As of 31 October 2026. Binance reported a hot-wallet compromise on 29 October 2026; flow figures are not shown while the incident is open. scanner page ↗
Key facts
- Type
- Centralized exchange
- Exchange launched
- 2017
- Country of registration
- United Arab Emirates
- Operator
- Nest Exchange Limited
- Official site
- binance.com
Key facts checked on 28 October 2026 against official sources and regulator registers.
What is Binance
Binance is a centralised crypto exchange launched in July 2017 by Changpeng Zhao; Yi He is a co-founder. Its exchange is operated in the Abu Dhabi Global Market by Nest Exchange Limited, which trades as Binance. It offers spot, margin and futures trading, copy trading, trading bots and an NFT marketplace; spot fees paid in BNB get a 25% discount.
Good to know
- Binance's site footer lists three regulated companies in Abu Dhabi (ADGM): Nest Exchange Limited is the recognised exchange, Nest Clearing and Custody Limited the clearing house and custodian, and Nest Trading Limited is authorised to deal in investments as principal and as agent, arrange deals, manage assets, provide money services and arrange custody. ↗
- Under its ADGM permission, Nest Trading Limited is not allowed to hold or control client money. ↗
- In Dubai, Binance FZE's VARA licence lets it serve retail as well as institutional and qualified investors; margin trading and derivatives are limited to institutional and qualified investors. ↗
- Binance France SAS was registered with France's AMF as a digital asset service provider (E2022-037) from 4 May 2022; the AMF list of removed providers shows the registration ended on 2 July 2026 (the AMF lists the reason as automatic lapse at the end of the MiCA transitional period). ↗
- Binance Spain, S.L. was on the Bank of Spain register of virtual currency exchange and wallet custody providers (code D661) from 7 July 2022 until 1 July 2026, when its entry was closed. ↗
- In the UK, the FCA says that after Binance Markets Limited's permissions were cancelled in 2023, no Binance Group entity holds any UK authorisation or registration (FCA warning, updated 7 June 2023). ↗
- Japan's FSA lists Binance (warned March 2018) and Binance Holdings Limited (warned June 2021) among firms that did crypto exchange business with Japanese residents without registration; Binance Japan Inc. holds its own registration. ↗
- Binance's licences page, in its latest readable copy (February 2025; the live page does not load without a browser), also listed: in Australia, InvestbyBit Pty Ltd (Binance Australia) with AUSTRAC digital currency exchange registration 100576141-001; in Indonesia, PT Aset Digital Berkat (Tokocrypto) with a Bappebti physical crypto asset trader licence; in Thailand, Gulf Binance Co., Ltd. with digital asset exchange and broker licences; in El Salvador, Binance El Salvador S.A. de C.V. with CNAD licence PSDA/001-2003 (the CNAD public register, checked on 28 October 2026, has no such entity or number; its only Binance entry is Binance Services Latinoamérica, S.A. de C.V., PSAD-0002); in Mexico, Bmex Techfin with a SAT Vulnerable Activity registration; in India, a registration as a reporting entity with FIU-IND; in New Zealand, Investbybit Limited on the register of financial service providers (FSP1003864), which the page said is not a licence from a New Zealand regulator; in South Africa, futures and options offered as juristic representatives of FiveWest OTC Desk (Pty) Limited (authorised FSP 51619); and in the Seychelles, Nest Services Limited, then described as the global operator of the Binance platform, registered with the Seychelles FIU. Apart from El Salvador, these entries are given as the page stated them in February 2025 and may be out of date. ↗
- According to the US Justice Department, for years an email address was enough to open an account and trade; Binance required identity checks from all users only from August 2021 and let unverified users keep trading until May 2022. ↗
- In South Korea, Binance (AP) Holdings Limited is the parent of Streami Inc., operator of the GOPAX exchange, with a 67.45% stake according to Streami's 2025 audit report. ↗
Services
| Parameter | Details |
|---|---|
| Spot trading | Spot trading and Convert. |
| Margin | Margin trading on the spot market. |
| Derivatives | USDⓈ-M and COIN-M futures. |
| Copy trading | Copy trading and automated trading bots. |
| NFT | Binance NFT marketplace. |
| Fee discount | BNB, used for a 25% spot-fee discount. |
Licences and registrations
| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| United Arab Emirates (Abu Dhabi Global Market) | Nest Exchange Limited (trading as Binance) | Recognised Investment Exchange, Recognition Order 0072 of 5 January 2026; status active | Financial Services Regulatory Authority (FSRA) of ADGM |
| United Arab Emirates (Abu Dhabi Global Market) | Nest Clearing and Custody Limited (formerly Binance (AD) Limited) | Recognised Clearing House, Recognition Order 0070 of 8 December 2025; status active | Financial Services Regulatory Authority (FSRA) of ADGM |
| United Arab Emirates (Abu Dhabi Global Market) | Nest Trading Limited | Financial Services Permission 260000 of 5 January 2026 (financial firm) | Financial Services Regulatory Authority (FSRA) of ADGM |
| United Arab Emirates (Dubai) | Binance FZE | VASP licence (reference VL/24/04/001), issued 15 April 2024: broker-dealer, exchange (incl. derivatives), management and investment, lending and borrowing | Virtual Assets Regulatory Authority (VARA) |
| Japan | Binance Japan Inc. (Binance Japan株式会社) | Crypto-asset exchange service provider, Kanto Local Finance Bureau No. 00031 (register as of 30 September 2026) | Financial Services Agency (FSA), Kanto Local Finance Bureau |
| Kazakhstan (Astana International Financial Centre) | BN KZ Technologies Limited | Licence AFSA-A-LA-2024-0028, issued 25 September 2024, active; includes operating a digital asset trading facility and providing custody | Astana Financial Services Authority (AFSA) |
| Brazil | Binance Brasil Corretora de Câmbio e Valores Mobiliários S.A. | Listed in the Central Bank of Brazil register of operating institutions as a securities brokerage (sociedade corretora de TVM); register checked 28 October 2026 | Banco Central do Brasil |
| Bahrain | Binance Bahrain B.S.C. (c) | Listed in the CBB register under Crypto-Asset Services, Category 4 (register checked 28 October 2026) | Central Bank of Bahrain (CBB) |
| El Salvador | Binance Services Latinoamérica, S.A. de C.V. | Digital asset services provider registration PSAD-0002, registered 10 November 2023, status in force (CNAD public register, checked 28 October 2026) | Comisión Nacional de Activos Digitales (CNAD) |
| Argentina | Binance Services Latinoamérica S.A. de C.V. (Argentine branch, S.S.E.) | Virtual asset service provider (PSAV) registration No. 76 of 11 September 2024 (CNV PSAV register, checked 28 October 2026) | Comisión Nacional de Valores (CNV) |
Status in the United States and the United Kingdom
- On 21 November 2023, according to the CFTC, Binance Holdings Limited pleaded guilty to US criminal charges over unlicensed money transmitting, the Bank Secrecy Act and sanctions. CFTC, release 8825-23
- FinCEN’s consent order with Binance Holdings Ltd. and affiliates sets a $3.4 billion civil penalty for wilful Bank Secrecy Act violations, a five-year monitorship and undertakings to ensure Binance’s complete exit from the United States. FinCEN, 21 November 2023
- On 29 May 2025 the SEC filed a joint stipulation with the defendants to dismiss, with prejudice, its civil case against Binance Holdings Limited, BAM Trading Services Inc., BAM Management US Holdings Inc. and Changpeng Zhao (case filed 5 June 2023). SEC, Litigation Release 26316
- In the UK, Binance Markets Limited (FCA reference 688849) had its FCA permissions cancelled at its own request on 30 May 2023; on 28 October 2026 the FCA Register lists it as “No longer authorised”. FCA Financial Services Register
- In its consumer warning, last updated on 7 June 2023, the FCA states that no other entity in the Binance Group holds UK authorisation or registration to conduct regulated business in the UK. FCA consumer warning
Checked on 28 October 2026 against regulator registers and the text of the law.
Security and audits
- Proof of reserves uses a Merkle tree and zk-SNARK proofs so each user can verify that their balance is included.
- Binance keeps an emergency fund, the Secure Asset Fund for Users (SAFU), for extreme cases such as hacks or security breaches.
- Under its November 2023 plea agreement with the US Justice Department, Binance agreed to retain an independent compliance monitor for three years.
- For proof of reserves, Binance checks that it owns the reserve wallet addresses used, both cold and hot wallets.
- Binance states that it has zero debt in its capital structure.
Fees
| Parameter | Details |
|---|---|
| Spot maker | 0.100% for regular users; 0.075% when paid in BNB (fee page, 2 October 2026 copy) |
| Spot taker | 0.100% for regular users; 0.075% when paid in BNB (fee page, 2 October 2026 copy) |
| Spot USDC pairs | Regular users: taker 0.095%, or 0.07125% when paid in BNB; maker at the standard rate (fee page, 2 October 2026 copy) |
| Spot VIP 1 | VIP 1 (30-day volume of at least $1,000,000 and a balance of at least 5 BNB) lowers the spot maker fee to 0.090%; the taker fee stays at 0.100% (fee page, 2 October 2026 copy) |
Who can use it
- Verification: Binance's licences page, in its latest readable copy (February 2025), said identity verification (KYC) is mandatory to onboard any user.
- Binance's list of prohibited countries (updated 27 February 2024; latest readable copy: February 2025) includes Canada, the Netherlands, the United States, Cuba, North Korea, Iran, Syria, Crimea and non-government-controlled areas of Ukraine.
History
| Date | Event |
|---|---|
| July 2017 | Changpeng Zhao launches the Binance exchange. |
| March 2018 | Japan's Financial Services Agency warns Binance for doing crypto exchange business with Japanese residents without registration. |
| 2019 | Binance says it will block US customers and launches a separate US exchange, Binance.US. |
| 15 November 2022 | Binance (AD) Limited receives an ADGM Financial Services Permission to provide custody of virtual assets. |
| 27 March 2023 | The US CFTC files a complaint against Binance, Changpeng Zhao and Binance's former chief compliance officer. |
| 21 November 2023 | Binance Holdings Limited pleads guilty in the United States to Bank Secrecy Act, unlicensed money transmitting and sanctions violations and agrees to pay over $4 billion. |
| 21 November 2023 | Changpeng Zhao pleads guilty to failing to maintain an effective anti-money laundering programme and resigns as CEO. |
| 15 April 2024 | Binance FZE receives its Virtual Asset Service Provider licence from Dubai's VARA. |
| 29 May 2025 | The US SEC files to dismiss, with prejudice, its civil case against Binance Holdings Limited, its US affiliates and Changpeng Zhao. |
| 21 October 2025 | The US President grants Changpeng Zhao a full and unconditional pardon for the offences in his 2023 case (United States v. Zhao). |
| 8 December 2025 | The ADGM regulator recognises Nest Clearing and Custody Limited, formerly Binance (AD) Limited, as a clearing house. |
| 5 January 2026 | The ADGM regulator recognises Nest Exchange Limited, trading as Binance, as an investment exchange. |
Risks and caveats
- In November 2023 Binance Holdings Limited pleaded guilty in the US to anti-money laundering, unlicensed money transmitting and sanctions violations; the US resolutions totalled over $4.3 billion.
- No Binance entity appears in ESMA's interim MiCA register of authorised crypto-asset service providers (register updated 22 October 2026, checked 28 October 2026).
- Binance's own risk warning says virtual asset prices can be volatile and users may not get back the amount invested.
- Under the Dubai licence, margin and derivatives are limited to institutional and qualified investors.
- Separately from the Justice Department plea, under its November 2023 FinCEN consent order Binance agreed to a five-year monitorship overseen by FinCEN and to ensure its complete exit from the United States.
- Under the proposed CFTC consent order announced in November 2023 (subject to court approval), Binance and Changpeng Zhao would be permanently enjoined from operating an illegal digital asset derivatives exchange, and Binance would no longer allow sub-accounts to be used to get around its compliance controls.
About the company
- Legal entity
- Nest Exchange Limited, ADGM recognised investment exchange trading as Binance
- Registered address
- Nest Exchange Limited: Office Suite 4606, Addax Tower, Al Reem Island, Abu Dhabi, UAE
- Operator named in 2023 US case
- Binance Holdings Limited, named by the US Department of Justice (21 November 2023) as the entity that operated Binance.com
- Co-founders
- Co-founders named by Binance include Changpeng Zhao (CZ), Yi He and Heina Chen
- Owner (per CFTC, 2023)
- Changpeng Zhao, described by the CFTC in its March 2023 complaint as Binance's owner and CEO
- CEO
- Co-CEOs Richard Teng and Yi He
- Founded
- Exchange launched in July 2017
- Board chairman
- Gabriel Abed, independent board member and chairman of the Binance Group board
- Formerly
- Nest Clearing and Custody Limited, the ADGM clearing house and custodian, was previously named Binance (AD) Limited
- Global operator named in February 2025
- In February 2025, Binance's licences page named Nest Services Limited as the global operator of the Binance platform; this has not been checked against a current source
- Founder's nationality
- Changpeng Zhao is a Canadian national, according to the US Department of Justice
Official links
- Website: www.binance.com/en/about
- Fees: www.binance.com/en/fee/trading
- Proof of reserves: www.binance.com/en/proof-of-reserves
- Licences: www.binance.com/en/legal/licenses
- Terms of use: www.binance.com/en/terms
Questions and answers
Is Binance regulated?
Yes, in several places. In Abu Dhabi (ADGM), Nest Exchange Limited, trading as Binance, is a recognised investment exchange. Other Binance companies hold licences or registrations in places including Dubai (VARA), Japan and Kazakhstan (AIFC).
Is Binance licensed in the EU?
No Binance entity appears in ESMA's interim MiCA register of authorised crypto-asset service providers (register updated 22 October 2026, checked 28 October 2026).
Does Binance publish proof of reserves?
Yes. Its proof-of-reserves page uses a Merkle tree and zk-SNARK proofs, and users can check that their balance is included.
What are Binance's fees?
Regular users pay 0.100% maker and 0.100% taker on spot trades, or 0.075% when fees are paid in BNB (fee page, 2 October 2026 copy).
Who owns Binance?
In its 2023 case the US CFTC described co-founder Changpeng Zhao as Binance's owner and CEO. Richard Teng and Yi He are now co-CEOs, and in Abu Dhabi the exchange is run by Nest Exchange Limited, trading as Binance.
Is Binance.com available in the US?
Binance.com lists the United States, Canada and the Netherlands as prohibited countries (list updated 27 February 2024, latest readable copy: February 2025). In 2023 Binance Holdings Limited pleaded guilty to US charges, and the resolutions totalled over $4.3 billion.
Is Binance authorised in the UK?
The FCA's consumer warning (last updated 7 June 2023) says that after Binance Markets Limited's permissions were cancelled, no other entity in the Binance Group holds any form of UK authorisation or registration to conduct regulated business in the UK. That is the FCA's statement as of June 2023; the FCA register itself was not searched for this page.
Is Binance registered in Japan?
Binance Japan Inc. is a registered crypto-asset exchange service provider (Kanto Local Finance Bureau No. 00031). Japan's FSA earlier warned Binance (2018) and Binance Holdings Limited (2021) for serving Japanese residents without registration.
Sources
- Binance — About
- Binance — Spot trading fee rate
- Binance — USDⓈ-M futures fee rate
- Binance — Proof of Reserves
- Binance — Licenses, Registrations and Other Legal Matters
- Binance — List of Prohibited Countries
- Binance — Terms (site footer)
- ADGM FSRA register — Nest Exchange Limited
- ADGM FSRA register — Nest Clearing and Custody Limited
- ADGM FSRA register — Nest Trading Limited
- VARA — Public register: Binance FZE
- Japan FSA — Register of crypto-asset exchange service providers (30 September 2026)
- AFSA — Public register: BN KZ Technologies Limited
- ESMA — Interim MiCA register
- US Department of Justice — Binance and CEO plead guilty (21 November 2023)
- CFTC — Release 8825-23 (21 November 2023)
- SEC — Litigation Release No. 26316 (29 May 2025)
- US Department of Justice — Pardon of Changpeng Zhao (21 October 2025)
- FCA — Consumer warning on Binance Markets Limited and the Binance Group
- FinCEN — Settlement with Binance (21 November 2023)
- AMF — List of removed digital asset service providers (PSAN radiés)
- Banco de España — Register of virtual currency exchange and wallet custody providers
- Japan FSA — Unregistered crypto-asset exchange businesses
- Banco Central do Brasil — Institutions in operation (SedesSociedades)
- ADGM FSRA register — Binance (AD) Limited
- DART — Streami Inc. audit report (14 April 2026)
- Central Bank of Bahrain — Licensing directory (Crypto-Asset Services, Category 4)
- Central Bank of Bahrain — Register data: core activity, Crypto-Asset Services Category 4
- Central Bank of Bahrain — Register data: institutions, Crypto-Asset Services Category 4
- CNAD El Salvador — Public register of digital asset service providers
- CNV Argentina — PSAV register
- CNV Argentina — PSAV register list (legal entities, xlsx)
- FCA Financial Services Register
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