Binance
good trust · scored on blocks worth 85 of 100 points
Affiliate link: we may be paid. It does not affect the score. 18+ only.
What people say
Ratings from our readers and fresh reviews from the exchange app's users.
Freekonomist readers' ratings
Give the exchange 1 to 5 stars and say briefly why. One rating per account, you can change it. Not part of the score.
App Store reviews
Latest 40 reviews: ★ 3.9 on average, complaints (1–2 stars) 25%. 🇮🇳 🇦🇪 🇬🇧 🇨🇦 🇳🇬 🇦🇺
Fee cut
I buy usdt through p2p in 4900 and when i sell them they provide me 4117 Fees is so high in this aap
mehta11o · 🇮🇳 2026-10-18 · App Store ↗L O V E
iPhone pro zwölf pro Macs Pro plus Hülle mit dem iPad Pro verbinden und mit der Apple verbinden iPhone mit dem Handy verbunden und mit der App verbinden und dann wieder auf das Handy zurücksetzen dann wieder neu starten und neu installieren lassen dann geht der Bildschirm auf und dann geht der Akku leer dann kann man den Akku laden oder man muss ihn wieder ausschalten wenn man das Gerät wieder aktiviert hat und dann wieder an das war eine sehr gute Entscheidung für dich mein Engel du weißt das wir immer zusammen sind ich bin immer bei dir egal wie oft du mich brauchst du bist immer für mich und für dich immer da egal wo wir sind und ich werde dich nie verlassen weil ich immer bei dir bin ich
Mara Gaia · 🇦🇪 2026-10-14 · App Store ↗Show all reviews (40)
الشارقة
منصة جيدة لكن مشكلتهم انهم ما يتيحون لك ان تحط اوردر بيع عالي واحد اكس ماكسمام و اعتقد هذا غير جيد لانه احياننا هناك عملات تحقق اربعة الى عشرة اكس في يوم واحد وانا ما استطيع اتابع الشاشه 24 ساعة ارجو ان يحلو هالموضوع شكرا
يعقوب الهاشمي · 🇦🇪 2026-10-14 · App Store ↗Scammed
I was scammed last tear and lost morethan 10k and didnt get any support from Binance
Jmattam · 🇬🇧 2026-10-12 · App Store ↗No Canadian service
No service in Canada. Binance losing ton of money and customer in Ontario
Tayab Tahir Akhter · 🇨🇦 2026-10-12 · App Store ↗Grateful heart
Got involved in a Ponzi investment scheme.their documents look good and I was really intrigued. At first I was able to withdraw from my profit so that got me to invest more cause I figured it'd be legit, when my profit had grown after putting more money I wanted to withdraw from it but unfortunately didn't go through and was automatically requesting fee before I could place a withdrawal, I started paying more but still couldn't withdraw until every penny they took from me got to $124k USDT and I was helpless. I got depressed with all my friends avoiding me. Few weeks later I met an old friend who was an attorney, he linked me up with this team of recovery expert +1 (464) 275‑8257 They invest
Godpowerr · 🇳🇬 2026-10-11 · App Store ↗Amazing security
Its very secure and trustable application i have every met live cash free let binance carry your money , ....
🤩🤗👍 · 🇦🇪 2026-10-11 · App Store ↗Why did you remove stop market order?
Why did you remove stop market order?
Chummyladdie · 🇳🇬 2026-10-07 · App Store ↗Transaction
Very every to convert from one Cain to the next.
Devonmac777 · 🇬🇧 2026-10-03 · App Store ↗Impossible
I have been trying for months to regain access to my funds after moving from Dubai to the UK. Binance keeps asking me to verify documents I no longer have because they are outdated, and every new document I provide is rejected. I can still access my account with my email and password, but my funds are completely blocked and I cannot withdraw, close the account, or resolve the issue. There is no real customer support, only an AI chatbot, and the one time I finally managed to reach a person, I was simply ignored. This is extremely frustrating and completely unprofessional. If something goes wrong with your account, you are basically left without any meaningful help. I would strongly advise thi
chiccass · 🇬🇧 2026-10-02 · App Store ↗Extremely Fast
Best and reliable wish to make more business with you
Shahhuzaifa · 🇦🇪 2026-10-02 · App Store ↗This app ain’t strong
My account was hacked and my money all gone cause I can’t even access the account again.. the individual took over.. Binance is not secured
Emmanuel Odunze · 🇳🇬 2026-09-30 · App Store ↗Thank you
Excellent Sir Very Fasttt Process Thank you so much
प्रदीप पाटील · 🇮🇳 2026-09-29 · App Store ↗Great Crypto Platform
“Binance has been a reliable and easy-to-use platform for buying, selling, and managing crypto. I like the wide range of cryptocurrencies available and the trading features. The app is easy to navigate, and transactions are generally straightforward. Overall, a good platform for both beginners and experienced crypto users.”
CNN lor · 🇬🇧 2026-09-27 · App Store ↗Binance does not protect good clients
Binance bears no responsibility for the work, nor does it step in to resolve disputes between the two parties in a fair and transparent manner when a dispute arises.
Duy Steven Nguyen · 🇦🇺 2026-09-26 · App Store ↗Transaction
The person really took time and replied me quickly and made the transaction much quickly. Grateful for this guy.
Chan Hardin · 🇮🇳 2026-09-23 · App Store ↗Best Experience
this is the best option to do transactions smoothly in my country
Karaja26 · 🇮🇳 2026-09-23 · App Store ↗GBP
Still not able to convert Crypto back into GBP. Not able to trade. Disappointing!
Big Stone8 · 🇬🇧 2026-09-22 · App Store ↗Best Trading platform
Binance made trading safe secure and Easy for everyone
ZeeMalak · 🇦🇪 2026-09-22 · App Store ↗Easy to use for all
User friendly interface and features
Systemadminbdofc · 🇦🇪 2026-09-22 · App Store ↗App is cluttered
Can see buy avg of asset and also total profit and loss
GKSXi · 🇮🇳 2026-09-21 · App Store ↗Fresh App Store reviews as they are: we neither edit nor pick them. They are not part of the score; the App Store average is.
Licences
7.5 / 25Where the exchange is legal: licences and registrations from regulators' registers, minus bans and fines.
Confirmed in regulators' registers
- 🇦🇪 United Arab EmirateslicenceFinancial Services Regulatory Authority (FSRA) · Nest Trading Limited (formerly BCI Limited) · № FSP 260000source ↗
- 🇦🇪 United Arab EmirateslicenceVirtual Assets Regulatory Authority (VARA) · Binance FZE · № VL/24/04/001source ↗
- 🇰🇿 KazakhstanlicenceAstana Financial Services Authority (AFSA) · BN KZ Technologies Limited · № 211040900220source ↗
- 🇯🇵 JapanregistrationFinancial Services Agency (Kanto Local Finance Bureau) · Binance Japan Inc. (Binance Japan株式会社) · № Kanto Local Finance Bureau No. 00031source ↗
- 🇹🇭 ThailandlicenceSecurities and Exchange Commission (SEC Thailand) · Gulf Binance Co., Ltd.source ↗
- 🇸🇻 El SalvadorlicenceComisión Nacional de Activos Digitales (CNAD) · Binance Services El Salvador, S.A. de C.V. (Binance lists Binance Services Latinoamérica S.A. de C.V.) · № PSDA/001-2003 (per Binance)source ↗
Claimed, not confirmed in a register
- 🇦🇪 United Arab Emiratesin-principle approvalFinancial Services Regulatory Authority (FSRA) · Nest Exchange Limited (formerly Nest Services Limited)source ↗
- 🇦🇪 United Arab Emiratesin-principle approvalFinancial Services Regulatory Authority (FSRA) · Nest Clearing and Custody Limited (formerly Binance (AD) Limited)source ↗
- 🇧🇭 BahrainlicenceCentral Bank of Bahrain (CBB) · Binance Bahrain BSC(c)source ↗
- 🇧🇭 BahrainlicenceCentral Bank of Bahrain (CBB) · BPay Global BSC(c)source ↗
- 🇦🇺 AustraliaregistrationAustralian Transaction Reports and Analysis Centre (AUSTRAC) · InvestbyBit Pty Ltd (Binance Australia) · № 100576141-001source ↗
- 🇮🇳 IndiaregistrationFinancial Intelligence Unit - India (FIU-IND) · Nest Exchange Limited (formerly Nest Services Limited)source ↗
- 🇮🇩 IndonesialicenceBappebti (crypto oversight moved to OJK in Jan 2025) · PT Aset Digital Berkat (Tokocrypto) · № 001/BAPPEBTI/CP-AK/11/2019source ↗
- 🇳🇿 New ZealandregistrationFinancial Service Providers Register (Companies Office) - registration only, not a licence · Investbybit Limited (Binance New Zealand) · № FSP1003864source ↗
- 🇦🇷 ArgentinaregistrationComisión Nacional de Valores (CNV) · Binance Services Latinoamérica S.A. de C.V. (local branch CUIT 30-71903746-8) · № PSAV registry No. 76source ↗
- 🇲🇽 MexicoregistrationServicio de Administración Tributaria (SAT) · Bmex Techfin, S. de R.L. de C.V.source ↗
- 🇧🇷 BrazillicenceBanco Central do Brasil / CVM · Simpaul Corretora de Câmbio e Valores Mobiliários S.A.source ↗
- 🇿🇦 South Africain-principle approvalFinancial Sector Conduct Authority (FSCA) · Binance RSA; Binance Bahrain BSC as juristic representative of FiveWest OTC Desk (Pty) Ltd · № FSP 51619 (FiveWest)source ↗
- 🇹🇷 TürkiyependingCapital Markets Board (SPK/CMB) · Binance TRsource ↗
- 🇺🇸 United StatespendingFinCEN / state regulators · Binance.com (Binance Holdings Ltd)source ↗
Regulator actions
- 🇺🇸 United Statesfine · 2023-11Nov 2023: Binance Holdings pleaded guilty (BSA, unlicensed money transmission, IEEPA); total ~$4.3B resolution with DOJ, FinCEN, OFAC and CFTC; CEO Changpeng Zhao pleaded guilty and resignedsource ↗
- 🇺🇸 United Statesfine · 2023-11Nov 2023: FinCEN $3.4B civil money penalty and 5-year monitorship for AML/BSA violationssource ↗
- 🇺🇸 United Statesfine · 2023-11Nov 2023: OFAC settlement $968.6M for 1,667,153 apparent sanctions violationssource ↗
- 🇺🇸 United Statesfine · 2023-11Nov 2023: CFTC - Binance and CZ agree to pay $2.85B for illegally operating a derivatives exchange (suit filed Mar 2023)source ↗
- 🇺🇸 United Statescase closed · 2023-06Jun 2023: SEC sued Binance, BAM and CZ (unregistered exchange etc.); case dismissed with prejudice May 2025source ↗
- 🇳🇱 Netherlandsfine · 2022-04Apr 2022: DNB fined Binance Holdings EUR 3,325,000 for offering crypto services in the Netherlands without registrationsource ↗
- 🇬🇧 United Kingdomban · 2021-06Jun 2021: FCA imposed requirements barring Binance Markets Ltd from regulated activity and issued consumer warning; BML authorisation cancelled 2023, no Binance entity UK-authorisedsource ↗
- 🇧🇪 Belgiumban · 2023-06Jun 2023: FSMA ordered Binance to cease immediately all virtual currency exchange and custody services in Belgiumsource ↗
- 🇵🇭 Philippinesban · 2023-11Nov 2023: SEC Philippines declared Binance unauthorised and moved to block access (effective after 3 months)source ↗
- 🇨🇦 Canadafine · 2024-05May 2024: FINTRAC administrative monetary penalty C$6,002,000 (unregistered foreign MSB; unreported large virtual currency transactions); Binance appealedsource ↗
- 🇮🇳 Indiafine · 2024-06Jun 2024: FIU-IND penalty INR 18.82 crore (~$2.2M) for PMLA violations while serving Indian users unregisteredsource ↗
- 🇳🇬 Nigeriawarning · 2024-10Feb-Apr 2024: Nigerian authorities (EFCC, FIRS) brought money-laundering and tax charges against Binance and detained an executive; charges against the executive dropped Oct 2024, case against Binance continuedsource ↗
- 🇦🇺 Australiawarning · 2025-08Aug 2025: AUSTRAC ordered Binance Australia (Investbybit) to appoint an external auditor over AML/CTF control concernssource ↗
- 🇦🇺 Australiafine · 2026-03Mar 2026: Federal Court ordered Oztures Trading (Binance Australia Derivatives) to pay A$10M penalty in ASIC case over retail client misclassificationsource ↗
- 🇫🇷 Franceban · 2026-07Jul 2026: no MiCA authorisation (Greek HCMC application withdrawn Jun 2026); EU/EEA users limited to withdrawals from 1 Jul 2026 - new orders, deposits and sign-ups stopped; Binance absent from ESMA CASP registersource ↗
- 🇮🇹 Italyban · 2026-07Jul 2026: no MiCA authorisation; EU users limited to withdrawals from 1 Jul 2026 (users in Italy notified)source ↗
- 🇪🇸 Spainban · 2026-07Jul 2026: no MiCA authorisation; EU users limited to withdrawals from 1 Jul 2026 (users in Spain notified)source ↗
- 🇵🇱 Polandban · 2026-07Jul 2026: no MiCA authorisation; EU users limited to withdrawals from 1 Jul 2026 (users in Poland notified)source ↗
- 🇬🇷 Greecewarning · 2026-06Jun 2026: Binance withdrew its MiCA application to the Hellenic Capital Market Commission on 24 Jun 2026 after reports it would be rejectedsource ↗
Does not serve, by its own terms
🇺🇸 United States🇨🇦 Canada🇳🇱 Netherlands🇨🇺 Cuba🇰🇵 North Korea🇮🇷 Iran🇺🇦 Ukraine
Reserves
20 / 20Proof of reserves: is there one, who checked it, how fresh it is and whether coins cover every client balance.
Security
14 / 15Past hacks and whether clients were made whole, the insurance fund.
Hacks
- 2019-05-07$40.0M · clients made wholeIn May 2019 attackers withdrew about 7,000 BTC (~$40M) from a Binance hot wallet using stolen API keys and 2FA codes; the loss was covered in full by the SAFU fund.source ↗
Insurance fund
$1.25B · SAFU, 15 000 BTC, checked on-chain source ↗
Liquidity
15 / 15Real BTC order-book depth within ±2% and futures open interest.
What people say
8.5 / 10App Store ratings across countries, weighted by the number of reviews.
🇻🇳 ★ 4.74 (343,739)🇹🇷 ★ 4.62 (314,273)🇧🇷 ★ 4.81 (180,350)🇬🇧 ★ 4.65 (120,865)🇺🇦 ★ 4.85 (111,063)🇷🇺 ★ 4.71 (106,588)🇮🇳 ★ 4.7 (103,427)🇳🇬 ★ 4.63 (100,666)
What the internet says
Over the six months to October 21, 2026, the sources show contrasting user experiences: many individual complaints concern restricted withdrawals, account reviews and support, while app-store ratings and some reviews remain strongly positive. Users and independent reviewers praise the app’s range of assets, trading speed and generally reasonable trading fees; complaints include account-access friction, KYC delays and variable withdrawal costs. Reports also describe regulatory scrutiny; the material reviewed did not establish a hack of the Binance exchange during this period.
- App-store and review-site feedback praises the broad coin selection, fast orders and convenient price alerts.
- Some users describe trading fees as reasonable or low; independent reviews say crypto withdrawal fees are disclosed and vary by asset and network.
- The app has high aggregate ratings in the cited store listings, despite negative individual reviews.
- Trustpilot posts and Reddit threads in the period repeatedly describe withdrawals or balances being restricted for weeks or months, with users saying they received little explanation or progress. These are individual reports and do not establish how often restrictions occur.
- Slow or ineffective support is a recurring complaint, including reports of bot replies, delayed responses and difficulty getting a complex issue escalated to a person. Other app-store reviewers report helpful support, so experiences differ.
- Users and review sites also mention repeat or slow KYC checks, account reviews, and withdrawal fees that vary by asset or network; some reviewers say trading fees are reasonable or low. Fee complaints include unexpectedly costly withdrawals.
- Regulatory reports describe scrutiny over Binance’s EU authorization and Malaysian registration. The search results did not establish a Binance exchange hack in this six-month period; reported incidents involving other platforms, projects or blockchains should not be treated as hacks of the Binance exchange.
AI summary (Perplexity) of public sources as of 2026-10-21. Not part of the score. Sources: 1 2 3 4 5 6 7 8
Reviews elsewhere: Trustpilot ↗ · Reddit ↗ · Google Play ↗
Opinion leaders
no dataWhat the opinion leaders from our Sentiment page write about it: the share of complaints among mentions over 90 days.
The opinion leaders have not mentioned this exchange yet. The block fills itself: we follow their posts every hour.
API reliability
no dataOur own check: does the exchange API answer, over 30 days.
Collecting checks: we need at least 10, now 1.
How we score
- Licences · 25 points. Where the exchange is legal: licences and registrations from regulators' registers, minus bans and fines.
- Reserves · 20 points. Proof of reserves: is there one, who checked it, how fresh it is and whether coins cover every client balance.
- Security · 15 points. Past hacks and whether clients were made whole, the insurance fund.
- Liquidity · 15 points. Real BTC order-book depth within ±2% and futures open interest.
- What people say · 10 points. App Store ratings across countries, weighted by the number of reviews.
- Opinion leaders · 10 points. What the opinion leaders from our Sentiment page write about it: the share of complaints among mentions over 90 days.
- API reliability · 5 points. Our own check: does the exchange API answer, over 30 days.
Licences: a full licence in the EU (MiCA), UK, US, UAE, Singapore, Japan, Hong Kong, Canada, Korea, Australia or Switzerland gives 5 points, a full licence elsewhere 3, a registration (such as FinCEN or AUSTRAC) 1.5, an application or in-principle approval 0.5. Each country counts its best entry, and only if confirmed in the regulator's register. Every regulator ban, fine or warning in the last 3 years costs 2 points, at most 8 in total.
Reserves: a published proof of reserves gives 4 points; zk proof 6, audited Merkle tree or audited filings of a listed company 4, unaudited tree 2; a snapshot under 45 days old 4, under 90 days 2; the lowest coverage among BTC, ETH, USDT and USDC at 100%+ gives 6, at 95%+ gives 3.
Security: 10 points minus 2 for each hack where clients were made whole and minus 6 where they were not; hacks older than 5 years count half. Plus 5 if the insurance fund can be checked via API or on-chain, 3 if the exchange only publishes the amount.
When a block has no data yet it is left out and the total is rescaled to 100 over the blocks we have. Our readers' ratings are shown separately and do not enter the score, so they cannot be gamed.
Sources: regulators' registers (ESMA, FinCEN, AUSTRAC, VARA, MAS and others), the exchanges' proof of reserves pages, Powered by CoinGecko (depth and open interest), Apple App Store, the exchanges' public APIs, mempool.space, opinion leaders' posts on X. Licences checked 2026-10-21, data updated .
Partnerships do not affect the scores. We have affiliate links with some of these exchanges and may be paid if you sign up. A script computes the scores from public data with the same rules for all; the method and sources are below. Not investment advice. Trading crypto, especially with leverage, is high risk. 18+ only.