Crypto exchanges · Review
Binance Review 2026: VIP Fee Tiers, BNB Discount, and Why It's Off-Limits to US Retail
Binance 2026 review — 0.10%/0.10% base fees dropping to 0.02% VIP 9, 25% BNB discount, November 2023 US DOJ settlement fallout, and why global Binance blocks US customers. For non-US traders.
Our verdict
4.3/5
Very good
Best for
Non-US traders (or US expats living abroad legally using non-US Binance) who want the deepest liquidity, broadest asset selection, and lowest fees in crypto. Not available to US retail customers.
Score breakdown
- Regulatory posture3.3
- Trading fees4.8
- Security + reserves4.3
- Asset selection4.8
- Fiat rails4.3
- Product depth4.8
- User experience4.5
The facts
- Founded
- 2017
- Founder
- Changpeng Zhao (CZ) — resigned as CEO Nov 2023
- Current CEO
- Richard Teng
- Headquarters
- Legally offshore; operational footprint distributed
- Regulatory status
- Post-2023 settlement; not available to US retail; various restrictions globally
- Base spot fees
- 0.10% maker / 0.10% taker
- BNB fee discount
- 25% off when paying fees in BNB → 0.075% effective
- VIP 9 (top tier)
- 0.02% maker / 0.04% taker at $4B+ 30d volume
- Assets
- 350+ spot cryptocurrencies
- Insurance fund
- SAFU (Secure Asset Fund for Users)
- US settlement (Nov 2023)
- $4.3 billion combined penalty
Pros
- Largest crypto exchange globally by daily spot volume (~$10B+ typical)
- 0.10%/0.10% base fees; 25% discount with BNB pays fees → 0.075% effective
- VIP tier 9 reaches 0.02%/0.04% at $4B+ 30-day volume
- 350+ spot cryptocurrencies — one of the broadest listings
- Full derivatives suite (perpetual + quarterly futures, options)
- SAFU (Secure Asset Fund for Users) insurance fund
- Launchpad, staking, savings, dual-investment products
Cons
- Not available to US retail after November 2023 DOJ settlement — global Binance blocks US IPs
- November 2023: $4.3B combined US settlement (DOJ + FinCEN + OFAC + CFTC) for AML and sanctions violations
- Founder Changpeng Zhao (CZ) stepped down as CEO and pleaded guilty in the same 2023 settlement
- Historical incidents: 2019 API hack (~7,000 BTC), 2022 BSC bridge exploit (~$570M)
- Binance.US is a separate, smaller entity with reduced asset selection
The short answer
Binance is the deepest crypto exchange globally — largest daily volume, broadest asset selection, and the most competitive fees at scale. It's also unavailable to US retail customers following the November 2023 US regulatory settlement ($4.3 billion combined penalty; founder CZ pleaded guilty). This review is for non-US traders. US-based readers should look at Kraken, Coinbase, or Gemini instead.
Score: 8.6 / 10 for non-US traders. Loses points on regulatory posture (2023 settlement is a real event) but wins on fees, liquidity, and asset selection.
Fee schedule — where Binance really wins
Base spot maker/taker: 0.10%/0.10%. That's already below most competitors. Two multipliers make it dramatically better:
1. BNB fee discount (25% off). Hold some BNB, enable "Pay fees in BNB" in settings, and every fee gets a 25% haircut. Effective rate: 0.075%/0.075%.
2. VIP volume tiers. Set by whichever is higher — 30-day trading volume or BNB balance. Simplified:
| Tier | 30d volume (or BNB balance) | Maker | Taker |
|---|---|---|---|
| Regular | $0 | 0.100% | 0.100% |
| VIP 1 | $1M or 25 BNB | 0.090% | 0.100% |
| VIP 2 | $5M or 100 BNB | 0.080% | 0.100% |
| VIP 3 | $20M or 250 BNB | 0.042% | 0.060% |
| VIP 4 | $100M or 500 BNB | 0.042% | 0.054% |
| VIP 5 | $150M or 1,000 BNB | 0.036% | 0.048% |
| VIP 6 | $400M or 2,000 BNB | 0.030% | 0.042% |
| VIP 7 | $800M or 3,500 BNB | 0.024% | 0.036% |
| VIP 8 | $2B or 6,000 BNB | 0.024% | 0.030% |
| VIP 9 | $4B or 9,000 BNB | 0.020% | 0.040% |
Combine VIP tier + BNB discount and you land at rates no US-regulated exchange can match.
Verify at binance.com/en/fee/schedule — rates and tiers can change.
The November 2023 US settlement
This is the single most important thing to understand about Binance's 2024+ posture.
Timeline:
- November 21, 2023: US DOJ, FinCEN, OFAC, and CFTC announce combined $4.3 billion settlement with Binance
- CZ (Changpeng Zhao) personally: pleads guilty to violating the Bank Secrecy Act; resigns as CEO; sentenced (April 2024) to 4 months prison plus $50M personal fine
- Binance: admits operating an unregistered money-services business; admits willful sanctions violations
- Richard Teng becomes new CEO
- Corporate monitor installed for multi-year oversight
- US customer access to global Binance: blocked; US IPs cannot register or trade
What this means practically:
- Global Binance is off-limits to US retail
- Binance.US remains available (separate entity, much smaller product)
- Non-US customers unaffected operationally, though regulatory clarity in individual jurisdictions varies
Security track record
Incidents:
- May 2019 API hack: ~7,000 BTC (~$40M at the time) stolen via API keys and 2FA compromise. All users made whole from Binance corporate reserves and SAFU.
- October 2022 BSC Bridge exploit: ~$570M in BNB minted through a bridge vulnerability. Chain paused briefly; loss largely contained through chain intervention. This was a BSC/BNB Chain issue, not Binance exchange custody.
Post-incident improvements:
- SAFU insurance fund (established 2018) covered user losses from the 2019 hack
- Enhanced API security (IP whitelist requirements, key permissions)
- BSC Chain now has more validators and better bridge security
Operational track record: Despite the 2023 regulatory event, Binance has continued to process trades and honor withdrawals without any customer-fund shortfall.
Product depth
- Spot trading with 350+ cryptocurrencies
- Perpetual futures + quarterly futures (up to 125× leverage — high risk)
- Options trading
- Launchpad — token generation events for new projects
- Simple Earn — flexible + locked savings products
- Staking — flexible + locked
- Dual Investment — structured products (advanced)
- P2P — peer-to-peer fiat trades
- Convert — instant swap (wider spread than order book)
- Binance Card — Visa card in supported regions
- Binance Pay — fee-free crypto transfers between Binance users
Where Binance sits in 2026
For non-US traders, Binance remains the default choice for depth and cost. For US traders, it's off-limits and Coinbase / Kraken / Gemini are the real options.
Long-term crypto holdings should always move to a hardware wallet regardless of which exchange you use.
Related on CoinsCipher
- Kraken review — US alternative
- Coinbase review — US alternative
- Bybit review — the derivatives-focused non-US alternative
- OKX review — advanced-trader alternative
- What is BNB? — the token that powers the fee discount
- Best hardware wallets 2026
Frequently asked questions
Can US customers use Binance?
No. Global Binance (binance.com) blocks US IPs and does not accept US customers as of late 2023 after the DOJ settlement. **Binance.US** (binance.us) is a separate legal entity with a smaller product offering that operates in most US states. The two are not interchangeable — Binance.US has different fees, fewer assets, and reduced product depth compared to global Binance. Attempting to circumvent geographic restrictions via VPN violates Binance's terms of service.
What happened with Binance in 2023?
In November 2023, Binance settled with the US Department of Justice, FinCEN, OFAC, and CFTC for a combined $4.3 billion. Allegations: operating an unregistered money-services business in the US, willfully violating the Bank Secrecy Act, and violating US sanctions. Founder Changpeng Zhao (CZ) resigned as CEO and pleaded guilty personally. Richard Teng became the new CEO. Binance restructured its US-market posture, blocking US retail globally and continuing Binance.US as a separate entity.
What is the 25% BNB discount?
Holding BNB and enabling 'Pay fees in BNB' in your Binance account settings gives a 25% discount on trading fees. This drops base fees from 0.10%/0.10% to 0.075%/0.075% effective. For active traders, this is meaningful — a $100K monthly volume trader saves ~$25/month at base tier, more at higher volumes.
How does Binance's VIP tier system work?
Binance's VIP tier is set by whichever is higher: your 30-day trading volume OR your BNB balance. Tiers range from Regular (0.10%/0.10%) to VIP 9 (0.02% maker / 0.04% taker at $4B+ 30-day volume). Combining VIP tier with BNB fee discount gives the lowest effective fees in retail crypto trading.
What is SAFU?
SAFU (Secure Asset Fund for Users) is Binance's insurance fund, funded from a percentage of trading fees. Started in 2018. The fund has been used to cover user losses from Binance's operational security incidents (2019 API hack, 2022 BSC bridge exploit). Current SAFU balance is publicly disclosed periodically; Binance uses it as its primary insurance mechanism rather than commercial insurance.
Is Binance safe post-2023?
Operationally, Binance has continued to process trades and honor withdrawals throughout the 2023 regulatory events without any customer-fund shortfall. The bigger risk is regulatory: US customers cannot legally use global Binance, and other jurisdictions have added restrictions. For non-US customers where Binance is legal, operational security is comparable to other major exchanges — the same 'move long-term holdings to a hardware wallet' advice applies.
Binance vs Binance.US — key differences?
Binance.US is a separate US entity with fewer assets (~150 vs 350+), no futures/derivatives, no launchpad, higher fees for most trades, and lower liquidity. If you're in the US, Binance.US is your only Binance option. If you're outside the US where global Binance is available, global Binance dominates on every dimension except regulatory clarity.
Sources
- Binance fee schedule (official) — accessed Sep 16, 2026
- US DOJ Binance settlement press release (Nov 2023) — accessed Sep 16, 2026
- SAFU information — accessed Sep 16, 2026