Is Binance US and Binance legit?
Yes. Binance US is legit. It IS Binance, technically, just a watered-down, much lesser version of Binance.
It’s a totally different entity, essentially. Even the charts are not the same.
The United States cannot use exchanges like FTX and Binance due to certain regulations. So, they made a US-specific branch off of their already existing exchange to fit within the guidelines.
Binance US owns a portion of the coins and has done things that Binance has not.
TLDR: BinanceUS is a shittier, watered-down version of Binance with extremely limited altcoin access designed solely for US use because BINANCE cannot be used in the US due to regulatory restrictions.
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Is Binance and Binance US the same?
You certainly can. Binance is a cryptocurrency exchange for users in the United States. Binance, its partner company, is one of the world's largest cryptocurrency exchanges. While Binance US Buy & Sell Crypto has low trading fees when compared to competitors, it offers a limited selection of digital assets to buy, sell, and trade, and it is not available in every state in the United States.
Binance is one of the crypto world's marvels—a completely unregulated platform that emerged during the 2017 crypto craze and soared to unfathomable heights in only three years. Due to increasing regulatory pressure, they were forced to restrict US traders' access to their main Binance platform and launch a separate, US-focused exchange called Binance US.
Is Binance a centralized exchange or a DEX?
Binance is an absolutely centralized exchange.
They define the rules you should obey.
Be ready to give away your identification, aka KYC; be ready to be unable to withdraw coins when you need to, because they oftentimes "pause" withdrawals and deposits, basically.
So I see centralized exchanges as me handing over all of my identification and assets to some company. This is diametrically opposed to the pillars upon which cryptocurrencies are built.
Here are my steps to get rid of slavery:
- I keep my assets in my local wallets, not on centralized exchanges. As a result, no one can freeze or hack them.
- I moved to a decentralized exchange, such as No Sign-Up Crypto Exchange, which requires no KYC and supports Monero and inter-blockchain swaps. And I use VPN to hide my IP address when I connect from the US. Retain your privacy
Exchanges are not for long-term storage. Trade, get what you want, then send it to a cold wallet.
But your question is phrased awkwardly.
Defi stands for "decentralized finance," which are projects that offer financial services that are decentralized.
Binance is an exchange. Binance holds Defi coins that you can trade.
Is US Binance safe? If yes, why is Binance banned in the US?
First and foremost, Binance is not illegal in the United States. Many coins that US citizens are not permitted to own or trade are available on the original Binance exchange. To avoid potential issues with US regulations, they decided to prohibit US citizens from using the exchange. Many US citizens had accounts there up until that point and had to move or liquidate their holdings. To re-enter the US market, they established Binance US, which only accepts coins that comply with US regulations. So, yes, it is as safe as any other exchange, and it is safer than many others.
Can you use your Binance account for 'Binance US'?
Binance.US is a separate company from Binance that is run by BAM Trading Services and bears the Binance name and logo. Binance.US is available in 41 states, which is one more than Binance. It added support for Alaska and North Carolina this month.
However, Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, Vermont, and Washington do not support it. However, you can report a problem to get help with this problem. Binance. The United States offers only 52 cryptocurrencies, compared to Binance's 259 offerings.
The reason is that US regulators are far more concerned about the coin exchange list than other countries and are far more likely to sue at the request of the US Securities and Exchange Commission.
This is, however, a greater number of coins than other top US exchanges offer. Coinbase Pro has 38, Kraken has 49, and Gemini has 26. The most popular coins are still available on Binance, including Bitcoin, Tether, XRP, and others.
Polkadot is the only top-10 coin missing from its lineup. Some of the more recent, niche decentralized finance coins, such as Aave and YFI, are also absent. Nonetheless, compared to what American Binancians are accustomed to, Binance.US provides far less variety than its parent company's offering.
One of Binance's main selling points is its low fees. Binance.US charges higher fees for high rollers. On Binance.US, traders with less than $50,000 in monthly volume must pay 0.1% in maker and taker fees, minus any discounts offered to those who pay in BNB, Binance's own cryptocurrency.
However, on Binance, these fees are waived for any trade of less than 50 bitcoin, which is currently worth $829,825. The fees for withdrawal are comparable. As a result, if you intend to invest your entire life savings in Binance.US, you will end up paying far more in fees in the long run.
Why is the Binance Smart Chain "centralized"?
PancakeSwap is the leading decentralized exchange built on the BNB blockchain and is the most popular project on the BNB Chain. It employs an automated market maker (AMM) to enable the exchange of two tokens on the Binance Smart Chain. In addition to trading, the platform supports pooling and farming, which allow users to earn interest on their investments.
PancakeSwap, according to the platform, has the most users of any decentralized platform ever. And those users are now entrusting over $3.5 billion in funds to the platform.
Binance vs Binance US: What Are The Differences.
Binance and Binance US are two different exchanges. They both offer cryptocurrency trading, but they have different features and services.
Binance offers users a user-friendly platform with easy navigation. It also has an intuitive mobile app that makes it easy to trade and view your portfolio.
Binance US doesn't have as many features as Binance, but it is more user-friendly. It also has a more expansive range of services, including global investing, day trading, and margin lending.
Conclusion
Binance vs Binance US is a crucial question to ask when it comes to choosing an exchange. There are several differences between these exchanges that can make it difficult for some people to make the right decision. For example, Binance and Binance US offer different trading platforms and services. Additionally, Binance and Binance Exchange have different deposit methods and withdrawal policies. Finally, both exchanges have wallets that can be used to store products and money. When making a decision between these two exchanges, it's important to compare their features and benefits in order to find the best one for you.