Instead, the hackers were able to steal login information and email addresses for hundreds of traders. While this hack was undoubtedly bad for the community it's important to point out one fact: the Binance platform itself wasn't actually hacked. Thankfully this idea was shot down and Binance ended up making account holders whole again by using its insurance fund. The hack sent reverberations throughout the Bitcoin community and even led some to question whether there should be a block re-org in order to return the stolen funds. In May of 2019 hackers were able to steal Bitcoin worth about $40 million from Binance. And Binance, unfortunately, does not have a perfect record. Not compared to holding your own keys, but then again almost no cryptocurrency exchange is 100% safe to store coins on.Įven with a heavily regulated exchange like Coinbase that's never been hacked, there's no way of guaranteeing that it won't get hacked in the future. We'll review more of these features in a later section dedicated exclusively to Binance USA. ![]() It has low trading volume, is not available in every state and there are only about one-tenth of the trading pairs available as compared to the "normal" Binance. That's not good and it's something you should seriously consider before trying to trade on Binance if you're an American.Īs of 2019 there is a United States subsidiary of Binance, however it lacks many of the great features that make Binance so popular. If the VPN cuts out or you forget to turn it on just once and you do a Binance login you may find your account locked. This can work, however, it can also be dangerous. Some American traders get around this geo-block using a VPN in order to obfuscate their IP address. However, after the 2017 bull market, regulatory pressure increased significantly.īinance must have felt that under this new regime it was likely they would be fined millions of dollars for whatever American laws they'd "broken." Instead of dealing with that headache they simply decided to ban Americans from their platform. For many years cryptocurrency flew under the radar and crypto exchanges could get away with just about anything save for outright fraud. If Binance detects (based on IP address) that you're an American using their service they are likely to cancel all your trades and lock your account.īinance blocking Americans was a proactive move, not a reactive one. That's changed, however, and Americans are no longer allowed to access Binance. There was essentially no restriction on who could create an account and certainly no KYC. It used to be that anyone in the world could sign up for Binance. That being said, before opening a Binance account there are a few things that you should keep in mind. You don't become the world's largest crypto exchange, and _stay there, _by defrauding traders and engaging in other shady business practices. The short answer to this question is yes, Binance is definitely trustworthy.
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