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Is Binance reliable?
For many investors, securing their cryptocurrency is a capital subject. Binance reliable ? If you are looking for a clear and concise response, here it is: despite controversies, multiple trials and the high volatility of a sector subject to strict regulations, Binance remains today one of the most resilient and largely recognized platforms on the market. It was founded in 2017, overcome massive hacking in 2019, crossed legal proceedings towards its former CEO Changpeng Zhao, and obtained various approvals, including PSAN status in France. Currently, it sets up safety devices such as double authentication, SAFU (Secure Asset Fund For Users) and KYC control to strengthen the confidence of its users.
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Is Binance reliable: a world leader despite the controversies
If Binance has become one of the most used crypto platforms in the world, it is largely thanks to its volume of daily transactions, often estimated at several tens of billions of dollars, and its adaptability. However, everything was not easy: the Crypto scholarship has faced regulatory problems in several countries, and Changpeng Zhao, also called CZ, was under the spotlight for various disputes with organizations such as the CFTC (Commodity Futures Futures Trading Commission) in the United States. Despite this, the longevity of Binance , coupled with obtaining different licenses, made it possible to establish a climate of confidence with millions of users.
Binance ’s success is also based on its ability to list a large number of cryptocurrencies , to offer transaction costs often lower than its competitors and to innovate on financial tools such as trading in term contracts or derivative products, even if some countries prohibit it because of their regulation. If investors sometimes fear market fluctuations, they especially seek the reliability of a platform capable of protecting their funds. This is why the scholarship has developed an exhaustive ecosystem integrating security, speed and legal compliance, while getting up of each crisis.
Changpeng Zhao, emblematic figure
Binance 's reliability without mentioning its founder, Changpeng Zhao. Originally from China and having grown up in Canada, CZ is an entrepreneur who became known after having worked for different high -tech companies specializing in blockchain .
His image was nevertheless tarnished by accusations brought by the American authorities in 2023: a trial targeted the platform, accusing it of certain shortcomings in terms of compliance with anti-breastage laws and drifts in the management of derivative products for American citizens. Despite these controversies, Binance has not stopped his activity and continued to record very high volumes of transactions. The proof: it still occupies a major place today in Europe, especially in France where it is registered as PSAN.
Multiple trials and surveys
In addition to trouble with the CFTC, Binance was the target of regulatory investigations in several regions, as in Japan, the United Kingdom or in Thailand. Some of these cases led to fines and restrictions in the supply of financial products. However, the platform has systematically chosen to cooperate with the authorities, thus showing a desire for transparency and adaptation. In 2024, for example, she had to review her conditions of use in certain countries to comply with local requirements.
These different surveys have sowed doubts in many users: the question of long -term legitimacy and reliability quickly arose. However, with each annoyance, Binance has been able to deploy solutions, strengthen its KYC (Know Your Customer) controls, collaborate with external audit firms, and invest cybersecurity infrastructures . In doing so, the platform has forged resilient business status, capable of taking the blows and staying standing, even in the most intense regulatory turbulence.
Is Binance reliable: security measures
To respond to the central concern " Binance reliable?" », You have to look at your security protocols. bankruptcies (MT. Gox or more recently FTX ), fundraising is crucial. However, Binance offers an arsenal of technical devices to ensure that the cryptocurrency of its users remain protected.
Two -factor authentication (2FA)
Many investors consider two factors authentication such as an industry standard. At Binance , it is implemented via Google Authenticator or sometimes by SMS. Concretely, even if a malicious individual were to steal your identifiers, it would be impossible for him to connect without having the code generated in real time on your phone. Thus, you benefit from an additional layer against hacking.
This security is reinforced by a strict limit of withdrawals: if a hacker tries to remove cryptocurrencies without going through the 2FA, the platform will immediately block the transaction. This feature, often coupled with the anti-highs code, strongly dissuades fraudsters and reassures account holders.
Anti-highs code
Phishing attacks are among the most feared threats in the sphere of decentralized finance . A simple fraudulent email may be enough to recover identifiers if the user is not careful. To counter this type of scam, Binance offers a personalization code which is added to each official email sent by the platform. Thanks to this system, the user ensures that the message he receives comes from Binance , and not from a malicious entity seeking to extract his passwords.
Multiple portfolios and better security with a personal wallet
To secure the assets of its customers, Binance stores most of its funds in offline wallets ( cold wallet S ), thus reducing the risk of hacking. Only a small fraction of the funds is kept in hot wallet S , that is to say portfolios connected to the Internet, used to facilitate daily withdrawals . This segmentation limits the attack surface and minimizing potential losses in the event of an incident.
However, the most secure solution remains to have your crypto-active yourself in a personal wallet rather than leaving them on a centralized platform. Users have two main options:
- The hot wallet S : software accessible from a browser or a mobile application, allowing to interact easily with decentralized platforms ( dApp S ). Among the most popular, we find Metamask , Exodus or Trust Wallet . They offer maximum flexibility, but remain more vulnerable to attacks due to their constant internet connection.
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- The cold wallet S : physical devices designed to store offline cryptocurrencies , making their hacking almost impossible. Brands recognized like Ledger or Trezor allow users to secure their funds with private keys inaccessible to hackers .
The golden rule in crypto: "Not your keys, not your corners" (if you do not have your private keys, you do not really have your cryptos). Binance therefore provides secure solutions, but we encourage users to take total control of their assets via a personal wallet, guaranteeing maximum autonomy and safety .
Is Binance reliable: SAFU, a dedicated protection fund
In May 2019, Binance underwent a major security violation, leading to theft of 7,000 BTC , or about 40 million dollars at the time. This incident was fully covered by the Secure Asset Fund for Users (SAFU), an emergency insurance fund created by Binance in July 2018 to protect users in the event of such situations. Thus, user funds have not been assigned, demonstrating Binance to assume responsibility for the protection of its customers.
SAFU genesis
The SAFU was created in July 2018, a few months after the official launch of the platform. Binance has decided to allocate a percentage of each transaction fee generated to finance this emergency fund. The idea is simple: in case of hacking or major problem, the platform draws in this "financial mattress" to compensate users. Over time, the reserve has reached very high amounts, sometimes exceeding one billion dollars, according to internal balance sheets made public.
History of use
As mentioned, the first significant use of SAFU took place after the hacking of May 2019. All affected users were fully reimbursed, and Binance worked to strengthen its surveillance and authentication protocols. This responsiveness has preserved confidence in the platform despite the magnitude of the incident.
Since then, the SAFU remains active continuously. Thanks to Wallet addresses made public, it is possible to check the amounts it contains. According to an audit published in 2024, Binance confirmed that a sum of $ 1 billion in USDC was secured in this fund. Rare transparency which contributes to improving the reputation of the exchange.
Is Binance reliable: Binance regulations and licenses
To maintain its giant status in the crypto, Binance must comply with increasingly strict rules. The global financial authorities, whether it is the SEC (Securities and Exchange Commission) in the United States or European organizations such as the AMF (Autorité des Marchés Financiers) in France, now require significant guarantees in terms of anti-whiteness controls, investor protection and tax transparency.
PSAN registration in France
Regulation in France is one of the most monitored in Europe for cryptocurrencies. Since 2019, hexagon has required a compulsory recording for platforms that wish to offer conservation or purchase/sale of cryptos services. This is called PSAN status (service provider on digital assets). In May 2022, Binance managed to obtain this validation of the AMF, thus becoming one of the few international companies empowered to operate on the French market.
International expansion and regulatory compliance
Binance has considerably strengthened its regulatory framework by obtaining 21 licenses and recordings around the world. These approvals allow it to operate legally in several jurisdictions and to offer various services, ranging from the exchange of cryptocurrencies to the conservation of digital assets, including financial services.
Main licenses obtained by Binance
- France : registered with the Financial Markets Authority (AMF) as Digital Asset Service Provider (DASP) (E2022-037), allowing conservation, negotiation and exchange of digital assets.
- Italy : Approved as a supplier of digital asset services (DASP) by the Organo Agenti e Mediatori (OAM) (PSV5), authorizing the exchange and conservation of crypto-active.
- Kazakhstan : License issued by the Astana Financial Services Authority (AFSA) , allowing trading, conservation and investment services within the Astana International Financial Center (AIFC) .
- Dubai : Approval of the Dubai virtual asset regulatory authority (VARA) as a Virtual Asset Service Provider (VASP) , authorizing brokerage, exchange and loan services.
- Bahrain : holder of a category 4 license from crypto-active service provider (CASP) issued by the central bank of Bahrain, covering comprehensive exchange and conservation operations.
- Salvador : has a license of digital asset service provider (DASP) of the Comisión Nacional of Digital Activos (CNAD) and a license of Bitcoin Service Supplier (BSP) , allowing it to operate legally in the country.
A strategy of adaptation to local regulations
Is obtaining these regulations directly answer the question " Is Binance » . A platform with a wide range of approvals inspires more confidence and proves its desire to respect legal frameworks. Admittedly, Binance has faced trials and surveys , but the platform adopts a strategy of transparency and cooperation , rather than staying in opacity, a relatively rare approach in the crypto-bourse industry.
For a complete and up -to -date list of the licenses obtained by Binance , users can consult the official Licenses and Records Binance site .
Is Binance reliable: the longevity of an expanding platform
If reliability is often measured by technical quality and legal compliance, it is also popular with the test of time. The story of Binance, founded in 2017, merges with the explosion of the Crypto market, marked by spectacular bullish episodes and successive "bear markets". Many competing platforms have suffered hard, even closed shop. Binance, on the other hand, has growed, diversifying and establishing himself as an unmissable actor.
Creation in 2017 and exponential growth
Originally, Binance was only one start-up among others, launched following a fundraising in tokens (ICO). From the end of 2017, the company took advantage of the wave of interest in Bitcoin and quickly wins market share thanks to its low costs and the speed of its trading . The regular addition of new popular cryptos, such as BNB (its own currency), helps to arouse the enthusiasm of the community. In less than a year, Binance becomes the world's leading Exchange in terms of daily volume.
Is Binance reliable: the potential risks to use Binance
Centralization of assets
By definition, a centralized exchange like Binance keeps control of your private keys if you leave your funds on the platform. In the event of a major problem, your assets could be frozen or temporarily inaccessible. In a logic of decentralized finance , some purists recommend transferring all assets to a personal cold wallet However, this solution can be less practical for daily trading
Even if the platform has SAFU and insurance, no one is immune to a disaster: in crypto, as in the traditional banking sector, zero risk does not exist.
Regulatory volatility
The cryptocurrency sector has never been so supervised. Binance must deal with anti-flowage laws, tax rules, and the increased pressure of different governments, including that of the United States. If regulators were to impose new prohibitions or constraints, the platform could review certain downward services, potentially leading to discomfort for users.
Rumors of total prohibition, or blockages of withdrawal in certain countries, sometimes circulate on social networks. Without being proven, these speculations testify to a climate of uncertainty in which Binanceevolves. Most often, the scholarship avoids these extreme scenarios by negotiating with the authorities, but it is necessary to be aware that everything can change quickly.
Complexity for novices
Binance offers a palette of very advanced tools - trading in cash, on margin, future, options, staking , etc. For a newcomer, the interface can be difficult to master. Handling errors (bad withdrawal addresses, omissions of memos, etc.) can lead to the definitive loss of funds, given the irreversible character of the blockchain.
Is Binance reliable: Fresh and transparency: another component of reliability
On the sidelines of safety and regulations, the reliability of a platform is also gauge the tariff conditions it applies. In general, Binance is known to offer one of the lowest cost scales on the market, which is an undeniable competitive advantage. Users can hope to make transactions , a significant element in the context of crypto volatility.
The lowest costs
For a trading , the costs oscillate around 0.1 % (Taker or Maker). The use of BNB (the native token of Binance ) often makes it possible to benefit from additional reductions. By comparison, other crypto or online broker pursues often apply higher costs, which can go up to 0.5 % or even 2 %, not to mention certain platforms that apply a spread .
Is Binance reliable: how to secure your own funds on Binance ?
Even if Binance multiplies defense devices, ultimate security also depends on the user. It is strongly recommended to take additional precautions, in order to further reduce the risk of intrusion or human error.
Protective layers multiplication
In addition to the 2FA and the anti-highs code, you can filter the authorized withdrawal addresses. Concretely, you create a whitist and any attempt to send funds to an unknown address is blocked. This measure is particularly useful for holders of large wallets. You can also configure notifications in real time on the mobile or email application, in order to be alerted for each connection or withdrawal.
Some users opt for the biometric verification available on the mobile application. This means that to connect or validate a withdrawal, you need to scan your fingerprint or your face. This procedure, coupled with a 2FA validation, makes access to your account almost impossible without your agreement.
Avoid phishing attacks
A large number of hacks come from user clumsiness, which informs its identifiers on a false site with identical design. To reduce this danger, it is advisable to favor the official URL of Binance and never click on a link received by email or on a suspicious third -party site. In the same spirit, never communicate your private key or your recovery sentence (seed phrase) to anyone. Binance will never ask you: whoever does it is a crook.
Beyond personal vigilance, keep your computer equipment up to date, with an antivirus and an activated firewall. Also avoid using public devices to connect to your account. If you follow these principles, the risks of being the victim of a scam are drastically.
Conclusion: Is Binance really reliable?
So, Binance reliable ? In view of the multiple security measures (2FA, anti-highs code, offline wallets), the existence of SAFU, its resilience in the face of crises and its numerous regulatory initiatives (PSAN status in France, licenses in various countries), we can reasonably affirm that this platform is among the safest in the crypto market.
Of course, confidence remains a fragile feeling in a universe where sudden hacks and bankruptcies are not uncommon. But the tenacity of Binance, its longevity since 2017, its ability to manage hacks (including that of 2019), and its propensity to comply with local laws indicate a desire to maintain its leading position in the long term. Despite the trials, Changpeng Zhao and the team were able to get up and strengthen the Place de l'Exchange within the Crypto ecosystem.
However, there is still your responsibility to adopt good security practices. Even the best protected platform can do nothing against rough human errors or inadvertently disclosed logins. If you are particularly attached to total control, the use of a cold wallet is an essential complement. For traders and investors concerned with an advanced interface, Binance undoubtedly meets the requirements: low scale of costs, secure storage, and gradual compliance with international standards.
For the user, this implies remaining vigilant: never neglect good safety practices, avoid unsecured access, and store part of their funds yourself if necessary. If you plan to withdraw your funds , know that a transfer from Binance to your bank account is quite possible, provided you follow the steps correctly. For a complete tutorial, you can consult our article dedicated on this subject by following the text in blue.
Ultimately, if the question still proclaims you, remember this: yes, Binance does everything to be reliable, and it is largely as much (or more) as most of its competitors in the crypto ecosystem. However, zero risk does not exist, and the best approach is to diversify, remain vigilant and protect its identifiers. Reliability is also an exchange of good practices between the platform and its users.
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Yohan Uzzan
Training engineer, I quickly became interested in the field of finance. Convinced that decentralized finance has a bright future ahead of it, I participate in its democratization by developing Crypternon.
