Binance review: licences, fees, USDT withdrawals and P2P

Overview

Binance is a crypto exchange. Its global platform, binance.com, is run under Terms of Use (effective 21 July 2026) that make your contract with three companies in the Abu Dhabi Global Market: Nest Exchange Limited, Nest Clearing and Custody Limited and Nest Trading Limited. Binance says each of them is regulated by the Financial Services Regulatory Authority (FSRA) of the ADGM. The pages we read give no founding year and no head office. All facts below were checked on 18 October 2026; we have not tested the exchange with our own account.

Licences and registrations

Binance publishes a list of the licences and registrations held by its group. The ones most relevant to readers in the Middle East, Africa and Latin America:

• United Arab Emirates: the three Nest companies (FSRA, no licence numbers published) and Binance FZE, which holds a Dubai VARA licence; the VARA public register lists it as VL/24/04/001.
• Bahrain: Binance Bahrain BSC(c) holds a Category 4 crypto-asset service provider licence from the Central Bank of Bahrain; BPay Global BSC(c) is licensed there as a payment service provider.
• South Africa: “Binance RSA” serves users under an exemption from the FSCA, which is not a licence. Futures and options are offered through Binance Bahrain BSC as a juristic representative of FiveWest OTC Desk (Pty) Limited (FSP 51619).
• El Salvador: Binance Services Latinoamérica S.A. de C.V. holds a digital asset service provider licence from the CNAD and a Bitcoin service provider licence from the central bank (BCR).
• Argentina and Mexico: a registration with the CNV (No. 76) and an anti-money-laundering registration with the tax authority (SAT). These are registrations, not licences.

The list also names companies in Kazakhstan, Japan, Indonesia, Thailand, Australia, New Zealand and India. It does not say which company holds the account of a reader in, for example, Nigeria or Egypt; the global terms name only the Abu Dhabi companies.

Binance does not accept residents of the United States, Canada, the Netherlands, Cuba, North Korea and Iran, nor of Crimea and the Donetsk and Luhansk regions.

Fees

Regular users pay 0.1% as maker and as taker on spot trades, or 0.075% when the fee is paid with BNB. Binance charges no fee for crypto deposits. Each withdrawal costs a flat network fee that, Binance warns, can change without notice. For USDT we saw:

• 0.01 USDT on BNB Smart Chain (BEP20), 0.04 on AVAX C-Chain and Optimism, 0.07 on Polygon
• 0.3 USDT on Solana and TON, 0.4 on Ethereum (ERC20) and Arbitrum
• 1.5 USDT on Tron (TRC20)

Minimum withdrawals are 3 or 5 USDT depending on the network. For fiat, the page shown to us listed US dollar bank transfers (SWIFT) with no deposit fee and a 25 USD withdrawal fee; Binance says payment options vary by country and currency.

P2P trading

On Binance P2P you buy or sell crypto with other users, at their prices and with their payment methods. The currency selector listed 112 local currencies, among them KES, ZAR, EGP, MAD, XOF, XAF, AED, SAR, BRL, MXN, ARS, COP, PEN and VES. The Nigerian naira, the Ghanaian cedi and the euro were not in the list shown to our capture location, which may differ by country.

Futures and Earn

Binance offers perpetual futures with leverage of up to 150x on BTCUSDT and ETHUSDT, and says it may lower the maximum in extreme markets. Leverage multiplies losses as well as gains, and a position can be closed automatically when the margin runs out.

Binance Earn offers savings and staking products on more than 300 assets. Rewards are not guaranteed, some products lock your coins for a period, and your assets stay exposed to the exchange.

Proof of reserves

Binance publishes a proof-of-reserves page with per-asset reserve ratios and a zk-SNARK verification; the last audit shown was dated 01/10/26.

What we could not confirm

We checked the VARA, CNV and CNAD registers only. The other licence numbers come from Binance’s own documents, and the ADGM, Kazakh, Bahraini and Thai companies have no numbers published. We have not tested deposits, withdrawals or P2P with our own account; this review will be updated when we do.