In the realm of cryptocurrency exchanges, Binance stands as a global giant, offering a diverse range of trading options for digital assets. However, the question that often looms for U.S. residents is: Can I sign up for Binance in the U.S.? In this comprehensive guide, we'll explore the Binance restricted countries list, delve into the intricacies of signing up for Binance in the U.S., uncover potential sign-up requirements, discuss Binance sign-in bonuses, and address the common issue of being unable to sign in due to lost two-factor authentication (2FA).
Binance, like any global platform, operates within a framework of regulations and compliance. The list of restricted countries, often subject to change, reflects regions where Binance services are limited or unavailable due to regulatory constraints. Before attempting to sign up, users should check the latest Binance restricted countries list to ensure compliance with their jurisdiction's regulations.
Currently, Binance operates in over 100 countries, including:
- Africa: Nigeria, South Africa
- America: Argentina, Brazil, Chile, Colombia, Mexico, Peru
- Asia & Pacific: Afghanistan, Australia, Cambodia, India, Indonesia, Japan, Kazakhstan, Mongolia, Myanmar, New Zealand, Pakistan, Philippines, Taiwan, Vietnam
- Europe: Bulgaria, Czech Republic, France, Greece, Hungary, Italy, Latvia, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Switzerland, Turkey, Ukraine
- Middle East: Egypt, Israel, Saudi Arabia, United Arab Emirates
If you go to the “Countries and Regions” page (image above), you will quickly notice that despite stating “Binance is available in 100+ countries”, you can only see a little over 40 countries in that page. As such, Binance does not have an official full list of all the supported countries.
While Binance doesn’t have a detailed list of supported nations, it does have a list of specific features allowed for certain countries. For instance, the exchange lists countries it supports for crypto to fiat withdrawals. This includes the UK, Belgium, France, Germany, Italy, and others.
Generally, crypto conversion to fiat is restricted in some countries and has to follow tight regulations. Since Binance is just crypto to crypto exchange, until recently, it could operate in almost every country worldwide – unless the country had decided to block Binance for some reason, including not complying with the country’s regulation.
Finally, in May 2022, France became the first big European nation to grant Binance (“BINANCE France SAS”) as a Digital Asset Service Provider (DASP) registered by the Autorité des marchés financiers (AMF) with the approval of the Autorité de Contrôle Prudentiel et de Résolution (ACPR). You can find this information here (AMF website).
Binance Restricted Countries
Many users have reported that Binance closed their accounts because they reside in one of their unsupported countries – including users from Serbia, Bosnia, Iran, Myanmar, among other countries.
Here’s a list of countries whose traders are banned from trading on Binance:
- Ontario (Canada)
- Europe (for derivatives trading)
- Malaysia
- UK (more about it below)
- Thailand
Besides, Binance protects itself by stating the possibility of closing an account at its sole discretion in its terms of use. In other words, it means that at any moment, you may see your account closed for any reason. So, please keep this in mind.
The Binance exchange has suffered multiple regulatory clampdowns worldwide. In most countries, the exchange has been accused of operating without regulatory clearance. Reasons for exclusion include:
- No regulation, no operation: Since most financial markets regulators do not supervise the crypto space, they may ban and even prohibit advertising from Binance.
- Lack of transparency: Many regulators believe that Binance is not making the best effort to alert for the risks associated with crypto trading, including that investors can lose all their money (not only through their investments but also in company aspects not controlled by investors – Remember what happened to FTX?).
- Crypto derivates: These instruments allow investors to borrow to leverage the amount they invest, which is hazardous for retail investors. Some regulators feel uncomfortable with this possibility.
- Binance’s stock tokens: Binance has a new product called “stock tokens”, which are cryptocurrencies pegged to the value of several stocks. This blurs the lines between cryptocurrency tokens and company stocks, which has raised concerns among regulators.
While Binance does not offer its full range of services to U.S. residents through Binance.com, it has introduced Binance.US to cater specifically to the U.S. market. Here's a step-by-step guide on how to sign up for Binance in the U.S.:
Web Browser Instructions:
A) Create your Account on the Web:
To create your account on the web:
1. To begin creating your Binance.US account, click here.
2. Enter your email address and password. Make sure that your password includes upper and lower case letters, numbers, and unique characters. If you have been referred by someone, please enter their Referral ID in the Referral ID field. Next, check the box to confirm your age and agreement to Binance.US policies. Then, click the Create Account button.
3. You’ll receive an email requesting your confirmation to complete the registration process with a verification code. Open the email and copy the verification code. Then, enter or paste it into your Binance.US screen to confirm your registration.
4. You will be prompted to secure your account. After clicking Secure Account, you will be asked to enable SMS Authentication. Enter your cell phone number and click Send Code. Your 2FA method can be changed later, but we do require SMS verification during sign-up.
5. Enter the six-digit SMS Verification Code that was sent to your phone. Click Enable Authentication after you confirm you have entered the code correctly.
Note: In rare circumstances, depending on cellular carrier settings, you may need to exit the page and try again in a few hours.
Congratulations! Your account has been created and secured!
You're almost ready to trade cryptocurrencies — but before you can, you will need to pass basic verification.
B) Complete Basic Verification on the Web:
The Binance.US basic verification process is one of the fastest and easiest verification processes in the industry! Learn more about our basic features here.
Before starting, make sure that:
- You've created and secured your account (if you have not, scroll up to section A to learn how).
To complete basic verification on the web:
1. If you are continuing straight from the account creation stage, you can skip to step 3 below. Otherwise, visit your Account Dashboard (Hover over the User Profile drop-down menu on the top right side of the screen, then click Dashboard).
2. From the Dashboard, click Verify Identity, near the top of your screen.
3. Enter the last four digits of your Social Security Number (SSN). Your SSN is required by federal law and all your personal data is securely stored. Carefully review the information on-screen and tap Continue to proceed.
4. Enter your full legal name and other requested information into the fields. Once you've entered your information, click Next.
Note: Where possible, the above information (as well as your address details) may be pre-filled. If some or all of your information is pre-filled, carefully review the on-screen information and click the Edit button to revise the information. Otherwise, click Continue to proceed.
5. Enter your residential address. Once you have entered it and confirmed its accuracy, click Confirm.
Disclaimer: The address entered must be your current residential address. We are unable to accept P.O. Box addresses.
6. Your identity verification attempt is:
- Successful - Depending on your State of Residence, you will either have to carefully review an Account Agreement, or you will reach an Identity Verification Successful screen showing you all the features you have access to.
- Pending - Your documents have been received and are currently being reviewed. You will receive an email once your Identity Verification status has been updated. Note: Your Identity Verification attempt may be pending due to several factors, including incomplete information or the need for additional information. Check back in a few business days for an update on your status.
- Unsuccessful - Your Identity Verification attempt may have been unsuccessful due to several factors, the most common being incorrect or incomplete information. You may be prompted to Try Again to re-check and re-submit your information. If the Try Again option is not available, Chat with an Agent for assistance.
Mobile App Instructions:
A) Create your account on the app:
To create your account on the app:
1. Download and install the free Binance.US app.
If you already have a Binance.US account, tap Log In and skip to the next section below.
If you still need to create your account, tap No account yet? Sign up now.
2. Enter your email address and password. If you have been referred by someone, please enter their Referral ID in the Referral ID field. Carefully review the Binance.US Terms of Use and Privacy Policy and check the box to agree before tapping Register.
3. You’ll receive an email requesting your confirmation with a verification code. Copy the verification code from the email. Then, enter or paste it into your Binance.US app screen to confirm your registration.
Note: Before you reach this page, you may be presented with a Google reCAPTCHA to solve.
4. To secure your account, you'll be asked to enable SMS Authentication. Your 2FA method can be changed later, but we do require SMS verification during sign-up. Enter your phone number and click Send SMS. Then, enter the six-digit SMS Verification Code that was sent to your phone. Click Next to confirm.
Note: In rare circumstances, depending on cellular carrier settings, you may need to exit the page and try again in a few hours.
Congratulations! Your account has been created and secured!
You're almost ready to trade cryptocurrencies — but before you can, you will need to pass basic verification.
B) Complete Basic Verification on the app:
The Binance.US basic verification process is just as streamlined and straightforward on mobile too! Learn more about our basic features here.
Before starting, make sure that:
- You've created and secured your account (if you have not, scroll up to section A to learn how).
To complete basic verification on the app:
1. If you are continuing straight from the account creation stage above, you can skip to step 2 below. Otherwise, open the Binance.US app and tap the Verify Identity button at the top of the screen.
2. Enter the last four digits of your Social Security Number (SSN). Your SSN is required by federal law, and all your personal data is securely stored. Carefully review the information on-screen and tap Continue to proceed.
3. Please enter your full legal name and other requested information such as your address details into the fields. Once you have entered your information, click Next.
Note: Where possible, the above information may be pre-filled, including your Address Details. If some or all of your information is pre-filled, carefully review the on-screen information and click the Edit button to revise the information. Otherwise, click Confirm Information to proceed.
Disclaimer: The address entered must be your current residential address. We are unable to accept P.O. Box addresses.
4. Your identity verification information is:
- Successful - Depending on your State of Residence, you will either have to carefully review an Account Agreement, or you will reach an Identity Verification Successful screen showing you all the features you have access to.
- Pending - Your documents have been received and are currently being reviewed. You will receive an email once your Identity Verification status has been updated. Note: Your Identity Verification attempt may be pending due to several factors, including incomplete information or the need for additional information. Check back in a few business days for an update on your status.
- Unsuccessful - Your Identity Verification attempt may have been unsuccessful due to several factors, the most common being incorrect or incomplete information. You may be prompted to Try Again to re-check and re-submit your information. If the Try Again option is not available, Chat with an Agent for assistance.
C) Upgrade to Advanced Verification (optional) on the app:
By completing our advanced verification process, you will gain access to all that Binance.US has to offer. Learn more about our advanced features here.
Before starting, make sure that:
- You've created and secured your account (if you have not, scroll up to section A to learn how).
- You've passed basic verification (if you have not, scroll up to section B to learn how).
To complete advanced verification on the app:
1. From the 'Home' section, tap the User Profile icon, located on the top left side of your screen.
2. Scroll down and tap Verification & Limits, under Account.
3. Carefully review the on-screen information before tapping Advanced Verification.
4. Follow the on-screen instructions. The following identity documents will be required:
- ID Verification: Choose which type of identification you wish to upload. Supported ID types include a Driver’s License (Recommended), State ID, Passport, and Visa.
- Facial Recognition: Complete face verification using your phone selfie camera.
For tips on submitting your Advanced Verification documents (ID and Proof of Address), please see our article Keys to Success When Verifying Your Binance.US Account.
Can't Sign In to Binance, Lost 2FA: Troubleshooting Tips
Losing access to the two-factor authentication (2FA) method can pose a challenge when trying to sign in to Binance. Here are some troubleshooting tips for users who can't sign in due to a lost 2FA:
1. **Recovery Key:**
- If you saved the recovery key provided during the initial 2FA setup, use it to regain access. This key is essential for situations like lost or changed devices.
2. **Contact Binance Support:**
- Reach out to Binance customer support through the official channels. Provide all necessary information to prove ownership of the account and request assistance in disabling 2FA.
3. **Reinstall Authenticator App:**
- If using a mobile authenticator app, reinstall it on a new device and reconfigure the 2FA settings. Ensure the time settings on the device are synchronized.
4. **Identity Verification:**
- Binance may require additional identity verification steps to ensure the security of your account. Be prepared to provide relevant documentation as requested.
5. **Password Reset:**
- Initiate a password reset through the Binance platform. Follow the instructions provided to reset your password and gain access to your account.
It's crucial to maintain a secure record of recovery keys and promptly address any issues related to 2FA to prevent potential security risks
Signing up for Binance in the U.S. involves adhering to the specific platform designed for the U.S. market, Binance.US. Understanding the Binance restricted countries list is paramount to ensure compliance with regulations. Users can explore sign-up bonuses and promotions, keeping an eye on the evolving landscape of incentives.
In the event of challenges, such as being unable to sign in due to lost 2FA, prompt action and adherence to security measures become key. By following the outlined steps and staying informed about Binance's policies and offerings, users can embark on their cryptocurrency trading journey with confidence.
