Binance is a real, very large crypto exchange, founded in 2017, but its record includes a 2023 guilty plea to US anti-money laundering charges and a hack in 2019. It's custodial, so Binance holds your coins, and US users are pointed to a separate exchange, Binance.US. Safe use mostly comes down to your own account security.
Binance is one of the biggest names in crypto, and also one of the most argued about, so I understand why people search whether it's safe. I'm not here to tell you whether to buy anything. I've looked at what Binance says about itself, what Wikipedia records and what the US regulators have published, so you can judge the platform on facts.
Who runs Binance and how large it claims to be
According to Wikipedia, Binance was founded in 2017 by Changpeng Zhao, with Yi He as co-founder. Binance's own About page says its founder launched Binance in 2017 and that it reached 250 million registered users by 2025. That's Binance's figure about itself, so treat it as a company claim.
Binance is an exchange, which means a company that holds your coins on your behalf and lets you trade them. That's different from a self-custody wallet, where you alone hold the keys. If you want to understand the difference, my guide to hot wallets and cold wallets explains where coins can be kept and what each option risks.
Binance and the 2023 guilty plea
This is the part most promotional articles skip. Wikipedia records that on November 21, 2023, Binance pleaded guilty to violating US anti-money laundering rules. The charges included Bank Secrecy Act violations, unlicensed money transmitting and sanctions violations.
The CFTC, the US commodities regulator, published its own announcement the same day. It said Binance must give up 1.35 billion dollars in gains and pay a 1.35 billion dollar penalty, and that Changpeng Zhao must pay a 150 million dollar penalty. It described this as a proposed settlement needing court approval, and said that across DOJ, FinCEN, OFAC and the CFTC, Binance must pay more than 4.3 billion dollars.
Wikipedia adds that Zhao stepped down as CEO in 2023, and that he received a presidential pardon on October 23, 2025. It also says the SEC sued Binance and Zhao in 2023 on 13 charges of alleged violations of US securities rules. I couldn't confirm how that case ended from the sources I read, so I won't say.
Binance and Binance.US are not the same thing
Wikipedia says that in 2019 Binance restricted US users, and Binance.US was created as a separate exchange to comply with federal law. If you live in the US, that distinction matters. The global Binance site and the US one are separate services with their own terms, so check which one you're on and what your own country's rules say before you sign up.
I'm not going to tell you which one to use, and I'm not giving legal advice. Read Binance's terms for your location, and if you're unsure whether you may use it, ask a qualified professional.
The 2019 hack and how Binance responded
Wikipedia records that on May 7, 2019, hackers stole about 7,000 bitcoin from Binance. It says Binance halted transactions for a week and reimbursed customers from an emergency fund. I haven't read an independent security audit, so I can't tell you how Binance's systems compare today.
The takeaway for a normal user is to avoid assuming that any exchange is immune. Large platforms attract attackers, and what you do with your own account is part of the picture.
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| What I checked | What the public record shows |
|---|---|
| Who founded it | Changpeng Zhao, with Yi He as co-founder, in 2017 |
| Custody | Custodial exchange: the platform holds your coins |
| US rules | Pleaded guilty to US anti-money laundering charges in 2023 |
| Regulator announcement | The CFTC announced a proposed settlement the same day |
| Hack history | About 7,000 bitcoin stolen in 2019, customers reimbursed from an emergency fund |
| US users | Binance.US is a separate exchange created in 2019 |
How to protect your Binance account
Whatever the company's history, most of the losses I hear about start with the account holder rather than the exchange. Binance's help pages talk about keeping your account secure, and the principles are the same on any platform.
- Turn on two-factor authentication, and use an authenticator app rather than text messages if you can.
- Use a long, unique password that you don't reuse anywhere else.
- Never share a verification code with anyone, including someone claiming to be Binance staff.
- Only log in through the official app or by typing the address yourself.
- Think about moving coins you don't plan to trade into a wallet where you hold the keys.
If you're weighing up platforms, my overview of crypto apps describes how exchanges, wallets and trackers differ. Remember that crypto can lose value, and nothing here is investment advice.
Fake Binance apps, sites and support
Binance's size makes it a favourite for impersonators. Scammers run fake apps, lookalike login pages and fake support accounts on social media. They then ask you to verify your wallet or share a recovery phrase.
- Binance will never need your wallet's seed or recovery phrase; never type one into any website.
- Don't click links in emails, texts or direct messages claiming your account is locked.
- Download the app only from the official website or an official app store listing.
- Treat anyone who messages you first offering help, a giveaway or a fixed return as a scammer.
- Don't send crypto to a stranger who promises to send more back.
My verdict on Binance
It's real, enormous and heavily scrutinised. It isn't a scam in the sense of a fake website, but its record includes a guilty plea, large regulator penalties and a past hack, so the 'safe' question has no simple yes. If you decide to use any exchange, check what's allowed where you live, secure your account well and never put in money you can't afford to lose.
Frequently asked questions
Is Binance a real company?
Yes. Wikipedia says it was founded in 2017 by Changpeng Zhao, with Yi He as co-founder, and Binance's own About page says it reached 250 million registered users by 2025.
Did Binance plead guilty to anything?
Wikipedia records that on November 21, 2023, Binance pleaded guilty to violating US anti-money laundering rules, including Bank Secrecy Act and sanctions violations.
Has Binance been hacked?
Wikipedia records that hackers stole about 7,000 bitcoin on May 7, 2019. Binance halted transactions for a week and reimbursed customers from an emergency fund.
Is Binance the same as Binance.US?
No. According to Wikipedia, Binance.US was created in 2019 as a separate exchange after Binance restricted US users.
How can I keep my Binance account safe?
Use two-factor authentication, a unique password and the official app only, and never share verification codes or a recovery phrase with anyone.
