Repeated checks over time passed
The largest crypto exchange by trading volume, serves 250M+ users in 180+ countries.
Binance is an exchange service that accepts Bitcoin, Lightning, and Fiat. It requires KYC and has a score of 2/10. There are 7 user ratings averaging 2.1/5.
Scores
- Mandatory KYC
- Required for key features, and may be required arbitrarily at any time.
- May require KYC/SOF by policy/law -6 -4
If obliged by law or in accordance with the service's internal policy, this service may at any time require mandatory procedures such as identity verification, KYC or provide Source of Funds (SOF) information.
If obliged by law or in accordance with the service's internal policy, this service may at any time require mandatory procedures such as identity verification, KYC or provide Source of Funds (SOF) information.
-6 Privacy-4 Trust - Transaction monitoring -1 0
Deposits are analyzed for blacklisted sources. This service automatically scans transactions AML scores. Flagged transactions may require KYC/SoF verification to complete the trade or unfreeze funds. Resolution depends on the individual service's policy, as some may issue refunds without verification.
Deposits are analyzed for blacklisted sources. This service automatically scans transactions AML scores. Flagged transactions may require KYC/SoF verification to complete the trade or unfreeze funds. Resolution depends on the individual service's policy, as some may issue refunds without verification.
-1 Privacy0 Trust
- Mandatory KYC -25 0
Required for key features, and may be required arbitrarily at any time.
Required for key features, and may be required arbitrarily at any time.
-25 Privacy0 Trust - Hard KYC process -3 -6
This service is known for having a particularly difficult KYC process. They may repeatedly request additional documents and information, and sometimes may not be satisfied with any of the materials you provide, being an arbitrary and dull process.
This service is known for having a particularly difficult KYC process. They may repeatedly request additional documents and information, and sometimes may not be satisfied with any of the materials you provide, being an arbitrary and dull process.
-3 Privacy-6 Trust - Custodial wallet -3 -5
These services manage your private keys and keep custody your funds. These wallets are typically offered by centralized exchanges like Coinbase or Binance. Using them requires trusting the institution with your assets.
These services manage your private keys and keep custody your funds. These wallets are typically offered by centralized exchanges like Coinbase or Binance. Using them requires trusting the institution with your assets.
-3 Privacy-5 Trust - Service Termination Policy 0 -4
The service provider can terminate access to services at any time without notice, at their sole discretion.
The service provider can terminate access to services at any time without notice, at their sole discretion.
0 Privacy-4 Trust - Phone number is required -4 0
To use this service, you will need to provide a valid phone number. The service may verify your number via SMS or call. In most cases, you can use anonymous SMS services. Avoid temporary numbers if you need ongoing access.
To use this service, you will need to provide a valid phone number. The service may verify your number via SMS or call. In most cases, you can use anonymous SMS services. Avoid temporary numbers if you need ongoing access.
-4 Privacy0 Trust - May suspend your account 0 -4
The service reserves the right to suspend or limit access to your account. For example, if you have overdue payments or you violated the service's ToS.
The service reserves the right to suspend or limit access to your account. For example, if you have overdue payments or you violated the service's ToS.
0 Privacy-4 Trust - Data Sharing -3 0
Personal and account data may be shared with authorities and third-party providers for compliance, fraud prevention, and service provision.
Personal and account data may be shared with authorities and third-party providers for compliance, fraud prevention, and service provision.
-3 Privacy0 Trust - Account required -1 0
Users require creating an account with the service in order to access and use its features.
Users require creating an account with the service in order to access and use its features.
-1 Privacy0 Trust - Source code is private 0 -1
The service's source code is not public, so it cannot be reviewed or audited by the community. This limits transparency.
The service's source code is not public, so it cannot be reviewed or audited by the community. This limits transparency.
0 Privacy-1 Trust - Verified 0 +10
Passed repeated checks over time and showed consistent behavior. Read more about the listing statuses.
Passed repeated checks over time and showed consistent behavior. Read more about the listing statuses.
Check out the proof.
0 Privacy+10 Trust - Audited 0 +5
The service has been audited by an independent 3rd party.
- Good Customer Support 0 +5
Customer support for this service is usually fast and helpful. They answer questions fast and solve problems.
Customer support for this service is usually fast and helpful. They answer questions fast and solve problems.
0 Privacy+5 Trust - Legally registered 0 +2
Legally registered as Binance Holdings Ltd. in Cayman Islands 🇰🇾.
Legally registered as Binance Holdings Ltd. in Cayman Islands 🇰🇾.
0 Privacy+2 Trust - Email required 0 0
To create a user account in this service, you need to provide a valid email.0 Privacy0 Trust - Mobile app available 0 0
The service has a mobile app available for download.
- Some countries are restricted 0 0
Offered services may not be available in some countries due to logistics, regulations or arbitrary decisions. Please check for any restrictions before use.
Offered services may not be available in some countries due to logistics, regulations or arbitrary decisions. Please check for any restrictions before use.
0 Privacy0 Trust - Base score +50 +50
Terms of Service Review
Binance is a cryptocurrency exchange that collects personal data for service provision, compliance, and marketing. It mandates rigorous KYC and limits data deletion due to financial regulations.
Automated Onboarding Rejections
Binance uses automated tools for onboarding and KYC (requiring photo and live video). If automated criteria are not met, users are denied service, though manual appeals are available.
Data Deletion Limits
Users can request data deletion, but Binance is legally compelled to retain financial transaction records and identity verification (KYC) data for a specified period.
Data Sharing
Personal data is actively shared with third parties and other Binance corporate entities for business processes, contractual obligations, and legal compliance.
Cookie Retention
Binance retains functional, analytical, and targeting cookies on user devices for up to one year.
Law Enforcement Portal
Binance maintains a dedicated system specifically for government and law enforcement agencies to submit information and account freezing/disclosure requests.
Reviewed from binance.com/en/terms
ToS reviews are AI-generated and should be used as a reference only.
Events
View all-
Attribute added
Attribute "May require KYC/SOF by policy/law" was added to Binance
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Attribute added
Attribute "Custodial wallet" was added to Binance
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Attribute added
Attribute "Hard KYC process" was added to Binance
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Attribute added
Attribute "Service Termination Policy" was added to Binance
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Attribute change
An attribute was removed (details unavailable)
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Currency update
Added currencies: LIGHTNING
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Attribute change
An attribute was removed (details unavailable)
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Attribute removed
Attribute "Can't analyze ToS" was removed from Binance
Evidence and Review History
Passed repeated checks over time and showed consistent behavior.
- No review checks have been published yet
- Last review Apr 21
- Verified Apr 21
Comments
I've been using Binance since 2017 and till this day I haven't faced any issue with it. It's a KYC required exchange but it's service is outclass. It's not for privacy enthusiasts but for general level crypto traders it works without any issue.
I used to be exchanging here at least months until kyc is required for basic withdrawals to work so i stopped using them, as well as my country ban them.
This now mandate with the KYC approval before using their platform any problem with the account they now requires a KYC so its not safe anymore for those user's who wanted to keep their information private.
Once they asked a friend to do the clown with selfie video with personal documents, you can just talk to a robot; it was a nightmare. Took us two weeks to unlock the account.
Why are these platforms even listed here? Pure KYC scams
Added context: These sites are here to show users the bad practices they make. They are full KYC and have a very low score.
I used to have a Binance account a few years ago. In most countries, full KYC is required for trades over a small amount (about $100 from memory). Zero privacy at all.
After completing KYC, my funds became inaccessible, and it took far too long to resolve the issue through customer support. It seemed as though the service was intentionally withholding users' funds. A very negative experience
Added context: This review makes claims without supporting evidence.