Binance Review: September 2026

In brief: Binance is the world's largest crypto exchange by turnover (24-hour spot volume of $9.63 billion, CoinGecko, 15 September 2026). It suits those who need maximum liquidity and every instrument in one account: spot, derivatives, Earn, Launchpool. The main plus is order-book depth at a 0.1% spot fee; the main minus is strict compliance, which has made drawn-out account checks and frozen withdrawals the single most common theme in user reviews. For Russia the platform is effectively closed: ruble P2P was switched off, per the exchange's announcement, on 31 January 2024, and verification with Russian documents does not always go through (profinvestment, September 2026).

Binance at a glance: launch, volumes, users

Binance has no single "head office license": the group operates through local entities with permits from specific regulators. A recent example is Kazakhstan: on 7 September 2026 Vedomosti reported a memorandum between the country's National Bank and Binance Investments Co. on a regional settlement hub for clients in Central Asia, the CIS and Eastern Europe.

Does Binance work in Russia in 2026

The timeline of the exit, based on the exchange's announcements and the profinvestment review:

• April 2022: a EUR 10,000 limit on accounts of Russian users;
• August 2023: ban on P2P transactions in dollars and euros for users from Russia;
• September 2023: sale of the Russian business to the CommEX platform;
• 15 January 2024: Binance announces that from 31 January 2024, 00:00 UTC, "users who are citizens and residents of the Russian Federation will not be able to trade on Binance P2P", and ruble support in P2P ends. The exception is Russian citizens living abroad who have confirmed their address;
• 2026: according to the profinvestment review (September 2026), "Russians can register on Binance but cannot always pass verification with Russian documents" (translated from Russian).

After 1 July 2026, without CASP authorization Binance may not serve residents of the EEA; it withdrew its application in Greece, stating its intention to obtain a license in another EU country (more here). According to CoinDesk on 26 June 2026, the exchange notified EU clients that it would stop providing services; withdrawals remained open.

The practical takeaway: there are no ruble channels, and funds can only be taken out in crypto, to a non-custodial wallet or to a platform with ruble P2P (see Which crypto exchanges work in Russia). Under Russian law, Federal Law No. 282-FZ of 4 August 2026 is in force: the infrastructure is built around the Bank of Russia registers, the transition period runs until 1 July 2027, and no foreign exchange is on the registers (our analysis of the law).

Binance fees: spot, futures, deposits and withdrawals

Data as of 15 September 2026 from the Binance Fee Schedule page; rates are revised regularly.

Comparing exchanges by the "spot 0.1%" line alone is pointless: the total cost is made up of the fee, the network withdrawal fee, the P2P spread and unnecessary conversions.

Products: spot, derivatives, Earn, copy trading

Spot (1,358 pairs, the most active being USDC/USDT), USDT-M and COIN-M perpetual and delivery futures, options, cross and isolated margin, Binance Earn (savings, staking, dual investment; floating rates), copy trading, Launchpool and Megadrop, a Web3 wallet, Binance Pay, trading bots and the free Binance Academy.

On risk. Futures and margin run on leverage: with high leverage, a price move of a few percent against the position leads to liquidation and the loss of the entire margin, and the funding rate on perpetual contracts is charged every eight hours. The calculation method is explained in Leverage and liquidation.

Security: reserves, SAFU, hacks, regulatory cases

Proof of Reserves. Reserve reports are published with Merkle tree and zk-SNARK verification: users can check for themselves whether their balance was included in the snapshot. The exchange claims 1:1 custody of client assets. The caveat is significant: this is a self-check by the exchange's own methodology, not an audit by an independent firm.

SAFU. The insurance fund has been built since 2018 from a share of trading fees. On 12 February 2026 CoinDesk reported that Binance had completed converting it into bitcoin: 15,000 BTC were bought for roughly $1.005 billion at an average price of about $67,000; the exchange has promised to top up the reserve if its value falls below $800 million. SAFU also covered the largest hack: on 7 May 2019, 7,000 BTC (about $40.8 million) were drained from a hot wallet using stolen API keys and 2FA codes, and clients lost no money.

Regulation. In November 2023 Binance settled US authorities' claims for $4.3 billion; founder Changpeng Zhao pleaded guilty to a charge related to anti-money-laundering violations, paid a personal fine of $50 million and served four months in prison in 2024. On 23 October 2025 the US president pardoned Zhao (CNBC), but this does not cancel the company's obligations under the settlement, including independent compliance monitoring. This setup explains most of the complaints: in a disputed transaction the exchange prefers to freeze access rather than risk claims from a regulator.

Pros and cons of Binance

Pros: maximum liquidity and tight spreads on major pairs; a 0.1% fee with a discount down to 0.075% in BNB; every instrument in one account; public Proof of Reserves and the SAFU fund; a mature app and a free educational base.

Cons: no ruble channels for Russian residents, and verification with Russian documents does not always go through (profinvestment, September 2026); mass complaints about lengthy account checks with withdrawals blocked; templated support replies; the Trustpilot rating is hidden by the platform for a breach of its guidelines (more in the user reviews); reserves are confirmed by the exchange's own methodology; regular delistings, with the latest round covered in Delisting on Binance and the closure of Cascade.

FAQ

Does Binance work in Russia? You can register, but you cannot use it fully: ruble P2P has been disabled since 31 January 2024, and verification with Russian documents does not always go through (profinvestment, September 2026). Russian citizens abroad with a confirmed address face no P2P restrictions.

How do I withdraw rubles from Binance? Not directly: you need to withdraw crypto to your own wallet or to an exchange with working ruble P2P and sell it there. Check the network before withdrawing; a mistake means losing the funds.

Is it safe to keep funds on the exchange? The reserve report is a self-check, and reviews show that access to money can be lost for months because of a compliance check. Long-term savings are more sensibly kept in your own wallet; the options are in How to store cryptocurrency.

Do I have to pay tax on income from the exchange? Yes, the obligation to declare income does not depend on whether the platform is Russian or foreign. Rates and deadlines are in Crypto tax for individuals in 2026.

What can a Russian user replace Binance with? Platforms that accept a Russian passport and keep ruble P2P: a comparison is in Which crypto exchanges work in Russia, and the purchase route is in How to buy cryptocurrency legally.

User reviews of Binance — platform ratings, complaints and quotes — in a separate article.

Sources

• Binance: P2P announcement for users from Russia (15 January 2024)
• Binance Fee Schedule
• Binance Proof of Reserves
• CoinGecko: Binance exchange
• CoinMarketCap: Binance trade volume
• CoinDesk: SAFU converted into 15,000 BTC (12 February 2026)
• CNBC: Changpeng Zhao pardoned (23 October 2025)
• CoinDesk: Binance tells EU users it will no longer provide services after failing to secure a MiCA license (26 June 2026)
• 1000bankov.ru: Binance exchange review, fees and P2P
• Vedomosti: Binance hub in Kazakhstan (7 September 2026)
• profinvestment: Binance in Russia in 2026