Binance is the largest crypto exchange in the world. The platform has been the leading centralized exchange for more than three years now. It is also widely recognized across the globe with regulations in over 200 countries. However, the question is ‘Can you use Binance in New York?’, and the answer is No!
In this guide, we will show you why you cannot use Binance in New York and offer you some great alternatives to choose from.
Why is Binance not available in New York?
Whether you have a traditional Binance account or you are registered with Binance US, the exchange is not allowed in New York. This is because certain regulations guide the trading of cryptocurrencies in the state, and these regulations are strictly adhered to by the exchanges that will continue to offer services to their residents.
With its heavy laws and strict restrictions on certain kinds of cryptocurrencies like Stablecoins that are not listed in its green book, and ban on native tokens (in this case, including Binance’s native token – BNB), the New York Department of Financial Services (NYDFS) does not seem to appeal to the interests of the largest exchange in the world.For this reason, it is impossible to trade cryptocurrencies in New York.
What are the alternatives for Binance in New York?
We have established why trading on Binance is not available in New York. However, we will not leave you stranded in your quest to discover where next to turn. Instead, we have some alternative exchanges that you can try depending on what you intend to do.
Here are the alternative crypto exchanges for you in New York:
- Tapbit – Best overall alternative in New York
- BTCC – Best for derivatives trading
- Binance.US – Binance Partner Exchange
Tapbit
Tapbit is a crypto exchange that provides one of the most secure trading environments for users all over the world. Tapbit provides a stable trading environment for the more advanced cryptocurrencies like BTC, ETH, SOL, and USDT for global investors.
Unlike Binance, Tapbit respects all the laws and regulations laid out by the NYDSF regarding the services offered by cryptocurrency exchanges. The exchange has been credited with the MSB fiat currency license, crypto, and forex business license by SVGFSA, and NFA general financial license from the US federal government.
Furthermore, with Tapbit you will have access to 280 cryptocurrencies and 358 markets. It has a daily trading volume of $476 million on its spot market and $4.8 billion in futures The exchange is also commended for its unique trading interface for both the spot and futures markets.
In addition to its advanced technology, Tapbit also prioritizes security. The platform operates under full licensing (MSB by FinCEN) and employs a range of sophisticated security measures, such as two-factor authentication, cold storage, and SSL encryption, to protect user assets.
Moreover, Tapbit has established a $40 million insurance fund to compensate for any losses that may occur on user assets. This commitment to security makes Tapbit one of the most dependable and secure global crypto exchanges, allowing traders and investors to operate without concern for potential risks.
Tapbit is at the forefront of the industry with its cutting-edge technology, including a state-of-the-art core aggregation engine, which is unparalleled in the current market. This engine is built with resilience and high-speed processing capabilities, making it capable of addressing any concurrent challenges that arise from high transaction volumes and instant settlements.
Additionally, Tapbit fees follow the industry standard, making it highly competitive. All trades on the spot market attract a default maker/taker fee of 0.1%. For the futures market, fees are at 0.02% and 0.06% for makers and takers.
Overall, Tapbit is a great exchange for anyone who resides in New York because of its high-quality security and great user interface. It also offers a great trading platform suitable for beginners and professional traders. It offers 24/7 reliable customer live chat support. Customers can also reach out via email to issue complaints and get cleared on matters that need clarification.
Pros and Cons
| 👍 Tapbit Pros | 👎 Tapbit Cons |
|---|---|
| ✅ High-quality security | ❌ Limited products available for users |
| ✅ User-friendly interface | |
| ✅ Forex trading interface | |
| ✅ A wide range of cryptocurrencies | |
| ✅ It offers advanced trading tools for professional traders |
2. BTCC
BTCC, one of the longest-standing cryptocurrency exchanges globally, is known for its reliability, security, and liquidity. These attributes have made it a popular choice among users seeking a trustworthy platform.
BTCC supports futures trading with over 50 cryptocurrencies, including BTC, ETH, DOGE, and more. It also offers over 100 trading pairs with leverage of up to 225x. The exchange’s 24-hour trading volume is at $8.5 billion. Since its inception in 2011, BTCC has operated safely through various market cycles without any security incidents. BTCC boasts over 1 million registered users worldwide, demonstrating its commitment to making crypto trading reliable and accessible to all.
The great thing about BTCC is that it is highly regulated and is available to residents of New York. it also complies with all of the regulations laid down by the NYDSF concerning cryptocurrency services.
BTCC serves as an excellent platform for both novice and experienced traders to advance their trading careers. The platform features a user-friendly trading interface, perfect for beginners to hone their skills. This is distinct from the sophisticated trading interface designed for professionals, which comes equipped with advanced tools for effective market analysis and trade execution.
Additionally, BTCC employs a tiered fee structure for its futures market. Its fees are relatively low when compared with its competitors. For new members, trading fees are 0.0045% for takers and 0.0025% for makers.
Lastly, the exchange offers comprehensive customer support for users and a 24/7 live chat. It is known for its fast-paced response to customer issues and complaints.
With its commitment to ensuring customer satisfaction and fostering transparent communication, BTCC provides users with a dependable ally in their journey of cryptocurrency trading.
Pros and Cons
| 👍 BTCC Pros | 👎 BTCC Cons |
|---|---|
| ✅ Supports fiat currency deposits and withdrawals | ❌ A limited number of cryptocurrencies |
| ✅ Great security for customer funds | ❌ High withdrawal fees |
| ✅ Great for newbie traders and professionals alike | |
| ✅ Low trading fees | |
| ✅ Reliable customer service |
Binance.US
Binance US is a separate entity from Binance.com. While Binance US aims to provide US citizens with a great crypto experience, there are a lot of issues with the exchange. The fees are fairly high compared to competitor exchanges. Additionally, the liquidity and trading volume are low, which leads to inefficient price delivery.
To learn more, read our full Binance.US review.
Conclusion
At the moment, Binance is not available to residents of New York. Nevertheless, we’ve identified a couple of alternative exchanges for traders to consider. Tapbit and BTCC provide reliable cryptocurrency trading services for those living in New York.
These exchanges have been chosen due to their excellent reputation and impressive features. This evaluation should assist you in selecting the most suitable exchange to kickstart your career in cryptocurrency trading.
