I think it's time to leave Binance, any alternatives?

[notblox1]

So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

It all depends what country you live in and what are their crypto regulation laws.
I dont think Binance will stop working but if it happens people can switch to next exchange with biggest volume, Coinbase, Kraken, Kucoin and others.
There are more exchanges with lower volume that work fine but they can all be under attack of governments.
Maybe all this is not such a bad thing, we should have more developers working on improving decentralized exchanges that are safer.

[joniboini]

Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

I no longer use international centralized exchanges years ago due to their data breaches, ridiculous KYC requirements, and so on. Binance even sent me a notice saying my account will be locked if I don't update my KYC. If they ever went bankrupt, I don't think I'll be affected. As of now I mainly use my local exchange, and P2P to reduce my dependency on centralized services. So far so good, as long as I don't dabble in altcoin trades or something similar.

If you use Binance as an all-in-one platform to interact with crypto, I can see why you'd find it a hassle to find alternatives. But you should never rely on a third party in crypto. I'd be more than happy if Binance got closed and the market become more decentralized, even if it might result in a short or even medium-term bear market.

[NotATether]

Alternatives are desperately needed, indeed. I guess they just got too big.

No US-based exchange is ever going to take the place of Binance due to their limited international operations, so we can immediately rule those out.

I can only think of Crypto.com, which I strongly disrecommend because of their very bad "mobile-first" experience precludes desktop use, and also really severe KYC and geolocation restrictions.

[maydna]

You could try HotBit or KuCoin, which are less stringent in KYC than Binance. And I see that the two exchanges also have almost the same features as Binance so maybe you just need to get used to it for a while.

But if you want Coinbase to trade, you can choose that too. But whatever you choose, it's a good idea to compare all the exchanges you know to know the advantages and disadvantages of each.

[coin-investor]

So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

I seldom use Binance last time I used it was over a year ago I am active on Kucoin so I recommend Kucoin to be your next best alternative, even though I seldom trade on Binance I still consider it an industry giant because of its contribution to the industry I have no problem trading on a centralized exchange, I trade daily on my local exchanges which work like Binance.
I'm also ok with decentralized exchange but the lack of features like centralized exchange leaves so much to be desired. 
I guess centralized exchange will never go away because this is what makes adoption to the masses easy, because the majority are comfortable dealing with organized and centralized management.

[doomloop]

You could try HotBit or KuCoin, which are less stringent in KYC than Binance. And I see that the two exchanges also have almost the same features as Binance so maybe you just need to get used to it for a while.

But if you want Coinbase to trade, you can choose that too. But whatever you choose, it's a good idea to compare all the exchanges you know to know the advantages and disadvantages of each.

What makes you think that if the largest exchange in the world can be targeted and can be vulnerable to FUDs and allegations, what would save these smaller exchanges from having the same faith in the long run? I think they will target all the cryptocurrency exchanges one by one, as the primary goal of the central authorities is to have no cryptocurrencies at all.

Their motive is to only have CBDCs be functional and used by the citizens and no cryptocurrencies are used by any, and the reason for that is obvious, they want control over the financial activities of their citizens and cannot bear not having that control at all.

[Three Millionth User]

While I am sceptical about FUD around Binance, given that information about their reserves is publicly available.

However, I am starting to worry about my savings as I can see that the colours are thickening. Can anyone suggest an alternative to Binance?

[Z-tight]

While I am sceptical about FUD around Binance, given that information about their reserves is publicly available.

Their true reserve isn't publicly available, they only show you want they want you to see. Proof of reserve does not prove that an exchange is solvent. If every user of binance decides to withdraw their money all at the same time, binance is surely going to collapse because they cannot handle it. They are operating with a fractional reserve system, your funds in binance isn't in your wallet, it has been traded or gambled by binance for profit, if they lose it, your money or whatever reserve you think they have is all lost for good.

However, I am starting to worry about my savings as I can see that the colours are thickening. Can anyone suggest an alternative to Binance?

Since you are talking about 'savings', you should not be looking at exchanges as alternatives. Move your funds to open source self custody wallets like Electrum, BlueWallet or a hardware wallet, do not keep your money in any exchange.

[LeGaulois]

You can name kucoin or any other, the result will be the same soon or later.
The problem is not really the exchanges, it's their shit products. Why some exchanges have almost never been bothered by the SEC or any other governmental agency? Because they don't have shit products. They are fair and consistent, they don't have shady methods to work like Binance. When they say they abide by the regulations, they trully do it. They don't lie, they don't help some customers to cheat the laws.

Why Binance is #1? Because they used your ass, and they lied to make it fancy

However, I am starting to worry about my savings as I can see that the colours are thickening. Can anyone suggest an alternative to Binance?

Dude.
Don't store your savings on Binance or whatever centralized exchange, it's totally silly!
It's not like if it was the money you won with a scratch ticket. Let's say, you have an emergency in your life and you need your savings and you discover that Binance has frozen your money. What do you do?

[maydna]

You could try HotBit or KuCoin, which are less stringent in KYC than Binance. And I see that the two exchanges also have almost the same features as Binance so maybe you just need to get used to it for a while.

But if you want Coinbase to trade, you can choose that too. But whatever you choose, it's a good idea to compare all the exchanges you know to know the advantages and disadvantages of each.

What makes you think that if the largest exchange in the world can be targeted and can be vulnerable to FUDs and allegations, what would save these smaller exchanges from having the same faith in the long run? I think they will target all the cryptocurrency exchanges one by one, as the primary goal of the central authorities is to have no cryptocurrencies at all.

Their motive is to only have CBDCs be functional and used by the citizens and no cryptocurrencies are used by any, and the reason for that is obvious, they want control over the financial activities of their citizens and cannot bear not having that control at all.

Is there any guarantee that the largest exchange can maintain its position as the largest exchange? We've seen what happened in the crypto market before Binance became as big as today. At least they can use the "small exchange" to trade and not have to worry about KYC issues as much as if they were trading on Binance which is probably still being watched by regulators.

Even though regulators want CBDCs to continue to function and be used by citizens, they can at least realize that citizens now have more choices than just using a CBDC. Regulators can still monitor the financial activities of their citizens because there are still many people who will use their fiat.

[Synchronice]

Funnily enough I've had some issues with Binance recently, too. I've been using their services for many years, a binance card user as well with decent trading volume. A couple of weeks ago they started spamming me with "Source of Wealth documents needed" - I provided everything I had and after some time they backed off but then I got a warning because "You have sent and received funds to/from gambling services which is prohibited as per our terms". I searched through their ToS and they make no mention of gambling services, anywhere. When I pointed this out the reply I got was "This is our terms, do not receive funds from any gambling services or you will be banned".

Alternatives are desperately needed, indeed. I guess they just got too big.

There is nothing directly written about gambling in their Terms of Use, they only state this:

ALL USERS OF BINANCE SERVICES ACKNOWLEDGE AND DECLARE THAT THEIR FUNDS COME FROM LEGITIMATE SOURCES AND DO NOT ORIGINATE FROM ILLEGAL ACTIVITIES;

I don't get it, is casino an illegitimate source or is gambling an illegal activity? No, so, in your case, they definitely abused their power, which is a crime.

By the way, their employees are helping Chinese users to bypass KYC verification. This is an abuse of TOS, this is an abuse of power. They own CoinMarketCap and manipulate trading volume, which again, is an abuse of power. I don't have proofs but I believe they manipulate Futures Trading and generate more money by liquidating assets. Yes, because there have been cases when futures price hugely differs from marketcap price and sometimes price in futures drops or rises hugely for a while to liquidate assets, this is the fact!

Binance is shady company! I'm really looking for an alternative. Still, there is so much demand and none businessmen/investors try to fulfill this demand.

[Z-tight]

Is there any guarantee that the largest exchange can maintain its position as the largest exchange? We've seen what happened in the crypto market before Binance became as big as today. At least they can use the "small exchange" to trade and not have to worry about KYC issues as much as if they were trading on Binance which is probably still being watched by regulators.

Regulators are watching other centralized exchanges too, not only Binance, and as long as you are using centralized exchanges you have to worry about Kyc, because you must submit it, even if some will allow you trade small amounts without it, you can send money in there anytime and they lock it and tell you to submit kyc then. If you are leaving Binance for othe centralized exchanges or vise versa, you are still in the same circle, with all the same risks, there is no 'better' centralized alternative to binance, it is either one trades with decentralized p2p exchanges, or you use Binance with their shady ways of doing things, and move your money out of there immediately after you trade.

[maydna]

Is there any guarantee that the largest exchange can maintain its position as the largest exchange? We've seen what happened in the crypto market before Binance became as big as today. At least they can use the "small exchange" to trade and not have to worry about KYC issues as much as if they were trading on Binance which is probably still being watched by regulators.

Regulators are watching other centralized exchanges too, not only Binance, and as long as you are using centralized exchanges you have to worry about Kyc, because you must submit it, even if some will allow you trade small amounts without it, you can send money in there anytime and they lock it and tell you to submit kyc then. If you are leaving Binance for othe centralized exchanges or vise versa, you are still in the same circle, with all the same risks, there is no 'better' centralized alternative to binance, it is either one trades with decentralized p2p exchanges, or you use Binance with their shady ways of doing things, and move your money out of there immediately after you trade.

But even so, we can still be lucky because we still have exchanges that are not as strict as I mentioned, although we don't know if those exchanges will change the rules one day. And until that happens, we can still use the exchange to trade and make a profit. But p2p exchanges will also not be free from government supervision and p2p exchanges may also be asked to do KYC verification especially for their members. However, it will not be easy because the members just connect their personal wallets directly to the p2p exchange without verifying.

[Solosanz]

But even so, we can still be lucky because we still have exchanges that are not as strict as I mentioned, although we don't know if those exchanges will change the rules one day. And until that happens, we can still use the exchange to trade and make a profit. But p2p exchanges will also not be free from government supervision and p2p exchanges may also be asked to do KYC verification especially for their members. However, it will not be easy because the members just connect their personal wallets directly to the p2p exchange without verifying.

Correct P2P platforms will not be free from government supervision because you need to access the site, just like Localbitcoins was previously no KYC P2P, but now it's KYC P2P. Connect personal wallet to the P2P platform? it seems you're talking about swap platform which is less decentralized and it's true you can't verify if the site is legitimate or not.

But don't worry, we have Bisq where it's completely decentralized exchange and there's no central point, you can access it even the government shutdown the site because you're using Bisq through their software and you can verify the signature.

[maydna]

But even so, we can still be lucky because we still have exchanges that are not as strict as I mentioned, although we don't know if those exchanges will change the rules one day. And until that happens, we can still use the exchange to trade and make a profit. But p2p exchanges will also not be free from government supervision and p2p exchanges may also be asked to do KYC verification especially for their members. However, it will not be easy because the members just connect their personal wallets directly to the p2p exchange without verifying.

Correct P2P platforms will not be free from government supervision because you need to access the site, just like Localbitcoins was previously no KYC P2P, but now it's KYC P2P. Connect personal wallet to the P2P platform? it seems you're talking about swap platform which is less decentralized and it's true you can't verify if the site is legitimate or not.

But don't worry, we have Bisq where it's completely decentralized exchange and there's no central point, you can access it even the government shutdown the site because you're using Bisq through their software and you can verify the signature.

Yes, we should use a decentralized platform with a good reputation so nothing will happen to us. Bisq has provided a good opportunity for us to use it, but we also have to be careful and always make sure the link is so that we stay safe.

I just imagine that if crypto gets more and more popular, the government will try to contact the platform to verify and police it. Yes, we as users can only follow regulations from the government and it looks like we will later be limited in using crypto by the government.

[Three Millionth User]

Funnily enough I've had some issues with Binance recently, too. I've been using their services for many years, a binance card user as well with decent trading volume. A couple of weeks ago they started spamming me with "Source of Wealth documents needed" - I provided everything I had and after some time they backed off but then I got a warning because "You have sent and received funds to/from gambling services which is prohibited as per our terms". I searched through their ToS and they make no mention of gambling services, anywhere. When I pointed this out the reply I got was "This is our terms, do not receive funds from any gambling services or you will be banned".

I read all the nonsense that spammers from sig campaigns write in this thread, and I stumbled upon your post. If a week ago my experiences were fairly easy, now I am seriously thinking about withdrawing my funds from Binance as quickly as possible. The only question is whether it is worth using a centralized exchange to exchange and then withdraw coins from the exchange? I’m just worried that even if I don’t store my coins on Binance, but simply replenish my account in order to make an exchange, they can also block me without any explanation (despite the fact that I have a verified account).

[Hhampuz]

I read all the nonsense that spammers from sig campaigns write in this thread, and I stumbled upon your post. If a week ago my experiences were fairly easy, now I am seriously thinking about withdrawing my funds from Binance as quickly as possible. The only question is whether it is worth using a centralized exchange to exchange and then withdraw coins from the exchange? I’m just worried that even if I don’t store my coins on Binance, but simply replenish my account in order to make an exchange, they can also block me without any explanation (despite the fact that I have a verified account).

I think it depends on where you are from and how you transact. While it's true I would withdraw/deposit most of my money on binance to and from casinos, I'm unsure as to the reason I even received a warning. I have been using them for many, many years. Fully verified, card user and always complying. I've stopped using them except for the occasional usdt/btc exchange. I've stopped using their card services as well, found better options elsewhere.

I like to think that if I were to be blocked they would allow me to withdraw any and all assets but you never really know that until it actually happens so I'd rather stay away altogether. Too many warning signs lately..

[malcovi2]

You could try HotBit

This is the a very terrible suggestion. I can't how many times they already screwed their customers in the past.

*freezing assets, missing deposits and vanishing assets*

[Dr.Bitcoin_Strange]

I think some or many people really depend on Binance way too much. An alternative, instead of trusting in another CEX again,should be that people start to look out for interacting more through per-purchase purchases of bitcoin. Let there be more P2P than CEX. Only future traders should be concerned about the new CEX they must choose. It is in their interest to look for a CEX that they can use to carry out their trades. An alternative to Binance that crypto users should think about now is a decentralized platform for purchasing Bitcoin, a platform that doesn't require KYC.

[CarnagexD]

As we see, things aren't going well for Changpeng Zhao and more likely for Binance too, especially when it's becoming very clear that they are into very shady things: Binance employees are helping users in China to bypass KYC, directly violated U.S. derivatives laws, manipulates with trading volume and probably manipulates with Futures Trading too.

Decentralized exchanges are good alternatives if someone wants to feel safe and secure and in control of their funds but they lack a lot of features compared to centralized ones. For example, Binance has features like: Futures trading, options, leveraged tokens, swap farming, DeFi Stacking, Liquidity Farming, Launchpad and so on. These features attract a lot of users but p2p exchanges lack them. So, there are people who choose centralized exchanges because of that.

So, my question is, if Binance goes down, which centralized bitcoin exchange are you going to use? Personally, I think that Coinbase will become more popular because it's number two exchange by popularity at the moment and what makes it more attractive compared to Binance is that it's the San Francisco-based company, has been in business since 2012.

It opposes the main idea of cryptocurrency. It aims to decentralize yet op wants centralize to manage its funds. This made think now that the idea of (de)centralization is a bs. How can you expect decentralization if it needs to be regulated by local government restrictions and supervision.  Use exchanges as an exchange. Use wallets to keep your funds. If you just want Binance features then use it so to do futures, farming, and stacking. The question is "If Binance goes down". but what if it doesn't? The thing is in any case, use many exchanges as you want. Advancements in many exchanges such Coinbase, Kucoin, or Bitstamp are still firm. Use it accordingly and to your advantage. It just happened that Binance is more established and progressing but other exchanging are also doing great in terms of transactions too.