Binance
Ranked 3 of 5 crypto exchanges by recommenders
Major exchange whose users say it covers losses after hacks and is the lesser evil. Most common caveat: repeated security failures.
Major exchange whose users say it covers losses after hacks and is the lesser evil. Most common caveat: repeated security failures.
49 people gave an opinion
- recommend it
- 10
- criticize it
- 39
- approval share
- 20%
Recommended in 3 of 13 months
- November 2025: recommended
- December 2025: not recommended
- January 2026: not recommended
- February 2026: recommended
- March 2026: not recommended
- April 2026: not recommended
- May 2026: not recommended
- June 2026: not recommended
- July 2026: not recommended
- August 2026: not recommended
- September 2026: not recommended
- October 2026: recommended
- November 2026: not recommended (month in progress)
Why it doesn’t carry the badge
- 10 people recommend itNeeds 10 or more, met.
- 0.2 recommenders for every criticNeeds 2 to 1 or better, not met.
- Recommended in 3 of 13 monthsNeeds 4 or more, not met.
The same three rules apply to every product, and the badge can’t be bought. How the badge works
What people say about it
The reasons people give, with the number of comments that give each one. Open a reason to read what they said.
Why people recommend it
Each mark is one comment
Covers losses after hacks
“On an exchange like kraken, coinbase, bitstamp or Binance there is a high chance you wont loose your money, even after a hack.”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” “because they cover you when it gets stolen”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” Seen as the lesser evil
“Binance's reputation is hardly impeccable, but by crypto standards they're kinda sorta the adults in the room”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” “Binance is frankly probably the lesser evil at this point.”
Comment from 1 Nov 2025 on Hacker News
What people warn about
Each mark is one comment
Repeated security failures and hacks
“Their terrible security certainly indicates to me that future of Binance is not going to be a pretty one unless they make some enormous changes.”
Comment from 31 Oct 2026 in “The $6.3B Binance hack was pulled off in just 20 minutes” “they would have such fragile systems that any single employees machine would possibly have access to trigger Billions in transactions”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” “How is it possible that Binance doesn't have a system that disallows massive simultaneous withdrawals”
Comment from 30 Oct 2026 in “The $6.3B Binance hack was pulled off in just 20 minutes” - Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance”
- Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance”
- Comment from 31 Oct 2026 in “The $6.3B Binance hack was pulled off in just 20 minutes”
Criminal ties and legal trouble
“they provide anonymity and cover to illegal participants (eg obviously US citizens) just like crypto exchanges like Binance did”
Comment from 21 Feb 2026 in “Uncovering Insiders and Alpha on Polymarket with AI” “why did anyone have any money in binance in the first place? Didnt their cofounder get in trouble”
Comment from 29 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” “CZ from Binance was also done for… fraud but miraculously pardoned by Donald Trump”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” Unregulated with weak user recourse
“an unregulated third party which has a disclaimer at the top of the page saying "Don't invest unless you're prepared to lose all the money you invest."”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” “Assuming they actually can cover the losses financially. And if they don't good luck suing them.”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” Crowded interface and high costs
“The crowded UX, dark patterns, and absolutely no easy way to figure out how can I just”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance” “It's slow, expensive and they get you at the place where you transfer it.”
Comment from 30 Oct 2026 in “Binance-hacker-1029 – $5.6B stolen from Binance”
Other crypto exchanges people recommend
The four most recommended other crypto exchanges, with the same counts for each, so you can compare like for like. The tick on each bar marks the 2 to 1 line the badge needs.
| Product | Recommend | Criticize | Approval | Months | Owned | Badge |
|---|---|---|---|---|---|---|
| CZR Exchange | 22 | 2 | 92% | 1 | — | — |
| Coinbase | 12 | 51 | 19% | 6 | — | — |
| BinanceThis page | 10 | 39 | 20% | 3 | — | — |
| Kraken | 7 | 5 | 58% | 8 | — | — |
| Hyperliquid | 6 | 7 | 46% | 3 | — | — |
What people said
40 of the 49 comments that mention it, newest first. Each links to the original comment.
“a fraudulent company that lacks financial controls”
“Their terrible security certainly indicates to me that future of Binance is not going to be a pretty one unless they make some enormous changes.”
“Isn't Binance the one that needs to be prosecuted for negligent security?”
“How is it possible that Binance doesn't have a system that disallows massive simultaneous withdrawals”
“if you trust Binance with anything in 2026 then you deserve to lose all your money”
“an unregulated third party which has a disclaimer at the top of the page saying "Don't invest unless you're prepared to lose all the money you invest."”
“were able to unilaterally freeze funds when it came down to their own self interest”
“Mt. Gox was just incompetence, like Binance here.”
“They're literally asking to be hacked. Nobody will protect them.”
“posting updates directly on X so we don't have to read propaganda”
“Binance provides the best of all”
“How on earth would anyone think they can cover you?”
“storing your bitcoins with a major provider like binance has a terrible track record”
“Binance is staggeringly incompetent and their customers need to move their funds out right now.”
“The crowded UX, dark patterns, and absolutely no easy way to figure out how can I just”
“ended up accidentally converting some spare ETH I transfered into some kind of garbage Binance "wrapped" Litecoin”
“Binance's reputation is hardly impeccable, but by crypto standards they're kinda sorta the adults in the room”
“Assuming they actually can cover the losses financially. And if they don't good luck suing them.”
“binance was hacked, again, again. the wallet was not.”
“This checks a lot of the boxes for being, at least indirectly, an inside job.”
“because they cover you when it gets stolen”
“It's slow, expensive and they get you at the place where you transfer it.”
“CZ from Binance was also done for… fraud but miraculously pardoned by Donald Trump”
“Putting your crypto in Binance has the same problem as iPhones and AI”
“On an exchange like kraken, coinbase, bitstamp or Binance there is a high chance you wont loose your money, even after a hack.”
“they would have such fragile systems that any single employees machine would possibly have access to trigger Billions in transactions”
“He was convicted of laundering billions of dollars for Iran and Russia”
“Bittance loses only a few percent of their reserves and the dance continues.”
“why did anyone have any money in binance in the first place? Didnt their cofounder get in trouble”
“Binance also scams their users with a b-book”
“it's not like they're actively damaging the ecosystem”
“What matters is that China is the biggest ally of Russia.”
“Within weeks, Binance fired or suspended at least four employees involved in the investigation”
“the reason Binance nixed the investigation of bitcoin going to Iran”
“What Binance did was wrong, no doubt, but binance ≠ crypto.”
“they provide anonymity and cover to illegal participants (eg obviously US citizens) just like crypto exchanges like Binance did”
“activate a $600 sign up bonus and a 20% lifetime discount on all trading fees”
“What kind of casino builds a game about its gamblers?”
“binance was involved in setting up Trump's current crypto scam”
“Binance is frankly probably the lesser evil at this point.”
Counts come from 1,795,640 Hacker News comments, November 2025 to November 2026. How we count. Report a mistake.