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Binance is a popular cryptocurrency exchange platform that allows users to buy and sell various digital assets. However, before investing your money in this platform, it is important to know whether it is a licensed broker and can be trusted.
Binance is not a licensed broker. It operates as a decentralized exchange, meaning it is not regulated by any government or financial institution. This raises concerns about your funds’ safety and the platform’s legitimacy.
Unlicensed brokers are not subject to the same strict regulations and oversight as licensed brokers. They are not bound to any regulatory body to provide their reports like a licensed broker. Also, regarding any accident, they cannot provide financial protection to their customers.
While Binance has a large user base and has not had any major security breaches, it is still an unlicensed broker. This means there is a higher risk of fraud or mishandling of funds. Additionally, there have been reports of poor customer service and issues with account verification and withdrawal processes.
Being an unlicensed but decentralized platform, they received many mixed reviews. Besides the positive reviews, there are so many negative reviews, too. The negatives are based on their lengthy customer service, long profile creation, and activation process. Binance did not reply to these negative reviews, which is not a good sign.
If you believe Binance or any other unlicensed broker has scammed you, it is important to seek expert help. Submit your complaint through our website form. Our experts will review the case and provide you with a free consultation and good recovery service recommendations to retrieve your lost fund. Also, if needed, we will provide you with legal help.
If you have lost money to companies like Cryptostack FxTrade, Pepperstone, or IFX Brokers, please report it today by bellow form.