Before you open a crypto exchange account: a checklist by country
Before you open an account on a crypto exchange, check four things: whether the exchange is allowed to serve people where you live, whether your country's regulator lists it, whether the site in front of you is the real one, and how the exchange has been running lately. The sign-up form takes ten minutes. Recovering from the wrong choice can take months, and sometimes it is not possible at all. This guide works through each check, using Binance and OKX as worked examples because they are the two exchanges readers ask us about most.
Exchanges mostly decide whom they serve by where you live, not your nationality, and they say so in their terms; Binance also refuses US citizens wherever they live. Read the exchange's list of restricted countries, then check your own regulator's register. If either one rules you out, do not open the account, and do not use a VPN to get around it: Binance's terms forbid it, OKX requires your real country of residence, and an account opened that way can be frozen with your money inside.
Check that the exchange is allowed to serve you
Every large exchange publishes a list of places it does not serve. Binance calls it the List of Prohibited Countries. OKX puts its list of restricted locations in its Risk and Compliance Disclosure, which its terms of service point to. Both lists turn mainly on where you live. OKX's own help pages tell new users to choose the country where they currently live at sign-up, not their nationality or a travel destination.
This matters because the residence you give at sign-up is checked against your identity documents and, later, against your proof of address. An account opened with a residence that does not match your papers is likely to fail verification. One that passes and is found out later can be restricted to withdrawals only, or closed.
Some exchanges run separate companies for particular countries. OKX sends residents of the European Economic Area to OKX Europe, residents of the United States to OKX US and residents of the United Arab Emirates to OKX Middle East. Binance has local businesses such as Tokocrypto in Indonesia, Binance Japan and Binance Australia. When a local company exists, it is usually the one you are expected to use, and its fees, products and support can differ from the global site.
Where Binance and OKX stand by region in November 2026
This is a summary of what the exchanges and regulators said when we checked on 8 November 2026. Rules in this area change quickly, so treat it as a starting point and confirm with the sources linked at the end.
- United States. Binance's prohibited list names the United States, including US citizens living elsewhere. Binance.US is a separate company. OKX serves US residents through OKX US, a registered money services business offering spot and OTC trading, and its global platform restricts certain US jurisdictions.
- Canada. Canada is on Binance's prohibited list and on OKX's list of restricted locations. Both exchanges withdrew from the country in 2023.
- United Kingdom. Binance stopped accepting new UK users in October 2023. OKX restricts derivatives, some CeFi products and P2P trading for UK residents. The Financial Conduct Authority opened applications for its new crypto regime on 30 September 2026, and existing registrations do not carry over automatically.
- European Union and EEA. Binance's list names the Netherlands. Having not obtained MiCA authorisation by the 1 July 2026 deadline, Binance stopped taking on new EU users from that date and limited existing EU accounts to managing positions and withdrawing. OKX serves the EEA through OKX Europe, which is licensed in Malta under MiCA, on a separate address, my.okx.com.
- Türkiye. Since October 2024, foreign platforms aimed at Turkish residents count as unauthorised under the Capital Markets Law. The two exchanges' local companies, Binance TR and OKX TR, appear on the Capital Markets Board's temporary list of firms in operation; the global Binance.com and OKX.com sites do not. OKX said in 2024 that its global site would stay accessible to existing users there. Binance says its global referral codes are not valid in Türkiye.
- Vietnam. A pilot licensing scheme started in September 2025. From 1 September 2026, Decree 284 sets fines for people who trade through crypto platforms that are not licensed in Vietnam. As of early September 2026 no platform had received a licence, and officials have given differing accounts of when the fines start to apply.
- Indonesia. The financial services authority, OJK, took over crypto supervision in January 2025 and publishes a list of licensed traders. Tokocrypto, which Binance invested in, is on it. Binance and OKX themselves are not, and in 2026 the government's illegal investment task force listed both among the unlicensed crypto traders it acted against.
- Taiwan. Exchanges must register with the Financial Supervisory Commission for anti-money laundering purposes. Eleven firms were registered in October 2026; Binance and OKX were not. A new Virtual Asset Service Act passed in June 2026 will replace registration with licensing once it takes effect.
- Hong Kong. Running an unlicensed crypto trading platform is a criminal offence. The Securities and Futures Commission lists 13 licensed platforms. OKX withdrew its application in 2024 and lists Hong Kong as restricted. Binance is not licensed there.
- Mainland China. A notice issued in February 2026 by the People's Bank of China and seven other agencies repeats that virtual currency business is illegal financial activity and that offshore platforms may not illegally provide virtual currency services to residents in any form. If you live there, check the law that applies to you before opening an account anywhere.
Check your regulator's register yourself
An exchange's own statement that it is "regulated" tells you little until you know by whom, for what and where. The useful question is whether your own regulator lists the company you are about to sign a contract with. These registers are public and free to search.
- Türkiye: the Capital Markets Board's list of crypto asset service providers in operation. The list itself notes that appearing on it does not mean a firm is authorised.
- Indonesia: OJK's list of licensed digital asset and crypto asset traders, updated as new licences are granted.
- Taiwan: the Securities and Futures Bureau's list of registered virtual asset service providers.
- Hong Kong: the SFC's list of licensed virtual asset trading platforms, and its separate alert list of suspicious platforms.
- United Kingdom: the FCA's Financial Services Register.
- European Union: the ESMA register of crypto asset service providers authorised under MiCA.
Check the legal name of the company, not the brand. A brand can appear on a register through one company while the site you are signing up to is run by another. The contracting company is named in the terms of service, usually in the first clause.
What identity verification will ask for
Both exchanges require identity verification, often called KYC, before you can deposit or trade. Binance says new users must complete verification to use its products, including crypto deposits. OKX says an unverified account cannot buy, sell, deposit or withdraw. Have these ready before you start:
- A government photo ID that has not expired: a passport, a national identity card or a driving licence. Which ones are accepted depends on the country that issued it.
- A phone with a working camera for the face check. Both exchanges ask you not to wear a hat or glasses; OKX also says no mask.
- A proof of address if asked: a recent utility bill, bank statement or government letter showing your name and address. Binance accepts documents up to six months old in most countries; OKX asks for one issued within three months outside the EEA.
- Your legal name, date of birth and address exactly as they appear on your documents. Both exchanges warn that these cannot be changed easily after you submit them.
Each person may hold one verified account. OKX states that a completed verification cannot be moved to another account, and lists an existing account with the same identity as a reason for rejection.
Make sure you are on the real site
Fake exchange sites, fake support accounts and fake sign-up links are the most common way new users lose money. Type the address yourself, or use a bookmark you created. Do not follow a link from a message, an advertisement or a search result you have not checked.
Both exchanges run a verification tool that needs no login. Binance Verify checks a website address, an email address, a phone number or a social media account. OKX's channel verification page does the same for websites, email suffixes, phone numbers and group links. Binance says it will never request funds or tokens through private messages, and OKX says it will never ask for your SMS, email or authenticator codes.
Look at how the exchange has been running
A sign-up page always looks calm. What happened over the last few months tells you more. Read the exchange's own announcements, especially anything about security incidents, withdrawal suspensions or changes to the countries it serves.
A recent example: in late October 2026 Binance announced a security incident in which funds were stolen, and suspended withdrawals. It began reopening withdrawals in phases on 1 November. By 4 November it said it had replenished about 98% of the stolen assets from its own resources and had published a new proof-of-reserves snapshot, and on 6 November it was still reopening withdrawals asset by asset, while deposits stayed open. Someone opening an account that week needed to check, before depositing, whether they could withdraw the coin they planned to deposit.
We measure the public APIs of ten exchanges every 15 seconds and publish the results. The Binance status page, the OKX status page and the outage log show availability, response times and every outage we recorded. They describe the public market data service, not withdrawals or your account, but a pattern of outages is worth knowing about before you commit.
Fees and the first deposit
Look up two numbers before you deposit: the trading fee for your tier and the withdrawal fee for the coin and network you will use. Binance charges regular users 0.100% as maker and as taker on spot trades, or 0.075% if fees are paid in BNB. OKX charges regular users 0.080% as maker and 0.100% as taker under its global fee schedule; its European platform uses a different schedule. Our guide to maker and taker fees explains which one you will pay.
When you deposit crypto, the network you choose must match the network the sending wallet uses. Some coins, XRP among them, also need a memo or tag. Both exchanges warn that a deposit sent on the wrong network or without its tag may be lost. Send a small test amount first.
Buying through P2P means paying another user directly while the exchange holds their crypto. Use a bank account in your own name, never release a payment confirmation before the money has actually left your account, and keep all communication inside the exchange's own chat.
Common questions before opening an account
Can I use a VPN to open an account in a restricted country?
No. Binance's terms of use forbid using a VPN to get around its restrictions, and OKX asks users to give their real country of residence. Your documents and your proof of address will show where you live, and an account found to break the rules can be limited to withdrawals or closed.
Is a local version of an exchange the same as the global one?
No. A local company such as Binance TR, OKX TR or OKX Europe is a separate legal entity with its own terms, products, fees and support. Moving money between it and the global platform is a transfer between two companies, and referral codes from one usually do not apply to the other.
Does it matter which exchange I pick if I only hold a small amount?
The checks take the same time whatever the amount, and the risks do not shrink in proportion. A blocked account with a small balance is still blocked, and a phishing site steals small balances as readily as large ones.
Checklist before you sign up
- Read the exchange's list of restricted countries.
- Search your regulator's register for the company's legal name.
- Read the terms to see which company you are contracting with.
- Get your ID and a recent proof of address ready.
- Type the address yourself, or check it with the exchange's verification tool.
- Read the last month of the exchange's announcements.
- Look up the trading fee and the withdrawal fee you will pay.
- Plan to send a small test deposit first.
Next steps: How to open and verify a Binance account · How to open and verify an OKX account · How to check if an exchange is down
Sources
Binance · List of Prohibited Countries · OKX · Risk and Compliance Disclosure · OKX · Terms of Service · Binance · Recovery Update #7 · Binance · Recovery Update #9 · SPK · Faaliyette Bulunanlar Listesi · OJK · Crypto asset licensing · FSC Securities and Futures Bureau · VASP register · SFC · Licensed platforms · FCA · New cryptoasset regime · VietNamNet · Decree 284 · Tiền Phong · One year of the pilot · Binance · Terms of Use · CSRC · 2026 notice on virtual currency · How we measure
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