Binance.US requires users to provide government-issued identification and Social Security numbers as part of the account opening and identity verification process, consistent with federal KYC and AML requirements applicable to money services businesses.
This analysis describes what Binance.US's agreement states, permits, or reserves. It does not constitute a legal determination about enforceability. Regulatory applicability and practical outcomes may vary by jurisdiction, enforcement context, and individual circumstances. Read our methodology
The collection of Social Security numbers and government-issued IDs represents a high-risk data category because these identifiers, if exposed in a breach, can enable identity theft and fraud. Users should understand that this data is mandatory for account creation due to federal regulatory requirements and is retained by the platform.
The updated privacy policy now discloses that Binance.US collects information from interactions with AI chatbots, including prompts, market research, and uploaded information. The policy states this data may be shared with OpenAI, which according to the revised language may receive information about your account, portfolio, and communication contents along with associated metadata. The updated terms also broaden the stated use of personal information to include generating interactive responses through AI chatbots that provide market research and portfolio-specific analysis, as well as collecting inferences about your service use. Your continued use of the platform constitutes acceptance of these updated data collection and sharing practices.
View change record →The updated policy explicitly authorizes Binance.US to disclose user information to law enforcement, government agencies, regulators, financial institutions, and industry partners to detect and prevent fraud, money laundering, terrorist financing, and other financial crimes. This establishes a new disclosure authority that was not previously explicitly stated. Additionally, the revised language discloses that email addresses and other identifiers collected by Binance.US may be used for tailored advertising on other websites and social media platforms. The policy now provides a 'Your Privacy Rights' webform in addition to email contact as a mechanism for submitting privacy rights requests and appeals. You can submit privacy rights requests through privacy@binance.us or by using the company's 'Your Privacy Rights' webform.
View change record →The updated policy now explicitly states that Binance.US may disclose customer information to law enforcement, government agencies, regulators, financial institutions, and industry partners to detect, prevent, and report fraud, money laundering, terrorist financing, and other financial crimes. The policy also clarifies that if your email address or other identifier has been collected, it may be used for tailored advertising on external websites and social media platforms through the use of cookies and other identifiers. These disclosures formalize data-sharing practices and advertising uses that may have been operationally occurring but were not previously detailed in this language. You can exercise privacy rights by contacting privacy@binance.us or submitting a request through the company's 'Your Privacy Rights' webform.
View change record →Newly granular disclosure of highly sensitive personal identifiers (government ID, SSN) that were previously bundled under KYC collection.
View full change record →Users must provide their Social Security number and government-issued ID to use Binance.US. The policy states this information is collected and retained by BAM and may be shared with service providers and disclosed to law enforcement or regulatory authorities when required.
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At Ledger, earning and maintaining our users' trust is a top priority. That's why we are deeply committed not only to protecting your privacy and securing your personal data, but also to being fully transparent about how we handle it.
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Binance.US has changed this document before.
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"This Privacy Policy describes how Binance.US and its related companies and affiliates ('BAM') collect, use, and disclose information, and your choices regarding this information. BAM collects identifiers including name, email, phone, government ID, and financial information including Social Security numbers and bank account numbers.— Excerpt from Binance.US's Binance.US Privacy Policy
REGULATORY LANDSCAPE: Collection of Social Security numbers and government-issued identification is required under the Bank Secrecy Act and FinCEN's Customer Identification Program rules (31 C.F.R. 1020.220) applicable to money services businesses. The Gramm-Leach-Bliley Act (GLBA) may also apply to the extent BAM engages in financial activities, requiring safeguards for nonpublic personal information. State Social Security number protection laws (e.g., California Civil Code 1798.85) restrict the use and display of SSNs and may impose additional obligations. GOVERNANCE EXPOSURE: High. Social Security numbers and government ID data are among the highest-risk data categories in terms of breach impact and regulatory obligation. The policy does not specify the technical and organizational measures in place to protect this data or the retention schedule beyond regulatory minimums. JURISDICTION FLAGS: California imposes specific restrictions on the use and display of Social Security numbers under Civil Code 1798.85. Multiple states have enacted data breach notification laws that treat SSNs as a trigger category requiring expedited notification. Financial services regulators including FinCEN and state money transmitter licensing authorities have jurisdiction over BAM's handling of this data. CONTRACT AND VENDOR IMPLICATIONS: Third-party identity verification vendors who receive government ID and SSN data must be assessed under the FTC Safeguards Rule and applicable state data security laws. Vendor agreements should specify permissible use, retention limits, and breach notification obligations consistent with BAM's own regulatory requirements. COMPLIANCE CONSIDERATIONS: Compliance teams should confirm that SSN and government ID data is stored with appropriate encryption and access controls consistent with the FTC Safeguards Rule (16 C.F.R. Part 314). Data mapping should confirm where this data is stored, who has access, and how long it is retained relative to FinCEN's five-year record retention requirement. Incident response plans should treat SSN and government ID as highest-priority data categories requiring expedited breach notification procedures.
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The collection of Social Security numbers and government-issued IDs represents a high-risk data category because these identifiers, if exposed in a breach, can enable identity theft and fraud. Users should understand that this data is mandatory for account creation due to federal regulatory requirements and is retained by the platform.
Users must provide their Social Security number and government-issued ID to use Binance.US. The policy states this information is collected and retained by BAM and may be shared with service providers and disclosed to law enforcement or regulatory authorities when required.
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