If you clicked through to this page because you were asking “why can’t I buy BNB in Trustwallet??” then you are in the right place. BNB is not available for some of you in Trust wallet and other apps that are owned by Binance due to geopolitical reasons.
This is crypto, which means the global community provided a workaround - as always.
In this guide:
- How to buy BNB in the US
- How to buy BNB without KYC - The two-step process
- List of platforms that let you buy to buy BNB without KYC
- List of platforms that let you stake BNB without Binance
As you probably know, the Binance coin, or BNB, is the cryptocurrency token of the Binance exchange.
Traders treat BNB as a security-type of asset: The price action of BNB represents to some degree how well the Binance behemoth is doing. Binance is by far not just an exchange - they run the staking wallet Trustwallet and run the Innovation Zone platform.
That is why some crypto investors are considering buying BNB to hold, as opposed to buying it as a utility token to be used while trading on Binance.
Common reasons that people name for investing in BNB:
- Buy and Hold strategy, betting on the bright future of Binance
- As a hedge against BTC price swings
- To use the fee benefits, which further strengthens Binance. (Traders can use 50% of their trading fees for buying back some of the BNB they sell, which also creates demand for it.)
While in the case of big cryptocurrencies (think BTC, ETH) it is easy to buy without KYC, BNB is still a relatively niche coin. You won’t see it listed on p2p markets like LocalCryptos.
You could possibly make a private deal with a trusted vendor there, but that’s not something you can do with a vendor you’ve just traded with once.
How to buy BNB in the US
Buying the Binance coin in the US is complicated for geopolitical and regulatory reasons.
As of May 2022, BNB coin is not outlawed or prohibited in the USA. The platform however - Binance.com - is banned from the US for lack of compliance, but its more compliant sister Binance.us is allowed in most US states.
Restricted states at Binance.us are means Hawaii (HI), Idaho (ID), Louisiana (LA), New York (NY), Texas (TX), and Vermont (VT) in June 2022 and please verify the current list at Binance.us ToS.
- If your state allows Binance.us, then you can pass your KYC and buy BNB coin from the US directly for USD at binance.us/en/buy-sell-crypto/BNB.
So, the problem with trading BNB in the US is just that the big US-based crypto platforms do not usually list the exchange token of their biggest competitor, not that buying BNB is not allowed.
But most US traders can buy BNB on Binance.us, and those of you who cannot buy BNB on Binance.us can always use the two-step buying process.
No need to go all-in P2P the way it’s described in the no-KYC section below. If your only crime is that you are a resident of a US state that does not allow Binance.us, the you can always buy BTC or USDT for your first step on any exchange where you are already KYC-verified.
- Step 1 - Buy USDT Tether on any big regulated exchange that lets you: FTX.us or Coinbase will do
- Step 2 - Take your Tether to Phemex and buy BNB on their BNB/USDT market. Phemex does not require KYC to withdraw.
If you prefer not trading in Tether, then buy BTC in your first step instead. Then take it to the no-KYC platform Bitforex which has a BNB/BTC market.
Of course, you can also buy BNB fully without KYC. More on that below.
How to buy BNB without KYC: The two-step buying process
Binance made AML/KYC mandatory for all users in 2021, in addition to sidelining US traders to the Binance.us platform and banning traders from several other countries just flat out completely even from their own software wallet (the TrustWallet).
It is not possible at the moment to buy BNB directly from fiat without doing KYC. What is possible, however, is to buy BTC or ETH without KYC.
So, if one wants to buy some BNB without going through the KYC process, one must consider the two step process to buying alt coins - just like the old times.
- Step 1 - Buy BTC on a non-KYC platform such as LocalCryptos
- Step 2 - Trade BTC for BNB on a non-KYC platform that trades smaller alts. Bitforex has a BNB/BTC market (see more options below)
The exchanges that allow traders to buy BNB without having to send their IDs are much less compliant with the anti-money laundering (AML) and counter terrorist financing (CTF) regulations. These days, that’s sometimes that makes the exchange look sketchy, and often that suspicion ends up being justified. So, as a note, if you really want to buy BNB with no KYC, do not leave your BNB on the exchange but withdraw it into Exodus or Ledger.
Step 1 - Buy BTC or ETH
One of the safest no-KYC alternatives to onramp to crypto are p2p markets like LocalCryptos. They allow exchange between fiat currencies and cryptocurrencies, but have zero knowledge of its details, which under the current laws (February 2022) exempts them from doing KYC/AML.
There is a law-enforcement push to change that from the SEC. The SEC here claims that it wants to start overseeing even platforms outside of its jurisdiction, and at that any kind of platform that could possibly facilitate a transaction. Zero-knowledge platforms would probably be outlawed, but the exact implications are not clear yet. (Financial Times, 7 Feb 2022 https://archive.is/zWnwA)
So, if you’re considering onramping to crypto this way, maybe it would be a good idea to make up your mind soon. Just saying.
Step 2 - Buying BNB on a non-KYC exchange
So if you want to buy some BNB without filling up a lot of forms, you can simply select a platform here below.
- Generate an account
- Deposit BTC
- Open a trade to buy BNB for your BTC
Once you have your BNB, withdraw it to a wallet like Metamask or, if it’s a larger amount, Ledger.
For added privacy you could be using another pseudonymous factor such as TOR browser or a prepaid SIM card.
List of no-KYC exchanges where you can buy BNB for other crypto
Bitforex (has no-KYC BNB/BTC market)
Bitforex is one of the go-to trading platform for non-KYC perps, meme coins and low-profile NFT coins like OMI. They are quite a small exchange still, and at the moment do not require KYC.
Phemex (has no-KYC BNB/USDT market)
Phemex exchange uses the limit model, where if you don’t verify your identity, you can still trade but your withdrawal amounts will be limited to max 2 BTC worth a day. KYC’d users get lower fees, can participate in all of the airdrops and contests and their limits are lifted.
Either way, there is a BNB/USDT market that you can access without KYC and withdrawals of BNB are available on the same conditions as with other markets.
SimpleSwap (has no-KYC BNB/BTC and other BNB markets)
SimpleSwap is a no-KYC swap and exchange where you can insta-buy BNB for BTC or other crypto without having to do any KYC. You can trade any amount from roughly 35 USD to about 35,000 USD in a single transaction.
The exchange rates at SimpleSwap are only 1% over the market prices at FTX, which is not a bad margin at all. For smaller traded amounts it’s a really good choice, you won’t overpay that much for the convenience.
Use the following coupon for a bonus of 300 units of their fee token:
FTX.com (has BNB/BTC market)
The duo of FTX platforms requires KYC, but not until your account is about to hit a withdrawal value threshold. The threshold accumulates over time.
For international traders the threshold used to be 1k USD, not sure if that still applies in 2022.
US traders are meant to use the FTX.us platform but the US platform does not trade BNB.
OKX (formerly OKEx or OKCoin)
BNB does not trade on OKX anymore.
Gate.io requires KYC for all customers.
Final words: What to do with your BNB after you buy (Stake BNB without Binance!)
You can invest in BNB coin and then earn extra income from staking BNB.
The best passive income from BNB comes from staking BNB on your own. You can stake BNB from Trustwallet, which is a software wallet owned by Binance itself. You can also use BNB for soft staking and yield generation on the Binance exchange - but all that requires KYC.
The details vary based on your geolocation, but generally speaking, the days of no-KYC anything on Binance are gone.
If you’re one of those who got “BNB not available” in Trust Wallet, use Exodus wallet or Metamask to hold it, and Kine DEX to stake it.
- Kine DEX is a new DEX that is run by ex-Huobi people. Kine made it to this post because it lets you stake BNB from anywhere and without KYC.
Staking is the ultimate passive income for all those who want to make money without working hard or investing a lot of time and energy: it’s like owning a piece (a share) in Facebook but better - plus it has an actual product everyone wants.
There is a lot of demand for easy BNB staking, but the big staking pools and node providers like AllNodes are staying away from it. You may be lucky with smaller pools, but beware of scams - there are many.