Binance is the world’s largest cryptocurrency exchange. For Swiss users, however, it is not a straightforward choice: depositing and withdrawing in Swiss francs has been a bumpy ride for years, readers report accounts being frozen, and on 29 October 2026, Binance fell victim to the biggest cryptocurrency hack to date.
We published our first Binance review in 2021. So much has changed since then that this guide replaces the old review. Here’s what you, as a Swiss resident, need to know about Binance: how secure your funds are, how to withdraw money from Switzerland, and how to spot scams. There is no recommendation for Binance on this page, nor is there an affiliate link.
As at 30 October 2026: Following the hack on 29 October, Binance has temporarily suspended withdrawals. Binance says it will cover all customer losses and intends to gradually resume withdrawals. Check the latest updates directly in the Binance app or on Binance’s official channels. Do not respond to messages offering you a «refund».
Binance Switzerland: the key facts at a glance
- Binance is a global group. There is no deposit protection for cryptocurrencies held on the exchange, as there is with a Swiss bank.
- Trading fees are low. It is often the deposits, currency conversions and withdrawals that prove costly.
- Payments to Switzerland are possible, but not always directly in Swiss francs. Try each method out first with a small amount.
- If anyone asks for a fee to have your credit «unlocked», it is a scam. Without exception.
This is how we do it ourselves: Eric used to have an account with Binance, but hasn’t actively used the exchange for years. He buys Bitcoin through a savings plan with a Swiss provider and stores it offline on his own hardware wallet. You can read about how this works in the Relai Experience Report. That’s his approach – it’s not a one-size-fits-all solution. It’s up to you to decide which provider is right for you.
What is Binance?
Binance was founded in 2017 and is the world’s largest cryptocurrency exchange by trading volume. You can buy, sell and exchange hundreds of cryptocurrencies there. It also offers products such as staking, savings schemes, derivatives and its own cryptocurrency, Binance Coin (BNB).
Binance is what is known as a centralised exchange. This means that as long as your coins are held on Binance, Binance holds them on your behalf. You do not have your own private key; instead, you have a claim against Binance. It is precisely this point that determines how secure your money is there.
Is Binance safe and reputable?
Binance invests heavily in security and offers two-factor authentication, withdrawal whitelists and its own emergency fund (SAFU). Nevertheless, the fact remains that an exchange which holds billions on behalf of its customers is a target. You only realise how well it is protected when something goes wrong.
The hack of October 2026
On 29 October 2026, cryptocurrencies worth around USD 6.3 billion were drained from Binance wallets. It is the largest known crypto hack. According to Binance, the attackers gained access via an employee’s compromised laptop. Security firms attribute the attack to a North Korean hacker group.
Binance has suspended withdrawals and has stated that it will cover all customer losses. Some of the stolen funds have been frozen. Important to note: such a commitment is a promise made by the exchange, not a legal guarantee. There is no deposit protection for cryptocurrencies on an exchange, as there is with a Swiss bank.
Previous incidents and proceedings
As early as 2019, around 7,000 Bitcoin were stolen from Binance, worth over USD 40 million at the time. Binance also suspended deposits and withdrawals at the time and covered the loss from the SAFU fund.
In 2023, Binance reached a settlement with the US authorities in proceedings relating to breaches of anti-money laundering and sanctions rules, paying over USD 4 billion. Founder Changpeng Zhao stepped down as CEO. For you, this shows one thing above all: Binance is not your local bank, but a global corporation with a turbulent history.
Who do your coins really belong to?
On Binance, you have no control over your private keys. In the crypto world, this is known as «Not your keys, not your coins». If the exchange blocks withdrawals, audits your account or runs into difficulties, you won’t be able to access your money. That’s why people who hold crypto for the long term often transfer it to their own wallet. We explain how to do this in the Swiss Crypto Guide.
Binance Switzerland: how it works
You can use Binance if you are a Swiss citizen. Binance also has a company based in Zug, but it is not tailored to everyday life in Switzerland. The Terms of Use in your account specify which Binance company you have a contract with and which law applies. Please read this section before depositing large sums of money.
Readers have been reporting the same issues for years: deposits made with Swiss cards are declined, bank transfers in Swiss francs or euros are occasionally unavailable, and the Binance Card was unavailable in Switzerland for a long time. Payment methods change frequently. You should therefore check in the app which methods are currently available for your country before making your first deposit.
Withdrawing money from Binance in Switzerland
Most questions from readers revolve around the payout. There are two ways to go about it, and both have their pitfalls.
- Directly in fiat money: You sell your cryptocurrencies for euros or dollars and transfer the money to an account in your name. Whether this works from Switzerland depends on which withdrawal methods Binance currently offers for Switzerland. Bear in mind that there will be exchange rate charges and bank fees.
- By a roundabout route: You send your cryptocurrencies to a Swiss app or a broker that accepts crypto deposits, and sell them there for Swiss francs. This is often the easier option. Check beforehand which coins and which network the recipient accepts.
Three rules for every payout: Only make payments to accounts and wallets in your own name. Send a small test amount first. And always copy wallet addresses directly from the recipient’s app, never from a message.
Binance fees and charges
When it comes to trading itself, Binance is affordable. The standard fee for a spot trade is around 0.1 per cent and is reduced if you pay the fee in BNB or trade frequently. You can find the current rates in the Binance’s official fee schedule.
However, the low trading fee is only part of the picture. These costs often carry greater weight:
- Payment by card: significantly more expensive than a bank transfer, often by several per cent.
- Quick purchase and returns: The standard buy view includes a mark-up on the price (spread) which is not shown as a fee.
- Currency exchange: Anyone who thinks in Francs but makes deposits in euros or dollars will be charged a conversion fee by their bank.
- Network charges: Every crypto withdrawal incurs a fee, which varies considerably depending on the coin and the network.
You should therefore always compare the amount that ends up in your account in Swiss francs, not just the trading fee. With the Bitcoin Calculator You can see just how much fees are eating into your profits.
Binance Card, Earn and Staking
As well as trading, Binance offers a Visa card with cashback, savings products under the name ‘Earn’ and staking. The card was unavailable to Swiss residents for a long time. You can check whether it’s available now directly in the Binance app.
With Earn and Staking, you lend or lock up your coins in exchange for a return. The return is not guaranteed, and your coins remain with Binance. A hack or a withdrawal freeze would hit you twice as hard in this case. You can read about what staking is and how it is taxed in our article What is Staking.
Warning signs: How to spot fraud
Our readers« experiences with Binance have been mixed; their assessment depends heavily on whether they have ever tried to make a withdrawal. Over the years, many readers have commented below this post that their funds were »frozen’ and that they were told they had to pay a fee first in order to have them released. This is a well-known scam. Genuine exchanges never ask for an upfront payment just so you can access your own money.
- Someone is demanding a «tax», «release fee» or «anti-money laundering check» as a percentage of your balance.
- Your money is held on a «dashboard» that someone has set up for you, rather than in your own Binance app.
- Someone claiming to be from customer support contacts you by phone, WhatsApp or Telegram and asks for remote access to your device.
- After a hack, someone offers to get your money back. This, too, is almost always a scam.
If this has happened to you: stop making any further payments, cut off all contact, save all messages and report the matter to the police. You can also find help and the latest warnings at Federal Office for Cyber Security.
Alternatives for Swiss people
Which path is right for you depends on what you want. Three options that many Swiss people choose:
- Bitcoin or cryptocurrency in a standard investment portfolio: A crypto ETF or ETP is held with your broker just like a share. No need to open a new account, and no passwords for wallets. Read more in the article Bitcoin ETF Switzerland.
- An app that allows you to top up your balance in Swiss francs: Several providers allow you to buy directly in CHF. You can find an overview at Crypto apps for Switzerland.
- A wider selection of coins: The following shows which stock exchanges there are and how they differ: Crypto Exchange Comparison.
Whichever route you take, crypto is highly volatile. For most people, 1 to 5 per cent of their invested assets is sufficient. Investing more than 10 per cent is not advisable for most people.
Binance and Taxation in Switzerland
Cryptocurrencies held on Binance are included as part of your assets in your tax return. The value as at 31 December, as per the tax authority’s price list, is the relevant figure. Capital gains are generally tax-free for private individuals; however, income from staking or ‘Earn’ programmes is treated as taxable income.
Binance does not provide a Swiss tax statement of the kind issued by Swiss banks. You should therefore export your transaction history yourself every year and keep a record of it. You can find all the details in the article Crypto Taxes Switzerland.
Frequently Asked Questions about Binance
Is Binance permitted in Switzerland?
Yes, you can use Binance from Switzerland. The Binance entity with which you have your account is specified in your terms and conditions. There is no deposit protection for cryptocurrencies on the exchange, as there is with a Swiss bank.
Is Binance safe?
Binance has extensive security measures in place, but was hacked in 2019 and in October 2026. As long as your coins are held on Binance, Binance looks after them for you. If your account is frozen or hacked, you are at the mercy of the exchange.
How can I withdraw money from Binance to Switzerland?
Either sell your cryptocurrencies for euros or dollars and transfer the money to an account in your name, provided Binance offers this option for Switzerland. Or send the cryptocurrencies to a Swiss app or broker and sell them there for Swiss francs. Try out each method first with a small amount.
What will happen to my balance following the hack?
Binance has stated that it will cover all customer losses and intends to gradually resume withdrawals. You can only view the latest updates in the Binance app and on its official channels. Do not respond to messages offering you a refund.
What fees does Binance charge?
The standard fee for a spot trade is around 0.1 per cent. Purchases made by card, the price mark-up on express purchases, currency conversions and network fees for withdrawals are often more expensive. The current rates can be found in Binance’s fee schedule.
Does Binance provide a tax statement for Switzerland?
No, you won’t receive a Swiss tax statement like the one you’d get from a Swiss bank. You declare your cryptocurrencies yourself as assets, using the value as at 31 December according to the tax authority’s exchange rate list.
Someone is asking for a fee to release my credit balance. What should I do?
Don’t pay anything. This is a well-known scam. Cut off all contact, save all messages and report it to the police.
Does Schwiizerfranke recommend Binance?
No. We provide information about Binance to help you, as a Swiss user, find your way around, but we do not recommend the exchange and do not earn any money from Binance through this page.
Sources: Statements from Binance regarding the security incident of 29–30 October 2026, reports from CNBC, CoinDesk and NBC News dated 30 October 2026, Binance’s fee schedule, and reader comments on the Swiss franc since 2021.
