Binance vs Scalable Capital Comparison

Editorial assessment, November 2026: We have downgraded Binance to 2.2 out of 5 and do not recommend the exchange. The deciding factor is the missing authorisation: no Binance company is listed in ESMA's register of crypto-asset service providers authorised under MiCA (file dated 5 November 2026, accessed 8 November 2026), and Binance withdrew its application in Greece on 24 June 2026. On top of that came the attack on the exchange's hot wallets on 29 October 2026, after which withdrawals were suspended from 30 October to 1 November. Low trading fees and the large choice of coins do not outweigh this for us. MiCA-licensed exchanges are listed in our comparison of regulated crypto exchanges.

In short: Binance is the world's largest crypto exchange by trading volume: more than 480 coins, spot trading from 0.1%, from 0.075% with BNB, plus futures and a regular proof of reserves. For investors in the EU, licensing comes first: Binance holds no MiCA licence, and according to Binance users in the EU may be restricted depending on their country and account status. According to Binance, balances remain accessible and can be withdrawn.

Is Binance safe and licensed in the EU?

Binance is not taking new customers in the EU at the moment. Crypto exchanges need a licence under the EU's MiCA regulation to serve customers in the EU. The transition period for providers registered under national rules ended on 1 July 2026 across the EU, and on 31 December 2025 in Germany. Binance does not appear in the ESMA register (file of 22 October 2026, 387 licensed providers). Binance withdrew its application with the Greek capital market regulator on 24 June 2026 and announced that it would apply in another EU member state. Background in our report on the Binance MiCA licence.

Reserves and track record: Binance regularly publishes a proof of reserves, verified with a Merkle tree and zk-SNARKs. The snapshot of 1 October 2026 shows coverage of 100.35% for Bitcoin, 100.00% for Ether, 103.88% for USDT and 100.47% for BNB (Binance proof of reserves). For emergencies such as hacks, Binance keeps its SAFU fund. In 2023 Binance pleaded guilty in the US to breaching anti-money laundering rules and paid $4.3 billion.

Hack in October 2026: On the evening of 29 October 2026 an attacker drained crypto from Binance wallets. In an official announcement the exchange puts the damage at around $6.3 billion, of which about $3 billion is frozen on-chain. According to Binance the entry point was an employee's compromised laptop; no private key leak has been found. Binance will cover all losses from its SAFU fund and company funds; according to Recovery Update #4 of 1 November, around 95 percent had been replaced. Since the morning of 1 November the first withdrawals have been running again; at 16:30 UTC the Binance interface showed them open for Bitcoin, Ether, BNB, Solana, XRP, USDT and USDC. Binance expects to publish its full proof of reserves by Tuesday, 3 November (UTC). What happened is in our report on the Binance hack, where the money went in our on-chain analysis. If you want to hold your coins independently of any exchange, our hardware wallet comparison lists the devices.

What you can do yourself: if you still hold funds at Binance, turn on two-factor authentication and a withdrawal address whitelist, and keep larger amounts in your own wallet, for example a hardware wallet, or move them to an exchange with a MiCA licence.

Who is Binance for?

Binance suits experienced traders outside the EU who want a very large choice of coins, futures and low spot fees. If you want to open an account in the EU, choose an exchange with a MiCA licence, such as OKX, Kraken, Bybit EU or Bitvavo. Our report on Binance fees breaks down the costs; all licensed providers are listed in our comparison of regulated crypto exchanges.

Scalable Capital has made a name for itself in the DACH region primarily as a robo-advisor and ETF broker and has also offered crypto since December 2021. Since September 2025 the company has been a full bank: Scalable Capital Bank GmbH in Munich received the ECB licence for deposit and lending business and is supervised by BaFin and the Deutsche Bundesbank. Since March 2026 it has also been listed in ESMA's MiCA register with a notification for advice on crypto-assets. According to its September 2026 fact sheet, Scalable serves more than one million customers with over €60 billion in assets.

The crypto offering covers 32 cryptocurrencies, which are not traded as coins but through crypto ETPs on regulated exchanges. No wallet or private keys are needed; in return, holdings cannot be moved to your own wallet, and trading is limited to exchange hours. Savings plans from €1 make for a particularly low-threshold entry, and some ETPs add staking rewards. Besides the €0.99 order fee there is a 0.99% spread markup, or 0.69% with the PRIME+ subscription at €4.99 a month. Since September 2026, orders via Xetra and gettex have cost a flat €1.99.

For investors who mainly put money into stocks and ETFs and want to hold crypto as an addition in the same securities account, Scalable Capital is a practical solution. Anyone who wants to hold actual coins, move them to their own wallet or trade around the clock is better served by a crypto exchange.