Buying bitcoin or ether from the United States means using an exchange that is allowed to serve your state. This OpenBook guide compares three large exchanges that serve US residents through US entities, Coinbase, Kraken and Gemini, on the facts each one publishes: federal and state registration, New York access, staking availability by state, fee structure and security. It also explains how to check any exchange yourself and the basics of US crypto rules and tax reporting. Educational content only; not investment, tax or legal advice.
Affiliate disclosure: OpenBook currently has no commercial relationship with the exchanges listed on this page and earns nothing from these links. We may join their affiliate programmes in the future; if we do, we may earn a commission when you open an account through a link on this page, and we will update this notice and label those affiliate links before that happens. Exchanges do not pay to be included and do not review this page.
Independence: OpenBook is not affiliated with or an official channel of any exchange listed.
Availability: Crypto exchange availability and features depend on your US state of residence. Some exchanges do not serve every state, and features such as staking may be restricted in some states. Check the exchange's own license and eligibility pages for your state before opening an account.
Quick comparison: US crypto exchanges
Listed alphabetically, not ranked. Facts as published by each exchange and checked against FinCEN and NYDFS records on 2 October 2026. Details change: confirm them on the exchange's own site for your state.
US crypto exchanges compared on licensing, New York access, staking and fee structure (October 2026)
| Exchange |
US entity |
FinCEN MSB |
New York |
Staking in the US |
Fee structure |
| Coinbase |
Coinbase, Inc. |
Registered |
Yes: BitLicense |
Most states (not CA, MD, NJ, WI) |
Spread + fee (simple); order-book fees (Advanced)
Official fees
|
| Gemini |
Gemini Moonbase, LLC or Gemini Trust Company, LLC, depending on your state |
Registered |
Yes: NY trust charter |
Certain US jurisdictions only |
Varies by product and usage level
Official fees
|
| Kraken |
Payward Interactive, Inc. (Kraken) |
Registered |
No: not available in NY |
37 states + DC, PR (not CA, TX, NJ, WA, others) |
Spread + fee (Instant); maker-taker tiers (Pro)
Official fees
|
"Partly" means the feature is available only in some states or jurisdictions. Fee percentages, spreads, supported coins and rewards rates are not listed here because they change often; follow the links to each exchange's official pages.
Exchange profiles
Each profile sums up what the exchange states on its own official pages, plus its FinCEN and NYDFS records. Security points are the exchange's own claims, not an OpenBook audit. This is not a complete list of US-licensed exchanges.
Affiliate disclosure: OpenBook currently has no commercial relationship with the exchanges listed on this page and earns nothing from these links. We may join their affiliate programmes in the future; if we do, we may earn a commission when you open an account through a link on this page, and we will update this notice and label those affiliate links before that happens. Exchanges do not pay to be included and do not review this page.
Coinbase
FinCEN MSB · State licensed
- US legal entity
-
Coinbase, Inc.
Coinbase has been a US-listed public company since April 2021 and publishes quarterly financial statements.
- Federal registration
- Registered with FinCEN as a money services business (MSB).
- State licensing
- Licensed as a money transmitter in many US states and territories (NMLS ID 1163082); the full list is on Coinbase's licenses page. Coinbase notes that some state licenses do not cover virtual currency. Official license page
- New York
- Holds a NYDFS virtual currency license (BitLicense) and money transmitter license (granted 2017). Affiliate Coinbase Custody Trust Company, LLC is a NYDFS-chartered limited purpose trust company.
- Availability
- Licensed in New York, so New York residents can open an account. Some products vary by state.
- Staking in the US
- Available in most states. Coinbase says no new staking is possible in California, Maryland, New Jersey and Wisconsin. Coinbase takes a commission on staking rewards.
- Fee structure
- Simple buy and sell orders include a spread plus a Coinbase fee, both shown on the order preview; the fee depends on payment method, order size and other factors. Coinbase Advanced trades directly on the order book with no spread, and its own trading fees apply. Official fee page
- Security (as stated by Coinbase)
- Coinbase says it holds customer assets 1:1, does not lend them without your instruction, and stores the vast majority of assets offline in cold storage. Two-factor authentication is auto-enrolled.
Crypto prices can fall sharply and you could lose all the money you invest. Crypto on an exchange is not FDIC-insured or SIPC-protected.
Gemini
FinCEN MSB · State licensed
- US legal entity
-
Gemini Moonbase, LLC or Gemini Trust Company, LLC, depending on your state
Most US customers are served by Gemini Moonbase, LLC; New York customers (and some others) by Gemini Trust Company, LLC. Gemini's user agreement selection page shows which entity applies to your state.
- Federal registration
- Gemini Moonbase, LLC and Gemini Trust Company, LLC are both registered with FinCEN as MSBs.
- State licensing
- Gemini Moonbase, LLC is a Florida-based money transmitter licensed in the states listed by Gemini (NMLS ID 2403509). Gemini Trust Company, LLC: NMLS ID 1518126. Official license page
- New York
- Gemini Trust Company, LLC is a New York limited purpose trust company chartered by NYDFS (2015) and serves New York customers.
- Availability
- Gemini says its exchange account is available in all US states, including DC and Puerto Rico; the entity you contract with depends on your state.
- Staking in the US
- Available only in certain US jurisdictions, according to Gemini. Stakeable assets currently listed: ETH, SOL and MON. A staking services fee is deducted from rewards.
- Fee structure
- Gemini publishes separate fee schedules by product and usage level. Check the official fee page for the product you plan to use. Official fee page
- Security (as stated by Gemini)
- Gemini says its platform is supported by controls aligned to ISO 27001, SOC 1 Type 2 and SOC 2 Type 2, and requires multi-factor authentication for logins and withdrawals.
Crypto prices can fall sharply and you could lose all the money you invest. Crypto on an exchange is not FDIC-insured or SIPC-protected.
Kraken
FinCEN MSB · State licensed
- US legal entity
-
Payward Interactive, Inc. (Kraken)
Kraken is the flagship product of Payward, Inc. Affiliate Kraken Financial holds a Wyoming Special Purpose Depository Institution (SPDI) charter.
- Federal registration
- Payward Interactive, Inc. is registered with FinCEN as an MSB (registration no. 31000270997766).
- State licensing
- Licensed as a money transmitter in 46 US jurisdictions (states, DC and Puerto Rico), according to Kraken (NMLS ID 1843762). Official license page
- New York
- Not on the NYDFS list of licensed virtual currency businesses. Kraken does not serve residents of New York.
- Availability
- Kraken does not offer services to residents of New York or Maine.
- Staking in the US
- On-chain staking is offered only in the 37 states plus DC and Puerto Rico that Kraken lists; it is not available in, for example, California, Texas, New Jersey or Washington. A commission is deducted from rewards.
- Fee structure
- Instant Buy/Sell prices include a spread plus a trading fee, and payment-method fees can apply. Kraken Pro uses a tiered maker-taker schedule based on your 30-day trading volume or assets on the platform. Official fee page
- Security (as stated by Kraken)
- Kraken says it uses cold storage and hot wallets, publishes periodic Proof of Reserves audits with an external auditor, holds ISO/IEC 27001:2022 certification and has completed a SOC 2 Type 1 examination.
Crypto prices can fall sharply and you could lose all the money you invest. Crypto on an exchange is not FDIC-insured or SIPC-protected.
How we compare exchanges (methodology)
For each exchange we checked, on 2 October 2026:
- Federal registration — whether the US legal entity appears in FinCEN's MSB Registrant Search.
- State licensing and New York — the exchange's own license and disclosure pages, and the NYDFS list of regulated virtual currency entities.
- Availability and staking — the states the exchange says it serves and where it says staking is offered.
- Fees — how fees are structured according to the official fee page. We do not copy fee percentages, because they change.
- Security — what the exchange itself states about custody, audits and account protection.
We included large, well-known exchanges that serve US residents through a US entity registered with FinCEN and licensed at state level. We list them alphabetically and do not rank them, rate them or say which is right for you. We did not open accounts or test the platforms for this page. Exchanges do not pay to be included and do not review this page. Read more in our editorial policy.
How to choose a US crypto exchange
- Check it serves your state. Some exchanges do not serve every state (Kraken, for example, does not serve New York or Maine), and the legal entity you sign up with can depend on where you live.
- Verify the license yourself. Search the US legal entity in FinCEN's MSB Registrant Search and on NMLS Consumer Access. In New York, check the NYDFS list.
- Compare the total cost, not the headline fee. Add up spread, trading fee, payment-method fee and withdrawal or network fees. Simple "buy" screens are often more expensive than an exchange's advanced order-book interface.
- Confirm the features you need are offered where you live. Staking, advanced trading and some coins are restricted in certain states.
- Understand custody. On an exchange, the exchange controls the keys to your crypto. A self-custody wallet puts you in control, but if you lose your keys, your crypto is gone.
- Lock down your account. Turn on the strongest two-factor authentication offered (security keys or passkeys where available) and use withdrawal address allowlists if available.
- Start small. Make a small deposit and test a withdrawal before you commit more money.
US crypto regulation basics
- FinCEN registration — Exchanges that transmit money for customers generally register with the Financial Crimes Enforcement Network (FinCEN), part of the US Treasury, as money services businesses (MSBs). FinCEN states that being listed is not a recommendation or an endorsement.
- State money transmitter licenses — Many states also require a money transmitter license, so an exchange may be licensed in some states but not others. Many states manage these licenses through NMLS.
- New York BitLicense — To serve New York residents, a firm needs a virtual currency license (BitLicense) from NYDFS or a New York charter, such as a limited purpose trust company, approved for virtual currency business.
- No FDIC or SIPC protection for crypto — Crypto is not a bank deposit and is not covered by FDIC insurance. SIPC does not protect digital assets that are not registered securities, even when held at a SIPC-member firm.
- Federal rules are still developing — Oversight of crypto markets by the SEC and CFTC continues to evolve. Check their websites for current rules and investor alerts.
Crypto tax reporting basics
- For US federal tax purposes, the IRS treats digital assets as property, not currency.
- Selling crypto, swapping one coin for another or spending it can create a capital gain or loss. Crypto received as income, including staking rewards, is generally taxable as ordinary income.
- Federal income tax returns include a yes-or-no question about digital asset transactions.
- Custodial platforms report sales to the IRS on Form 1099-DA: gross proceeds for transactions on or after January 1, 2025, and cost basis for certain transactions on or after January 1, 2026. Keep your own records too.
General information only, not tax advice. Rules can change; see the IRS digital assets page and speak to a qualified tax professional about your situation. Official registers: FinCEN MSB search, NMLS Consumer Access, NYDFS virtual currency businesses, What SIPC protects.
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Crypto brokers compared (international) →
How to choose a broker →
This page: OpenBook currently has no commercial relationship with the exchanges listed on this page and earns nothing from these links. We may join their affiliate programmes in the future; if we do, we may earn a commission when you open an account through a link on this page, and we will update this notice and label those affiliate links before that happens. Exchanges do not pay to be included and do not review this page. Other OpenBook pages may contain affiliate links. See Affiliate disclosure and Risk disclosure.
