Crypto exchanges in New York (2026): the BitLicense, the NYDFS list and how to check

What the BitLicense is

In June 2015 NYDFS issued its virtual currency regulation, 23 NYCRR Part 200, under the New York Financial Services Law. The license it created is widely called the BitLicense. Under the regulation, "virtual currency business activity" involving New York or New York residents covers five activities:

• receiving virtual currency for transmission, or transmitting it;
• storing, holding or maintaining custody or control of virtual currency on behalf of others;
• buying and selling virtual currency as a customer business;
• performing exchange services as a customer business; and
• controlling, administering or issuing a virtual currency.

A crypto exchange or broker app that lets New Yorkers buy, sell and hold coins is doing several of these at once. That is why exchanges either obtain New York authorization or block New York addresses at sign-up.

NYDFS also says what does not need a license. A consumer who uses virtual currency solely for investment does not need one, and neither does a merchant that simply accepts crypto as payment. Mining on its own, or selling coins you mined in a private, non-commercial transaction, does not require a BitLicense, and nor does merely giving advice on buying or selling crypto. Registration with the federal regulator FinCEN does not replace it: NYDFS says a FinCEN-registered company still needs a BitLicense for New York.

BitLicense or trust charter: two routes into New York

A company can also serve New Yorkers under a charter granted under the New York Banking Law, for example as a New York limited purpose trust company, if the Superintendent approves it for virtual currency activity. NYDFS points out two differences: a limited purpose trust company can exercise fiduciary powers, which a BitLicensee cannot, and it can carry out money transmission in New York without a separate money transmitter license. A BitLicense applicant must apply for a money transmission license separately, which is why many entries on the NYDFS list read "Virtual Currency and Money Transmitter Licenses".

For you as a customer, both routes mean the firm is supervised by NYDFS for its New York business. Neither makes crypto a bank deposit: crypto held on an exchange is not covered by FDIC insurance or SIPC.

Well-known platforms on the NYDFS list

These entities appear on the Regulated Entities table of the NYDFS Virtual Currency Business Licensing page, checked on 4 November 2026. The list is longer than this; we picked names that retail customers are likely to recognize, in no particular order. It includes custody, payments and institutional firms too, so being on it does not mean a company runs a consumer exchange.

Note: NYDFS says it granted PayPal, Inc. a virtual currency license in October 2020 and a money transmitter license in October 2013. Coinbase's custody affiliate, Coinbase Custody Trust Company, LLC, separately holds a limited purpose trust charter (2018-10).

Some practical notes on these names:

• Coinbase holds a BitLicense and money transmitter license, so New York residents can open an account; some products vary by state. See its licenses page.
• Gemini serves New York customers through Gemini Trust Company, LLC, a NYDFS-chartered limited purpose trust company.
• Robinhood Crypto, eToro NY, PayPal and Block are licensed brokerage, social-trading or payments apps rather than order-book exchanges; what you can do (for example, moving coins to an outside wallet) depends on each app.
• Bitstamp USA holds a virtual currency license on the list.

What is not available to New York residents

Several large platforms say on their own pages that they do not serve New York:

• Kraken says it does not offer services to residents of New York or Maine, and its US entity, Payward Interactive, Inc., is not on the NYDFS list.
• Binance.US lists New York among the states where you cannot register or verify an account (its list, updated 3 June 2026, names 16 unsupported states and territories).
• Crypto.com lists New York as a restricted location for the Crypto.com App and says serving New York is a goal it continues to evaluate.

Do not try to get around these restrictions with a VPN or an out-of-state address. Exchanges verify your identity and address, and an account opened on false information can be frozen or closed, with your funds held while the problem is resolved. Offshore platforms that accept New Yorkers without New York authorization are not supervised by NYDFS for that business, and you may have little recourse if something goes wrong.

Even on licensed platforms, not every coin is listed for New York. NYDFS allows licensed firms to list coins through a specific approval, a DFS-approved self-certification coin-listing policy, or its "Greenlist" of pre-approved coins (which includes bitcoin and ether). That is why a coin you see advertised nationally may be missing from your New York account.

How to check the NYDFS list yourself

1. Find the legal entity. Look in the platform's footer, user agreement or licenses page for the exact company that will hold your account, for example "Coinbase, Inc." rather than "Coinbase".
2. Open the NYDFS page. Go to the NYDFS Virtual Currency Business Licensing page and scroll to "Regulated Entities".
3. Match the name and type. Check that the same entity appears, and whether it holds a virtual currency license, a money transmitter license or a limited purpose trust charter.
4. Search DFS's supervised-entity tool. The DFS "Who We Supervise" search is a second check, and the NYDFS page also lists notices such as voluntary license surrenders.
5. Check federal registration too. Search the entity in FinCEN's MSB Registrant Search. FinCEN registration is not an endorsement, and it does not replace New York authorization.
6. Read the platform's own state page. Confirm New York is supported for the specific product you want, such as staking or a debit card.

Be wary of a firm that claims to be "licensed in New York" but whose legal entity you cannot find on the list, or that names a similar-sounding entity. The same clone-firm warning signs apply as with brokers; our how to choose a broker checklist covers them.

Before you open an account in New York

• Check the fee schedule on the platform's own site: many apps combine a spread with a separate fee, and costs differ between "simple" and advanced trading screens.
• Find out whether you can withdraw coins to your own wallet, or only sell them back to the app.
• Check which products are available in New York specifically, including staking, which some platforms restrict by state.
• Turn on two-factor authentication and confirm how the platform stores customer assets.
• Keep records for taxes: custodial platforms report crypto sales to the IRS on Form 1099-DA.

Following prices before you buy? Our Bitcoin and Ethereum market pages explain what moves each one.