Only 3 exchanges operate in all 50 US states including New York: Gemini, Coinbase, and Bitstamp. They're the only platforms with full BitLicense approval from New York's strict financial regulator.
Why Most Exchanges Have State Restrictions
Crypto regulation in the United States isn't federal—it's a patchwork of 50 different state licensing requirements. Every state has its own money transmission laws, and exchanges must obtain separate licenses in each state where they want to operate.
This creates a fragmented landscape where:
- • New York requires a special "BitLicense" that costs $100,000+ to obtain and years to process
- • Texas, Florida, and other states have different requirements that are less burdensome
- • Some exchanges simply choose not to serve certain states rather than deal with compliance costs
The Result
Many popular exchanges—including Kraken, Binance.US, and Crypto.com—don't work in all states. If you move or travel frequently, this matters.
The 3 Exchanges Available in All 50 States
Gemini
Founded by the Winklevoss twins in 2014, Gemini was built for compliance from day one. It's a New York trust company—not just an exchange with a license—which means it operates under stricter oversight than most competitors.
Why Gemini Works Everywhere
- ✓ Full BitLicense holder (since 2015)
- ✓ SOC 2 Type 2 certified security
- ✓ Regulated as a trust company
- ✓ Cold storage insurance via Nakamoto Ltd.
Key Stats
- • 70+ cryptocurrencies
- • 0.60% maker / 1.20% taker fees
- • $0 minimum deposit
- • Gemini Credit Card: 3% back in crypto
Coinbase
The largest US exchange by volume, Coinbase is publicly traded on NASDAQ (COIN). Being a public company means SEC-level financial reporting—an extra layer of transparency most crypto companies don't have.
Why Coinbase Works Everywhere
- ✓ BitLicense holder
- ✓ NASDAQ listed (COIN)
- ✓ Crime insurance on hot storage
- ✓ Institutional-grade custody
Key Stats
- • 250+ cryptocurrencies
- • 0.40% maker / 0.60% taker fees
- • $2 minimum deposit
- • Coinbase One: $0 trading for $29.99/mo
Bitstamp
Founded in 2011, Bitstamp is the oldest major exchange still operating. Now owned by Robinhood (acquired 2024), it combines European regulatory standards with US compliance.
Why Bitstamp Works Everywhere
- ✓ BitLicense holder
- ✓ EU licensed (Luxembourg)
- ✓ 13+ year track record
- ✓ Conservative listing approach
Key Stats
- • 80+ cryptocurrencies
- • 0.30% maker / 0.40% taker fees
- • $0 fee for <$1K/mo volume
- • No staking for US users
Full Comparison: All 50 State Exchanges
| Feature | Gemini | Coinbase | Bitstamp |
|---|---|---|---|
| All 50 States | ✓ Yes | ✓ Yes | ✓ Yes |
| NY BitLicense | ✓ | ✓ | ✓ |
| Maker Fee | 0.60% | 0.40% | 0.30% |
| Taker Fee | 1.20% | 0.60% | 0.40% |
| Coins Available | 70+ | 250+ | 80+ |
| US Staking | ✓ Yes | Some states | ✗ No |
| Minimum Deposit | $0 | $2 | $0 |
| Crypto Card | Credit (3%) | Debit (4%) | — |
| Founded | 2014 | 2012 | 2011 |
| Public Company | No | ✓ NASDAQ | No (Robinhood-owned) |
Popular Exchanges That Aren't Nationwide
Many well-known exchanges have state restrictions. Here's the availability breakdown:
| Exchange | Key Restrictions | NY? |
|---|---|---|
| Kraken | No NY (chose not to get BitLicense) | ✗ |
| Binance.US | No NY, restricted in TX, VT, HI, LA | ✗ |
| Crypto.com | Limited features in NY | Limited |
| Robinhood Crypto | NY: Trading only (no transfers in/out) | Limited |
| KuCoin | Not officially available to US users | ✗ |
| MEXC | Not available to US residents | ✗ |
| Bybit | Not available to US residents | ✗ |
VPN Workaround Warning
Some users access restricted exchanges via VPN. This violates terms of service and risks having your account frozen with funds locked. In 2025, exchanges have become aggressive about detecting and banning VPN users.
Why New York Is the Hardest State
New York's "BitLicense" is the strictest crypto regulatory framework in the country. Created by the NY Department of Financial Services (NYDFS) in 2015, it requires:
BitLicense Requirements
- $ Application fee: $5,000 (non-refundable)
- $ Legal/compliance costs: $100,000+
- ⏱ Processing time: 1-3 years
- 📋 Extensive AML/KYC requirements
- 🔒 Capital reserve requirements
- 📊 Ongoing compliance reporting
The result: Most exchanges decide the cost isn't worth it. Kraken, for example, explicitly chose not to pursue a BitLicense, which is why they don't serve NY residents.
The Silver Lining
If an exchange has a BitLicense, it's passed one of the most rigorous vetting processes in the industry. For security-conscious investors, this is a strong trust signal.
Which Should You Choose?
Choose Gemini if...
- → You prioritize security and regulation above all
- → You accept higher fees (0.60% maker on ActiveTrader) for trust-company oversight
- → You want the Gemini Credit Card (3% crypto rewards)
- → You live in NY or may move there
Choose Coinbase if...
- → You want the widest selection of coins (250+)
- → You're new to crypto and want the easiest interface
- → You want staking rewards (where state-available)
- → You prefer a publicly-traded company (NASDAQ: COIN)
Choose Bitstamp if...
- → You value a 13+ year track record over flashy features
- → You trade less than $1K/month (0% fees for small accounts)
- → You want a conservative, "boring" exchange that just works
- → You plan to trade internationally (strong EU licensing)
Frequently Asked Questions
Is there a crypto exchange available in all 50 states with the lowest fees? ▼
Yes: Bitstamp, at 0.30% maker / 0.40% taker. Gemini ActiveTrader charges 0.60% maker / 1.20% taker, the highest of the three, and Coinbase Advanced charges 0.40% / 0.60%. Kraken Pro is cheaper than Gemini (0.40% maker / 0.80% taker), but it's not available in New York or Maine.
Why doesn't Kraken have a BitLicense? ▼
Kraken has publicly stated that the BitLicense requirements are too burdensome and expensive relative to the New York market size. They chose to forgo NY customers rather than comply with what they consider overreaching regulation.
Can I use a VPN to access Binance.US in New York? ▼
Technically possible, but strongly discouraged. This violates terms of service and can result in account freezing with funds locked. Exchanges have sophisticated VPN detection and have become aggressive about enforcement in 2025.
What happens if I move from Texas to New York with crypto on Kraken? ▼
You'll need to withdraw your assets before updating your address. Once your account reflects a NY address, you won't be able to trade. This is a key reason why choosing an exchange with nationwide availability matters if you might relocate.
Does Robinhood count as available in all 50 states? ▼
Robinhood Crypto is technically available in NY, but with severe limitations. NY users can only buy and sell—they cannot transfer crypto in or out of the platform. This effectively traps your crypto on Robinhood with no way to move it to a wallet or another exchange.
The Bottom Line
If you need an exchange that works everywhere in the United States—or you might move to New York someday—your choices are limited to three: Gemini, Coinbase, and Bitstamp.
Our recommendation: Gemini for most users (best security), Coinbase if you need the most coin variety, Bitstamp if you value a long track record and low-volume fee breaks.
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