New York's Best Crypto Exchanges Revealed

Updated August 2026 to reflect eToro's April 2026 New York crypto launch.

Coinbase and Gemini are the best crypto exchanges for most New Yorkers, with Robinhood, eToro, and Bitstamp as strong licensed alternatives.

New York maintains the strictest crypto regulations in the country, which limits the number of exchanges available to residents. Below, we break down the leading platforms available in the Empire State, their strengths and weaknesses, and the questions New York investors ask most.

Coinbase

Best for beginners

Coinbase is fully regulated and licensed in New York, and its clean, simple interface makes it one of the easiest places for new investors to start. As of October 2025, Coinbase also offers NYDFS-approved staking for Ethereum and Solana to New York residents, so you can earn yield on eligible holdings.

Pros:

Cons:

Fees: Coinbase Advanced charges 0.00% maker and 0.40% taker fees at the entry tier, dropping to as low as 0.05% at the highest volume tiers. Simple buys and sells cost more.

Gemini

Best for regulatory compliance

Gemini was founded in New York and is one of the only exchanges available in all 50 states. It's built around regulatory compliance and strong, institutional-grade security, though it offers a smaller selection of coins than some competitors.

Pros:

Cons:

Fees: Gemini ActiveTrader charges roughly 0.00% maker and 0.20% taker fees at the entry tier. The standard mobile app charges about 1.49% per transaction.

Robinhood

Best for commission-free trading

Robinhood Crypto is licensed in New York under a BitLicense and lets New Yorkers buy and sell crypto with no commission. Its mobile-first design is simple, and the platform recently expanded to offer USDC to New York users.

Pros:

Cons:

Fees: Robinhood Crypto charges no commission. Its cost is built into the bid-ask spread on each trade.

eToro

Best for social and copy trading

eToro switched on cryptoasset trading for New York residents on April 1, 2026, more than three years after it became the first firm to receive a BitLicense from NYDFS following the FTX collapse. It's a multi-asset platform, so you can trade a curated set of about 20 greenlisted coins alongside stocks, ETFs, and options.

Pros:

Cons:

Fees: eToro charges a flat 1% fee on each crypto buy and sell.

Bitstamp

Best for active traders

Bitstamp is one of the longest-running crypto exchanges, and it holds a New York BitLicense. Robinhood acquired Bitstamp in June 2025, and the platform now operates as Bitstamp by Robinhood while keeping its low-fee, order-book experience for more active traders.

Pros:

Cons:

Fees: Bitstamp charges maker and taker fees ranging from 0.40% down to 0.00%, based on your 30-day trading volume.

Exchanges not available in New York

Not every major exchange operates in the Empire State. Kraken, Crypto.com, Binance.US, and KuCoin are all unavailable to New York residents. KuCoin left the New York market entirely in December 2023 after settling with the state Attorney General.

Is trading crypto in New York legal?

Yes, cryptocurrency trading is legal in New York, but exchanges must comply with strict New York Department of Financial Services (NYDFS) regulations and obtain a BitLicense.

Here's what the BitLicense requires:

The BitLicense has been criticized heavily within the crypto community. Many have claimed that the application process makes it difficult for startups to enter the market, and that even established exchanges struggle to comply with the requirements.

What coins can I trade on New York exchanges?

New York's licensed exchanges offer a more curated selection of coins than exchanges in other states, but the picture is more nuanced than a simple "eight coins" cap.

NYDFS maintains a "greenlist" of tokens that licensed exchanges can offer without seeking separate approval. In September 2023, NYDFS trimmed this greenlist from 25 coins down to 8, removing XRP, Dogecoin, and Litecoin, among others. Today the greenlist holds Bitcoin, Ethereum, and six approved stablecoins.

The greenlist isn't the whole story, though. Exchanges can also list additional coins by going through NYDFS's coin-listing approval process. That's why a licensed exchange like Coinbase can offer New Yorkers far more than eight cryptocurrencies, even though the greenlist itself is short.

The listing rules are still strict. Tokens must meet specific criteria to be approved, and bridged tokens are generally not permitted.

Remember, New Yorkers can trade many more than eight coins. The available selection is simply more curated than what you'd find in most other states.

Why is New York so unfriendly to crypto?

New York is often considered the most anti-crypto state in America from a regulatory perspective.

New York legislators claim that its crypto policies are meant to protect investors and maintain the state's status as a global financial hub.

The New York Attorney General's Office has actively pursued legal action against the crypto industry. It shut down the exchange CoinSeed, and in December 2023, KuCoin settled with the state for $22 million ($16.7 million in refunds to New York users plus a $5.3 million fine) and exited the New York market.

New York has also banned cryptocurrency mining that uses fossil fuels.

Can I use a VPN in New York to access crypto exchanges?

Using a VPN to access crypto exchanges outside of New York may seem tempting, but it's not recommended.

Using a VPN can violate the exchange's terms of service, potentially leading to your account being closed and your holdings being lost.

Can I use decentralized exchanges in New York?

Decentralized exchanges (DEXs) like Uniswap operate in a legal gray area in New York. Because DEXs don't take custody of user assets, they fall outside the BitLicense framework.

NYDFS regulations do not address decentralized exchanges directly. As a result, it's reasonable to assume that, as of today, New York residents can use decentralized exchanges.

Enforcement pressure has eased at the federal level. The SEC investigated Uniswap Labs and issued a Wells notice in spring 2024, but it closed that investigation in February 2025 without taking any enforcement action. New York's Attorney General had previously issued subpoenas to Uniswap Labs, and state-level treatment of DEXs remains unsettled.

Because the rules here are still developing, New York residents should stay up to date on regulatory developments related to decentralized exchanges.

Do I have to pay taxes on crypto in New York?

No matter what state you're based in, cryptocurrency is subject to income tax and capital gains tax in the United States.

That means you'll owe tax when you sell, trade, or earn crypto, regardless of which New York exchange you use. Crypto tax software like CoinLedger can help you track your obligations and generate a complete tax report. For more information, check out our guides on cryptocurrency tax rates and how to report cryptocurrency on your taxes.

Will I get a Form 1099-DA from my New York exchange?

Yes. Starting with the 2025 tax year, major exchanges are required to issue Form 1099-DA, and both Coinbase and Gemini now send one to their customers.

Here's the catch: for 2025, Form 1099-DA reports your gross proceeds only, not your cost basis (what you originally paid). That gap can make your gains look far larger than they actually are.

Example: Sarah's cost-basis mismatch

Sarah buys $5,000 of Ethereum on Coinbase.

She later sells it for $8,000.

Her Form 1099-DA reports $8,000 in gross proceeds, with no cost basis listed.

If she doesn't report her $5,000 cost basis, the IRS may treat the entire $8,000 as a gain. That could trigger a CP2000 notice for tax on $8,000, instead of on her actual $3,000 gain.

Luckily, there's an easy fix. You're allowed to report your own cost basis, as long as you have documentation to back it up.

That's where CoinLedger comes in. CoinLedger connects to your New York exchanges and wallets, calculates your accurate cost basis across all of them, and generates a complete Form 8949, so the gain you report matches what you actually earned.

Get started with a free CoinLedger account today.

For more information, check out our guides on the Coinbase Form 1099-DA and the Gemini Form 1099-DA.

Final thoughts

While trading crypto in New York is more restrictive than in other states, licensed exchanges like Coinbase, Gemini, Robinhood, eToro, and Bitstamp are all available to residents. Remember to do your own research, be cautious when investing, and stay aware of regulatory updates.

For a wider view beyond New York, check out our guide to the best crypto exchanges.