Yes. Owning and trading crypto is legal in New York, but a firm that buys, sells, holds or exchanges crypto for New Yorkers needs a BitLicense or a New York trust charter from the Department of Financial Services (NYDFS).

The BitLicense rule, 23 NYCRR Part 200, has applied since 24 June 2015. It covers five activities: transmitting crypto, holding it in custody for others, buying and selling it as a business, running an exchange, and controlling or issuing a virtual currency. A limited purpose trust company chartered under the Banking Law may do the same business without a BitLicense. People who only hold crypto, and shops that accept it, need no licence.

Federal rules from the SEC, CFTC, Treasury and IRS apply on top, as in every state, and offshore exchanges that refuse US users refuse New Yorkers too. Both are covered in our United States guide.

Which crypto licences does New York require?

A BitLicense or a limited purpose trust charter from NYDFS. Of the seven US exchanges we track, three hold one: Coinbase and Bitstamp a BitLicense, Gemini a trust charter.

On 19 October 2026 the NYDFS list of regulated firms had 39 entries: 26 BitLicense holders (15 of them also licensed as money transmitters) and 13 trust companies. The other four exchanges we track that serve the US, Kraken, OKX, Crypto.com and Gate, are not on it.

Table of seven exchanges that serve US residents. Coinbase: BitLicense since January 2017, limited, no crypto-backed loans; Gemini: Trust charter since October 2015, limited, no staking; Bitstamp: BitLicense since April 2019, limited; Kraken: not on the NYDFS list, restricted, does not serve New York; OKX US: not on the NYDFS list, restricted, does not serve New York; Crypto.com: not on the NYDFS list, limited, no spot; Gate US: not on the NYDFS list, restricted, does not serve New York.

A licence does not open every coin. Under the listing guidance of 15 November 2023, a licensee lists a coin only under a listing policy NYDFS has approved. Coins on the NYDFS Greenlist need just ten days’ notice. It holds 8: bitcoin, ether and six tokens issued by New York firms (GUSD, GYEN, ZUSD, RLUSD, USDW and GOLD). USDC is not on it.

Best crypto platforms for New York residents

By our access score inside New York, Coinbase (8.5 out of 10) and Gemini (7.8) are the most open exchanges, Kalshi (7.3) the most open prediction market and Uniswap (8.0) the most open DeFi platform.

The score rates how fully a New York resident can use each platform, not its fees or safety. It is the US score with New York’s own limits applied: access status (4 points), the share of the platform’s products open in the state (3), the licences we hold on file (2) and what our geo-access test saw from a US address (1). Platforms that refuse New Yorkers are not scored. The method is on our methodology page.

Exchanges

  1. Coinbase

    Best for The most products under a BitLicense

    8.5/10
    Access
    3.5/4
    Products
    2/3
    Licences
    2/2
    Our test
    1/1

    Pros

    • BitLicense since January 2017, plus a New York trust company for custody
    • Staking open in New York
    • Prediction markets offered in New York

    Cons

    • No crypto-backed loans in New York
    • DEX trading in the app excludes New York
    • Sued by the Attorney General over sports contracts
    Read our Coinbase report

  2. Gemini

    Best for A New York trust company since 2015

    7.8/10
    Access
    3.5/4
    Products
    1.3/3
    Licences
    2/2
    Our test
    1/1

    Pros

    • Chartered by NYDFS in October 2015
    • Spot trading open in New York

    Cons

    • No staking (Asset Rewards) for New Yorkers
    • Sued by the Attorney General in April 2026
    • Gemini Derivatives excludes US persons
    Read our Gemini report

  3. Crypto.com

    Best for Event contracts through the OG app

    6.8/10
    Access
    3/4
    Products
    0.8/3
    Licences
    2/2
    Our test
    1/1

    Pros

    • OG Prediction Markets live in New York since June 2026
    • CFTC-registered exchange and clearing house

    Cons

    • The Crypto.com App is not offered in New York
    • Not on the NYDFS list of regulated firms
    Read our Crypto.com report

  4. Bitstamp

    Best for Plain spot trading under a BitLicense

    6.6/10
    Access
    3/4
    Products
    0.6/3
    Licences
    2/2
    Our test
    1/1

    Pros

    • BitLicense since April 2019
    • No New York carve-out in its US terms

    Cons

    • No derivatives, staking or lending in the US
    Read our Bitstamp report

Prediction markets

  1. Kalshi

    Best for The broadest CFTC-regulated event contracts

    7.3/10
    Access
    3/4
    Products
    2.3/3
    Licences
    1/2
    Our test
    1/1

    Pros

    • CFTC-designated contract market
    • No court order stops it in New York

    Cons

    • Sued by the Attorney General on 31 July 2026
    • Lost its injunction bid against the Gaming Commission
    Read our Kalshi report

  2. Polymarket

    Best for Polymarket markets on a US exchange

    6.3/10
    Access
    3/4
    Products
    2.3/3
    Licences
    1/2
    Our test
    0/1

    Pros

    • Polymarket US is a CFTC-designated exchange
    • No court order stops it in New York

    Cons

    • Sued by New York on 24 September 2026
    • polymarket.com itself blocks US users
    Read our Polymarket report

DeFi

  1. Uniswap

    Best for Swapping tokens from your own wallet

    8.0/10
    Access
    4/4
    Products
    3/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Terms do not exclude New York
    • A New York company, under New York law

    Cons

    • Leveraged products for US retail are barred
    Read our Uniswap report

  2. PancakeSwap

    Best for BNB Chain swaps and pools

    6.3/10
    Access
    3.5/4
    Products
    1.8/3
    Licences
    0/2
    Our test
    1/1

    Pros

    • Swaps, pools and staking are not excluded

    Cons

    • PCS Perps bars US users
    • No US licence on file
    Read our PancakeSwap report

Which platforms block or limit New York residents?

Three exchanges that serve the rest of the US refuse New Yorkers: Kraken, OKX US and Gate US. Three more drop a product here: Coinbase its crypto-backed loans, Gemini its staking and Crypto.com its App.

None of the three that refuse the state holds a New York licence. Kraken left in 2015 rather than apply for a BitLicense. Two offshore exchanges were pushed out by the Attorney General before the federal bans: Bitfinex agreed in 2021 to end all trading with New Yorkers, and KuCoin was barred from New York in December 2023 after paying more than $22 million.

Platforms that cut back New YorkPick one to see what its own documents say
PlatformStatusWhat New York losesWhat the platform saysDocument
KrakenRestrictedEverythingNew York and Maine are the two states Kraken does not serveLicensing page
OKX USRestrictedEverythingOKX INC. does not provide services to residents of New YorkUS licences
Gate USRestrictedEverythingNew York is on its list of jurisdictions where Gate US does not operateLicences page
Crypto.comLimitedThe App, so spot tradingThe App is unavailable to New York residents under local licensing rules; event contracts come through the OG appUS buy page
CoinbaseLimitedCrypto-backed loansLoans are for US residents excluding New York; in-app DEX trading excludes New York tooLoans help page
GeminiLimitedStakingNew York residents cannot take part in Asset RewardsAsset Rewards

Source: platform documents, read 19 October 2026.

Who regulates crypto in New York?

NYDFS licenses and supervises crypto firms, the Attorney General takes them to court, and the Gaming Commission polices betting, which is where New York puts prediction markets. None of the crypto bills of 2025 and 2026 has become law.

Timeline in three lanes. NYDFS, 8 June 2022: Stablecoin guidance (Reserve and redemption rules). NYDFS, 15 November 2023: Coin listing guidance (Greenlist framework). NYDFS, 30 September 2025: New custody guidance (Replaces January 2023). NYDFS, 9 June 2026: Stablecoin rule proposed (Aligned with GENIUS Act). Attorney General, 12 December 2023: KuCoin barred (More than $22 million). Attorney General, 20 May 2024: Genesis settles (Worth $2 billion). Attorney General, 9 October 2026: Mashinsky banned (Celsius founder). Legislature, 22 November 2022: Mining moratorium (Two years, fossil power). Legislature, 22 November 2024: Moratorium lapses (Extension died). Legislature, 3 June 2026: Kiosk limits bill (Senate only).

Not settled. New York treats sports event contracts as unlicensed gambling and has sued Coinbase, Gemini, Kalshi and Polymarket US, but no court has ordered any of them to stop serving the state.

Calendar from October 2025 to October 2026 of prediction-market actions in New York. Kalshi: gaming commission cease-and-desist 24 Oct 2025, platform sues new york 27 Oct 2025, court denies an injunction 7 Jul 2026, attorney general lawsuit 31 Jul 2026. Coinbase: attorney general lawsuit 21 Apr 2026. Gemini: attorney general lawsuit 21 Apr 2026. Crypto.com (OG): platform sues new york 12 Jun 2026. Polymarket US: attorney general lawsuit 24 Sep 2026, platform sues new york 24 Sep 2026. Beside it: no order stops a platform in New York yet, all four Attorney General suits sit undecided in federal court, and Kalshi’s appeal is No. 26-1835 at the Second Circuit, with New York’s brief due 30 October 2026.

The fight began with the Gaming Commission. Its cease-and-desist letter of 24 October 2025, quoted in Kalshi’s complaint, said Kalshi’s sports contracts were illegal under the Penal Law and the Racing Law. Kalshi sued three days later, and on 7 July 2026 a federal judge in Manhattan denied its injunction, finding state gambling law not preempted. Kalshi’s appeal is No. 26-1835 at the Second Circuit.

The Attorney General then sued Coinbase and Gemini on 21 April 2026, Kalshi on 31 July and Polymarket US on 24 September, citing users aged 18 to 20 where licensed sports betting starts at 21. Every case was moved to federal court and none has been decided. The federal government sides with the platforms: the CFTC and the United States sued New York on 24 April 2026 to stop it enforcing state law against CFTC-registered exchanges.

Two bills would settle it by statute, and neither has passed: the ORACLE Act would bar sports, political and other event markets for New Yorkers, and S9414 would set a minimum age of 21.

How is crypto taxed in New York?

The same way the IRS taxes it: crypto is property, and a gain is added to your income and taxed at New York’s rates, 4% to 10.9% in 2025, plus 3.078% to 3.876% for New York City residents.

Step chart of New York State income tax rates for a single filer in 2025: 4% from $0, 4.5% from $8,500, 5.25% from $11,700, 5.5% from $13,900, 6% from $80,650, 6.85% from $215,400, 9.65% from $1.08M, 10.3% from $5M, 10.9% from $25M. Below: New York treats crypto as property, the same as the federal rule (tax memo of 5 December 2014); there is no separate rate for capital gains, so a gain is added to income; New York City residents pay 3.078% to 3.876% on top; and the five lowest state rates are cut by 0.1 point from 2026.

The Tax Department’s 2014 memo says New York follows the federal treatment for income tax. For sales tax, paying for taxable goods with crypto is a barter: sales tax is due on the coin’s dollar value. There is no separate capital gains rate; the bands are the 2025 rate schedule for a single filer, and Yonkers residents add a surcharge of 16.75% of their state tax. From 2026 the five lowest state rates fall by 0.1 point under the 2025 budget.

No crypto-specific state tax exists. A proposed 0.2% excise on digital asset transactions and a tax on the electricity used for proof-of-work mining are both still in committee.