Which crypto exchanges can Americans actually use?
State exclusions, separate US platforms with thinner books, and permanent injunctions. The venue you read about is often not the one you can open.
Most of the exchanges that appear in global comparison tables cannot open an account for an American. Of the 29 venues we researched, only a minority serve US retail directly, several run a separate US platform with its own — usually thinner — order book, and one is permanently enjoined from serving US persons at all.
Every claim below comes from a company's own terms or a regulator's register, and each one is dated in our exchange rating, because this is the part of the market that changes fastest.
The venues that serve Americans directly
Coinbase serves all 50 states and has since 2024. Gemini serves all 50 plus DC and Puerto Rico as a New York trust company chartered by the state's Department of Financial Services — a stronger legal form than the offshore operating companies most of this market uses. Kraken serves the country nationally except Maine and New York, with product-level limits in several other states, and it does so on the same platform the rest of the world uses.
That last detail matters more than it sounds, and it is the point of the next section.
The separate US platform problem
Binance blocks US residents from binance.com entirely. Americans are served by Binance.US — a separate company with its own, thinner order book, which does not serve 16 jurisdictions including New York, Texas, Ohio, Oregon, Washington, Connecticut and Georgia.
OKX works the same way: OKX Inc. is licensed in 48 states plus DC and Puerto Rico, but not New York, Texas, Guam, American Samoa, the Northern Mariana Islands or the US Virgin Islands.
The consequence for a reader is direct. When a comparison quotes Binance or OKX as the cheapest venue — including ours, which measured them at about 0.10% effective cost on a $10,000 trade — that figure comes from the global order book. It is not the book an American would trade on, and the US platforms are shallower.
The ones that are closed, and why
- KuCoin is the strongest case: its operator pleaded guilty in January 2025 to running an unlicensed money transmitting business and paid over $297m, and a March 2026 CFTC consent order permanently enjoins it from letting US persons trade unless it registers as a foreign board of trade.
- CoinEx exited under a 2023 settlement with the New York Attorney General — barred from opening new US accounts, with existing customers restricted to withdrawals.
- Bitfinex excludes US retail in its own terms following a 2021 NYAG settlement, with a discretionary carve-out only for eligible contract participants.
- Bybit, MEXC, HTX, Bitget and Phemex all name the United States as a restricted or prohibited jurisdiction in their own service agreements.
New York is its own market
New York's BitLicense regime means a venue can serve 49 states and still not serve you. Crypto.com is available in 49 states plus DC and the territories, with New York the single exclusion. Kraken excludes New York and Maine. Binance.US and OKX both exclude New York.
If you are in New York, the practical shortlist is much shorter — and Gemini, chartered there, is the one venue for which the state is a home rather than an obstacle.
What to check before you sign up
- Whether the venue serves your state specifically, not just the country.
- Whether you are being routed to a separate US entity, and whether its liquidity is comparable.
- What the company's own terms say — not what a comparison site says. Terms are the primary source, and they change.
- Whether any enforcement action restricts what you can do there, which is recorded per venue in our rating.
A fee advantage is worth nothing on a venue that cannot open an account for you.
The short version
For most Americans the real shortlist is Coinbase, Kraken, Gemini and Crypto.com, with Binance.US and OKX's US platform available in most but not all states. Check your own state before anything else, and treat global fee comparisons as describing a venue you may not be able to use.
Frequently asked questions
Can Americans use Binance?+
Not binance.com, which blocks US residents. Americans are served by Binance.US, a separate company with its own thinner order book, and it does not serve 16 jurisdictions including New York, Texas, Ohio, Oregon, Washington, Connecticut and Georgia.
Which crypto exchange is best for US residents?+
On custody evidence, Kraken and Gemini lead our rating for Americans: Kraken publishes a liability-inclusive proof of reserves attested by a named accounting firm, and Gemini is a New York trust company examined by a banking regulator. Coinbase serves all 50 states and is the most expensive venue we measured.
Why can't I use some exchanges in New York?+
New York requires a BitLicense to serve residents, and many venues have chosen not to obtain one. That is why several exchanges serve 49 states with New York as the single exclusion. Gemini, chartered as a New York trust company, is the notable exception.
Is KuCoin available in the US?+
No. Its operator pleaded guilty in January 2025 to running an unlicensed money transmitting business and paid over $297m, and a March 2026 CFTC consent order permanently enjoins it from allowing US persons to trade unless it registers as a foreign board of trade.
How this was reported
ChainWatch Daily is independent and reader-funded. Stories are written by named journalists and checked against primary sources before publishing. We disclose holdings, correct errors in the open, and never accept payment for coverage.
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