The first crypto company to receive a BitLicense was Circle - the company you may know as being in charge of the USDC stablecoin. This is exactly what the BitLicense was created for. Because of the BitLicense, are Crypto Exchanges Legal in New York?Īs long as a company holds a valid BitLicense while doing business in New York or with New Yorkers then they are perfectly within the law to provide cryptocurrency services. Exchange wallets are notorious for hacks, and there are much more secure options out there that suit a range of needs, from easy to use software wallets to top of the line hardware wallets. No matter where you buy your Bitcoin, you're going to need to store it somewhere. If you'd rather limit the amount of personal information you're handing over, you can buy Bitcoin using cash at a Bitcoin ATM, or with cash plus a large range of payment methods such as PayPal and gift cards at LocalBitcoins. Greenridge benefits by locking in certain prices and having a source of upfront revenue to drive their operations.ĭespite the restrictions of the BitLicense, if you're looking to buy Bitcoin the safest and easiest way to do so is still via an exchange. Buyers benefit by gaining exposure to (generally) profitable Bitcoin mining without having to purchase and set up their own equipment. Shortly after going online, Greenridge announced that it had sold 30% of its hash power to private investors: mostly hedge funds and family offices. This requires about 14 megawatts of the plant's 106 megawatt maximum output. 7,000 mining rigs - powered by energy generated on site in excess of customer demand - push the facility to mine about 5.5 BTC per day (pre-2020 halving). In March of 2020, the company announced that it had finished its Bitcoin mining farm. Greenridge Generation is a natural gas power plant located in upstate New York, near Dresden in the Finger Lakes region. Notwithstanding this official ambivalence to the number one cryptocurrency, other organisations in the state have been getting in on the action. state has taken such a proactive approach to the creation and tightening of laws regarding cryptocurrencies and digital assets. The introduction of the BitLicense was met with applause by some sections of the crypto community - such as Gemini's Winklevoss twins - and resignation by others such as ShapeShift, Bitfinex, and Kraken, the latter of which called it "a creature so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth." No other U.S. It could be argued that this protects New Yorkers from shady operators, or that it drives them to seek out other, less regulated providers. The BitLicense - a license only issued to government-approved firms - means that all exchanges and cryptocurrency service providers operating in the state are highly regulated. Yet the aggressive approach that New York's financial regulators have taken makes things difficult for many New Yorkers looking to get into crypto. Gemini is an active supporter of crypto regulation, believing it will lead to a safer ecosystem and greater adoption. New York is home to Gemini, and the Winklevoss brothers' company was among the first to receive a BitLicense allowing them to operate in the state. Does Coinbase Work in New York? Coinbase is the most popular crypto exchange in the U.S. The company ceased its operations in the state in 2015, as a direct consequence of what they termed the "abominable BitLicense". The biggest difference between Binance US and regular Binance is the coin support as well as some of the features available to users.īecause of this, you shouldn’t just look at the supported coins listed on and assume Binance US will sell it to you. This just means that verification may take a little longer than it would on regular Binance. Keep in mind that no one in the United States can ever use .īinance has a special website for US based customers at ĭue to US regulations, Binance US is more strict about handling KYC and AML of new customers. If this ever changes, we will update this page to reflect that change. Kris Marszalek CEO, Does Binance Work in New York?Īs of March 2021, Binance is not available to any customers living in New York.
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