Binance is one of the biggest digital asset exchange platforms in the world that allows users to trade cryptocurrencies such as Bitcoin, Ethereum, and Cardano. With the popularity of digital assets skyrocketing in the US, particularly on the East Coast, many are wondering – is Binance available in New York?
Binance is not available in New York, as the platform was banned from operating in the US for not complying with the country’s regulations. While there’s an American version of the platform called Binance.US, it too isn’t available in New York due to the state’s restrictions on Bit licenses.
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Although Binance and its US counterpart aren’t available in the Empire State, there are a few other digital asset platforms that will allow you to participate in the cryptocurrency exchange.
Binance Is Not Available in New York or the US in General
Binance exchange is not available in New York or the rest of the US, as the platform stopped accepting new users from the country after it was banned in 2019. While Binance developers managed to make an American version of the platform called Binance.US, it’s not available in all the states, including New York.
While New York users still can’t participate in the crypto trade on Coinbase.US, it might be added to the platform at a later date if the development team finds a way to bypass the state’s very restrictive regulations. This means you will just have to find another way to participate in the crypto exchange in the Empire State.
Why Is Binance Not Available in New York?
The Binance US ban was set on regulatory grounds. The country has very strict regulations regarding cryptocurrencies, which essentially made it impossible for the platform to operate legally.
As a result, The Binance.US was designed to comply with US law while keeping the original version’s features. However, its slower rollout means some states still don’t have it available.
Does Any Cryptocurrency Exchange Work in New York?
While there are many crypto exchanges in the US, not that many operate in the New York state itself. However, crypto trading is still possible on Coinbase and Gemini. These platforms both have valid Bit Licenses, meaning that they both allow you to participate in all cryptocurrency transactions legally.
Coinbase Is the Best Platform for Investing in Bitcoin and Other Crypto Coins in the US
Coinbase is a perfect place for anyone looking to participate in cryptocurrency trade in New York state, as the platform is one of the best and biggest crypto exchanges in the entire US. Coinbase has some of the lowest transaction fees, allowing you to acquire bitcoins with a 0% buy fee despite being the best in the business.
You can also opt to use Coinbase Pro, which offers several features not found on the base platform. However, both versions support various payment methods, from typical bank account transfers and wires to PayPal and Instant Cashouts, meaning you’ll always have more than one option for every type of transaction.
If you’re not sure which platform would suit your needs better, the table below will give you a quick overview of how these two exchanges compare to one another.
| List of Features | Coinbase | Coinbase Pro |
| Main Features | – Easy to use platform for beginners – Can use PayPal to withdraw or sell | – Advanced charting features – Crypto-to-crypto trading pairs |
| Supported cryptocurrencies | 100+ | 250+ |
| Fees | – 0% to 0.50% per trade – various fees for bank account transactions – 2.49% for Coinbase card transactions | – 0% to 0.50% per trade |
| Supported transactions | Send, receive, buy, sell, and exchange | Deposit, withdraw, buy, stop order, sell, trade, time in force order, limit order |
| Trading limit | Limits vary based on the region and selected payment method | Unlimited |
| Security | – Two-step verification – Insurance in the event Coinbase is breached – Biometric fingerprint logins – AES-256 encryption for digital wallets – FDIC-insured USD balances | – Two-step verification – Insurance in the event Coinbase is breached – Biometric fingerprint logins – AES-256 encryption for digital wallets – FDIC-insured USD balances |
Gemini Is Another Great Option for New York Crypto Investors
Gemini is a great New York-based crypto exchange founded in 2015 by Tyler and Cameron Winklevoss. The platform supports buying and selling of over 40 cryptocurrencies, including Bitcoin and Ethereum.
Gemini is one of the most popular crypto exchanges and has been praised for its security, liquidity, and customer service. Some of the pros of using the platform include:
- An intuitive app user interface,
- The ability to earn interest on stored cryptos,
- Convenient insurance option for the Gemini crypto wallet.
Is Trading in Bitcoin and other Cryptocurrencies in New York Worth It?
Trading cryptocurrencies can be very profitable, but it can also be very risky. Before you decide whether or not trading cryptos in New York is worth it, you need to assess all the risks and your financial situation.
If you are comfortable with taking risks and you have the financial resources to withstand any losses, then crypto trading may be a good option for you. However, if you are not comfortable taking risks or do not have the financial resources to cover any losses, this sort of investment may not be the right thing for you.