New York can arguably claim to be the center of world finance, owing to the fact that it’s without questioning the capital of American banking and business.
The city was one of the early sanctuaries for Bitcoin innovators and geeks, like the Charlie Shrem’s startup BitInstant for example, which was founded in Brooklyn in 2012.
However, the New York’s financial regulators had so far engaged an aggressive approach that subsequently makes things very hard for many New Yorkers who’re interested in dealing with crypto.
Does Kucoin has the New York’s Bitlicense?
KuCoin is not regulated by any national licensing bodies, hence doesn’t have the New York’s BitLicense. The BitLicense is a license issued to only government-approved firms (I.e. exchanges and cryptocurrency service providers), having their operations in the state highly regulated.
Thus, for as long as any company holds a valid BitLicense while doing business in New York or with New Yorkers, then it is believed that they are perfectly within the law to provide cryptocurrency services. More so, nearly all crypto exchanges with a BitLicense in New York allow users to buy Bitcoin and Ethereum.
Does Kucoin Work in New York?
Since Kucoin is not licenced in U.S., it does not support U.S residents, therefore it does not allow New York residents to sign up.
Can New York Residents Still Trade Altcoin on Kucoin?
Despite the fact that KuCoin only provide service for countries listed in its KYC countries list of which US is excluded, thereby disallowing New York residents to go through KYC on their platform just like other U.S residents; been unable to verify them. New York residents can nevertheless still do transactions even with their unverified status, but will only be limited to a withdrawal limit of 5 BTC per 24 hours.
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Which Crypto Exchanges Support New York Residents?
There are a number of crypto exchanges that are legalized in the New York, and the best way for you to get cryptocurrency in New York as a New Yorker is through a crypto exchange such as Coinbase or Gemini; with the two been among the world’s top crypto exchanges that hold valid BitLicenses, meaning they can legally conduct cryptocurrency business in New York.
The Coinbase on its side is a trusted Bitcoin exchange located in the US, having a Bitlicense and can operate and serve customers in New York as earlier stated. It enables New Yorkers to rapidly buy bitcoin using bank account or wire transfer. It has some of the lowest fees among US and New York Bitcoin exchanges.
Gemini on the other side is a New York-based Bitcoin exchange, which is also made open to residents of the United States, UK, Canada, Hong Kong, Japan, Singapore and South Korea.
Deposits can also be made via wire transfer, SEPA or ACH transfer. It also has some of the lowest fees in the US and Canada, and its instant deposit feature enables you to buy coins quickly.
What other Crypto Exchanges are Unavailable to New York Residents?
Apart from Kucoin, other crypto Exchanges that are unavailable to New York Residents include; Kraken, Binance, Voyager, Crypto.com, Bittrex, Webull, among others.
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Conclusion
As a New Yorker wanting to use KuCoin, transactions can still be made but with some restrictions and limitations due to the fact that U.S is not on KuCoin’s KYC countries list; and KuCoin also doesn’t have the New York’s BitLicense for operation.