{
  "version": "compliance_layer_v1",
  "generated_at": "2026-11-04T09:30:00-06:00",
  "timezone": "America/Chicago",
  "disclaimer": "Informational only, not legal advice. 'No license listed' means the company's own license page did not list one for that state on the date shown. It does not mean the company is operating without authorization: it may rely on an exemption, a pending application, a different affiliate, or no license may be required. Unknown means we have not verified it.",
  "status_values": {
    "listed": "License listed on the company's own page",
    "pending": "Application listed as pending on the company's own page or on the state regulator's applicant list",
    "not_listed": "No license listed on the company's own page",
    "not_available": "Company says it does not serve this state",
    "unknown": "Not verified"
  },
  "platforms": [
    {
      "slug": "coinbase",
      "name": "Coinbase",
      "entity": "Coinbase, Inc.",
      "license_page": "https://www.coinbase.com/legal/licenses"
    },
    {
      "slug": "kraken",
      "name": "Kraken",
      "entity": "Payward Interactive, Inc.",
      "license_page": "https://www.kraken.com/legal/disclosures"
    },
    {
      "slug": "robinhood",
      "name": "Robinhood",
      "entity": "Robinhood Crypto, LLC",
      "license_page": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
      "license_page_dated": "2025-10-28"
    }
  ],
  "states": [
    {
      "code": "CA",
      "slug": "california",
      "name": "California",
      "regime": "Digital Financial Assets Law (DFAL): since July 1, 2026, covered crypto businesses serving Californians must hold a DFAL license or have submitted a completed DFAL application.",
      "law": "Digital Financial Assets Law (AB 39 / SB 401, 2023; deadline extended by AB 1934 to July 1, 2026)",
      "regulator": "California Department of Financial Protection and Innovation (DFPI)",
      "regulator_url": "https://dfpi.ca.gov/regulated-industries/digital-financial-assets/",
      "crypto_license_required": "yes",
      "crypto_license_note": "DFPI: companies must be licensed or have applied by July 1, 2026.",
      "verified": "2026-11-02",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "pending",
          "detail": "DFPI's list of DFAL applications under review (list updated July 30, 2026) includes Coinbase, Inc. Coinbase's own license page shows no California license line, only DFAL consumer disclosures.",
          "source": "https://dfpi.ca.gov/regulated-industries/digital-financial-assets/digital-financial-assets-law-licensee-applications/",
          "verified": "2026-11-02"
        },
        {
          "slug": "kraken",
          "status": "pending",
          "detail": "Kraken's disclosures list a pending DFAL license and say it may operate while the application is under review. DFPI's applicant list (updated July 30, 2026) includes Payward Interactive, Inc. (Kraken).",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-02"
        },
        {
          "slug": "robinhood",
          "status": "pending",
          "detail": "DFPI's list of DFAL applications under review (list updated July 30, 2026) includes Robinhood Crypto LLC. Robinhood Crypto's license PDF (dated Oct 28, 2025) lists no California license.",
          "source": "https://dfpi.ca.gov/regulated-industries/digital-financial-assets/digital-financial-assets-law-licensee-applications/",
          "verified": "2026-11-02"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "limits": [
        {
          "slug": "coinbase",
          "text": "Staking: no new staking (since June 2023 state orders; existing stakes can be unstaked).",
          "source": "https://help.coinbase.com/en/coinbase/coinbase-staking/staking/eligibility",
          "verified": "2026-10-20"
        },
        {
          "slug": "kraken",
          "text": "Onchain staking: California is not on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-10-30"
        },
        {
          "slug": "robinhood",
          "text": "Staking: Robinhood says staking is unavailable here.",
          "source": "https://robinhood.com/us/en/support/articles/staking/",
          "verified": "2026-10-20"
        }
      ],
      "unknowns": [
        "DFPI's list shows applications under review, not issued licenses; no issued DFAL licenses were checked.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "FL",
      "slug": "florida",
      "name": "Florida",
      "regime": "Florida licenses money services businesses under Chapter 560, Florida Statutes. Its definition of money transmitter covers receiving virtual currency to transmit it, and a person may not run a money services business in Florida unless licensed or exempt.",
      "law": "Chapter 560, Florida Statutes (Money Services Businesses): s. 560.103 definitions incl. 'virtual currency' and 'money transmitter'; s. 560.125 unlicensed activity",
      "regulator": "Florida Office of Financial Regulation (OFR)",
      "regulator_url": "https://flofr.gov/",
      "crypto_license_required": "yes",
      "crypto_license_note": "Per s. 560.103 and s. 560.125, a money transmitter that receives virtual currency to transmit it needs an OFR license unless exempt. Whether a given crypto activity counts as transmission depends on the facts.",
      "verified": "2026-11-04",
      "law_sources": [
        "https://www.flsenate.gov/Laws/Statutes/2026/560.103",
        "https://www.flsenate.gov/Laws/Statutes/2025/560.125"
      ],
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Florida Money Transmitters Part II, FT230000152 (Florida Office of Financial Regulation).",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-04"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Florida Money Service Businesses License FT230000256 (Florida Office of Financial Regulation).",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-04"
        },
        {
          "slug": "robinhood",
          "status": "listed",
          "detail": "Robinhood Crypto, LLC: Florida Money Transmitter License FT230000222 (Florida Office of Financial Regulation) on its license PDF (dated Oct 28, 2025).",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-04"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-04"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: Florida is on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-04"
        }
      ],
      "unknowns": [
        "License numbers are as listed on each company's own page; they were not cross-checked in the OFR license search.",
        "Florida's new crypto kiosk law (ch. 2026-178) sets daily kiosk limits from Jan 1, 2027; see the Florida crypto ATM page.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "GA",
      "slug": "georgia",
      "name": "Georgia",
      "regime": "Georgia licenses money transmitters through the Department of Banking and Finance (O.C.G.A. § 7-1-680 to 7-1-698). The Department says the law's definitions include some forms of virtual currency transactions and that transmitting virtual currency is money transmission, so many crypto services, including most crypto kiosk operators, need a Georgia license. Licensing runs through NMLS.",
      "law": "O.C.G.A. § 7-1-680 to 7-1-698 (sellers of payment instruments and money transmitters); exemptions in § 7-1-682",
      "law_sources": [
        {
          "url": "https://dbf.georgia.gov/money-transmission",
          "label": "DBF money transmission"
        },
        {
          "url": "https://dbf.georgia.gov/document/document/virtual-currency-kiosk-guidance/download",
          "label": "DBF virtual currency kiosk guidance (2023)"
        },
        {
          "url": "https://dbf.georgia.gov/money-service-businesses/msb-frequently-asked-questions",
          "label": "DBF MSB FAQ"
        }
      ],
      "regulator": "Georgia Department of Banking and Finance (DBF)",
      "regulator_url": "https://dbf.georgia.gov/money-transmission",
      "crypto_license_required": "depends",
      "crypto_license_note": "Per DBF: transmitting virtual currency is money transmission (O.C.G.A. § 7-1-680(30) defines virtual currency), but only some virtual currency activities are covered and exemptions in § 7-1-682 apply.",
      "verified": "2026-11-03",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Georgia Seller of Payment Instruments License 42796 (Georgia Department of Banking and Finance).",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-03"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Payward Interactive, Inc.: Georgia Money Transmitter License 66683 (Georgia Department of Banking and Finance).",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-03"
        },
        {
          "slug": "robinhood",
          "status": "listed",
          "detail": "Robinhood Crypto, LLC: Georgia Seller of Payment Instruments License 61417 on its license PDF (dated Oct 28, 2025).",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-03"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: Georgia is on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-03"
        }
      ],
      "unknowns": [
        "License numbers are as listed on each company's own page; they were not cross-checked in NMLS Consumer Access (it blocked automated checks today).",
        "Crypto ATM (kiosk) limits are covered on our crypto ATM laws page, not here.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "IL",
      "slug": "illinois",
      "name": "Illinois",
      "regime": "Money transmitters are licensed by IDFPR under the Money Transmission Modernization Act (205 ILCS 658). Illinois also passed the Digital Assets and Consumer Protection Act (205 ILCS 731, signed Aug 18, 2025), which requires digital asset businesses to register with IDFPR; IDFPR says they have until July 1, 2027 to register.",
      "law": "Money Transmission Modernization Act (205 ILCS 658); Digital Assets and Consumer Protection Act (205 ILCS 731, P.A. 104-0428)",
      "regulator": "Illinois Department of Financial and Professional Regulation (IDFPR), Division of Financial Institutions",
      "regulator_url": "https://idfpr.illinois.gov/dfi.html",
      "crypto_license_required": "depends",
      "crypto_license_note": "A new IDFPR registration under the Digital Assets and Consumer Protection Act is due by July 1, 2027 (IDFPR rules are still in progress). Whether the money transmitter license covers each crypto activity today was not confirmed.",
      "verified": "2026-11-03",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Illinois Money Transmitter License MT.0000350.",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-03"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Money Transmitter License MT.0000362.",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-03"
        },
        {
          "slug": "robinhood",
          "status": "not_listed",
          "detail": "No Illinois license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 3, 2026.",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-03"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: Illinois is not on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-03"
        }
      ],
      "unknowns": [
        "IDFPR rules for the new digital asset registration are still being written; this section will change when they are final.",
        "License numbers are as listed on each company's own page; they were not cross-checked in NMLS Consumer Access.",
        "Minimum age not verified for any platform."
      ],
      "law_sources": [
        {
          "url": "https://idfpr.illinois.gov/banks/digital-assets.html",
          "label": "IDFPR digital assets"
        },
        {
          "url": "https://www.ilga.gov/Legislation/PublicActs/PrinterFriendly/104-0428",
          "label": "P.A. 104-0428"
        },
        {
          "url": "https://idfpr.illinois.gov/news/2025/gov-pritzker-signs-historic-legislation-to-protect-consumers-from-cryptocurrency-scams.html",
          "label": "IDFPR release, Aug 2025"
        }
      ]
    },
    {
      "code": "MA",
      "slug": "massachusetts",
      "name": "Massachusetts",
      "regime": "Money service businesses are supervised by the Massachusetts Division of Banks.",
      "law": "unknown (not confirmed from the regulator today)",
      "regulator": "Massachusetts Division of Banks",
      "regulator_url": "https://www.mass.gov/orgs/division-of-banks",
      "crypto_license_required": "unknown",
      "crypto_license_note": "We have not confirmed from the Division of Banks whether buying and selling crypto for customers requires a license.",
      "verified": "2026-10-30",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "not_listed",
          "detail": "No Massachusetts license on Coinbase's license page as of Nov 4, 2026.",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-04"
        },
        {
          "slug": "kraken",
          "status": "not_listed",
          "detail": "No Massachusetts license on Kraken's disclosures as of Nov 4, 2026.",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-04"
        },
        {
          "slug": "robinhood",
          "status": "not_listed",
          "detail": "No Massachusetts license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 4, 2026.",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-04"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-04"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Krak (Kraken's payments app): fiat transfers are not available in Massachusetts. Onchain staking: Massachusetts is on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "unknowns": [
        "Massachusetts licensing requirement for crypto not confirmed.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "MI",
      "slug": "michigan",
      "name": "Michigan",
      "regime": "Michigan licenses money transmitters under the Money Transmission Services Act. The Act covers receiving \"money or monetary value\" for transmission but does not mention virtual currency, and the state regulator has not said in the sources we read whether crypto itself is covered.",
      "law": "Money Transmission Services Act, 2006 PA 250, MCL 487.1001 et seq. (definitions in MCL 487.1003)",
      "law_sources": [
        {
          "url": "https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-487-1003",
          "label": "MCL 487.1003"
        },
        {
          "url": "https://www.michigan.gov/difs/news-and-outreach/faq/consumer-finance/money-transmission",
          "label": "DIFS money transmission FAQ"
        },
        {
          "url": "https://www.michigan.gov/difs/-/media/Project/Websites/difs/Publication/Financial/FIS-PUB_5200.pdf",
          "label": "DIFS virtual currency notice"
        }
      ],
      "regulator": "Michigan Department of Insurance and Financial Services (DIFS)",
      "regulator_url": "https://www.michigan.gov/difs",
      "crypto_license_required": "depends",
      "crypto_license_note": "The Act defines \"money\" as government-issued currency and covers receiving \"money or monetary value\" for transmission. DIFS's FAQ says a business that holds customer funds in an e-wallet needs a license. DIFS's consumer notice on virtual currency says crypto companies \"may or may not be regulated\" and that exchangers should be registered with FinCEN as money services businesses. Whether a crypto-only activity needs a Michigan license is not settled in these sources.",
      "verified": "2026-11-04",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Michigan Money Transmitter License MT0021833 (Department of Insurance and Financial Services).",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-04"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Payward Interactive, Inc.: Michigan Money Transmitter License MT0022200. Affiliate Payward Financial, Inc. also lists a Michigan Money Transmitter License (no number shown).",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-04"
        },
        {
          "slug": "robinhood",
          "status": "not_listed",
          "detail": "No Michigan license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 4, 2026.",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-04"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-04"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: Michigan is on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-04"
        }
      ],
      "unknowns": [
        "License numbers are as listed on each company's own page; they were not cross-checked in NMLS (NMLS Consumer Access blocked our check on Nov 4, 2026).",
        "Whether DIFS treats virtual currency as \"monetary value\" under the Act is not stated in the sources we read.",
        "Pending bills (e.g. SB 980 on crypto kiosks) are not law and are not reflected here.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "NJ",
      "slug": "new-jersey",
      "name": "New Jersey",
      "regime": "New Jersey licenses money transmitters under the New Jersey Money Transmitters Act, run by the Department of Banking and Insurance (DOBI). DOBI's license page does not mention virtual currency, and New Jersey has not enacted a separate crypto license.",
      "law": "New Jersey Money Transmitters Act, N.J.S.A. 17:15C-1 et seq.",
      "law_sources": [
        {
          "url": "https://www.nj.gov/dobi/banklicensing/formontrans.html",
          "label": "DOBI money transmitter license page"
        },
        {
          "url": "https://www.njleg.state.nj.us/bill-search/2026/A3454",
          "label": "A3454 (pending bill, not law)"
        }
      ],
      "regulator": "New Jersey Department of Banking and Insurance (DOBI)",
      "regulator_url": "https://www.nj.gov/dobi/",
      "crypto_license_required": "depends",
      "crypto_license_note": "DOBI says a money transmitter license is needed to receive money for transmission or to transmit money within the U.S. or abroad. DOBI's page does not say whether crypto-only activity is covered. A bill for a separate digital asset license (A3454, 2026–2027 session) is introduced and pending; it is not law.",
      "verified": "2026-11-04",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "New Jersey Money Transmitter License L067513 (Department of Banking and Insurance).",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-04"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Payward Interactive, Inc.: New Jersey Money Transmitter License L072460.",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-04"
        },
        {
          "slug": "robinhood",
          "status": "listed",
          "detail": "Robinhood Crypto, LLC: New Jersey Money Transmitter License 1803456-C22 on its license PDF (dated Oct 28, 2025).",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-04"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-04"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: New Jersey is not on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-04"
        },
        {
          "slug": "robinhood",
          "text": "Staking: Robinhood says staking crypto is currently unavailable in New Jersey.",
          "source": "https://robinhood.com/us/en/support/articles/staking/",
          "verified": "2026-11-04"
        }
      ],
      "unknowns": [
        "License numbers are as listed on each company's own page; they were not cross-checked in NMLS (NMLS Consumer Access blocked our check on Nov 4, 2026).",
        "Pending bills (e.g. A3454 digital asset license, S2141 on crypto kiosks) are not law and are not reflected here.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "NY",
      "slug": "new-york",
      "name": "New York",
      "regime": "BitLicense: virtual currency business activity involving New York or New York residents needs a DFS BitLicense (or a DFS trust charter); moving dollars also needs a money transmitter license.",
      "law": "23 NYCRR Part 200 (BitLicense); NY Banking Law Article 13-B (money transmission)",
      "regulator": "New York State Department of Financial Services (DFS)",
      "regulator_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
      "crypto_license_required": "yes",
      "crypto_license_note": "DFS: 'No Person shall, without a license ... engage in any Virtual Currency Business Activity.' (23 NYCRR 200.3(a))",
      "verified": "2026-10-30",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Virtual Currency and Money Transmitter Licenses (DFS list, granted 2017-01). Company page: MT 103755 and VC license 122466.",
          "source": "https://www.dfs.ny.gov/virtual_currency_businesses",
          "verified": "2026-10-30"
        },
        {
          "slug": "kraken",
          "status": "not_available",
          "detail": "Kraken says it does not offer services to residents of New York.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-10-30"
        },
        {
          "slug": "robinhood",
          "status": "listed",
          "detail": "Virtual Currency and Money Transmitter Licenses (DFS list, granted 2019-01). Company PDF: MT104190 and VC license 0000012.",
          "source": "https://www.dfs.ny.gov/virtual_currency_businesses",
          "verified": "2026-10-30"
        }
      ],
      "gates": [],
      "limits": [
        {
          "slug": "robinhood",
          "text": "Some assets are marked 'not available for trading in New York'.",
          "source": "https://robinhood.com/us/en/support/articles/crypto-availability/",
          "verified": "2026-10-30"
        },
        {
          "slug": "all",
          "text": "DFS: licensees may list only DFS-approved, self-certified or Greenlisted coins.",
          "source": "https://www.dfs.ny.gov/virtual_currency_businesses",
          "verified": "2026-10-30"
        }
      ],
      "unknowns": [
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "NC",
      "slug": "north-carolina",
      "name": "North Carolina",
      "regime": "North Carolina's Money Transmitters Act requires a license from the Commissioner of Banks. The Act's definition of money transmission includes maintaining control of virtual currency on behalf of others, and offering money transmission to North Carolina residents through a website counts as doing business in the state.",
      "law": "North Carolina Money Transmitters Act, G.S. Chapter 53, Article 16B (G.S. 53-208.42(13) and (20); 53-208.43)",
      "law_sources": [
        {
          "url": "https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_53/Article_16B.html",
          "label": "G.S. 53, Article 16B"
        },
        {
          "url": "https://nccob.nc.gov/financial-institutions/money-transmitters/money-transmitter-frequently-asked-questions",
          "label": "NCCOB money transmitter FAQ"
        }
      ],
      "regulator": "North Carolina Office of the Commissioner of Banks (NCCOB)",
      "regulator_url": "https://nccob.nc.gov/financial-institutions/money-transmitters/money-transmitter-frequently-asked-questions",
      "crypto_license_required": "yes",
      "crypto_license_note": "By statute: money transmission includes maintaining control of virtual currency on behalf of others (G.S. 53-208.42(13)). NCCOB's FAQ says virtual currency transmission is regulated under the Act.",
      "verified": "2026-11-03",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "North Carolina Money Transmitter License 161420.",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-03"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Payward Interactive, Inc.: North Carolina Money Transmitter License 184933.",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-03"
        },
        {
          "slug": "robinhood",
          "status": "not_listed",
          "detail": "No North Carolina license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 3, 2026.",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-03"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: North Carolina is on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-03"
        }
      ],
      "unknowns": [
        "License numbers are as listed on each company's own page; they were not cross-checked in NCCOB's licensee list (it blocked automated checks today).",
        "New crypto kiosk rules (S.L. 2026-45) start Jan 1, 2027 and are covered on our crypto ATM laws page, not here.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "OH",
      "slug": "ohio",
      "name": "Ohio",
      "regime": "Ohio's Money Transmitters Act requires a license to transmit money or its equivalent. The Division of Financial Institutions treats cryptocurrency as money or its equivalent, so most exchanges, hosted wallets and crypto kiosks need an Ohio money transmitter license.",
      "law": "Ohio Money Transmitters Act, R.C. 1315.01(G) and 1315.02; DFI Interpretive Guidance 2022-01",
      "law_sources": [
        {
          "url": "https://codes.ohio.gov/ohio-revised-code/section-1315.01",
          "label": "R.C. 1315.01"
        },
        {
          "url": "https://codes.ohio.gov/ohio-revised-code/section-1315.02",
          "label": "R.C. 1315.02"
        },
        {
          "url": "https://dam.assets.ohio.gov/image/upload/com.ohio.gov/FIIN/MT/fiin_InterpretiveGuidanceLicensingCryptocurrencyBusinesses6.22.pdf",
          "label": "DFI guidance 2022-01"
        }
      ],
      "regulator": "Ohio Department of Commerce, Division of Financial Institutions (DFI)",
      "regulator_url": "https://com.ohio.gov/divisions-and-programs/financial-institutions/money-transmitters/guides-and-resources/list-of-licensed-money-transmitters",
      "crypto_license_required": "yes",
      "crypto_license_note": "Per DFI Interpretive Guidance 2022-01 (not a separate crypto statute): crypto counts as money or its equivalent under the Money Transmitters Act.",
      "verified": "2026-11-02",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Ohio Money Transmitter License OHMT 104. Also on DFI's list of licensed money transmitters (current as of Oct 23, 2026).",
          "source": "https://com.ohio.gov/divisions-and-programs/financial-institutions/money-transmitters/guides-and-resources/list-of-licensed-money-transmitters",
          "verified": "2026-11-02"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Payward Interactive, Inc.: Ohio Money Transmitter License OHMT186 on Kraken's disclosures. Also on DFI's list of licensed money transmitters as OHMT 186 (current as of Oct 23, 2026).",
          "source": "https://com.ohio.gov/divisions-and-programs/financial-institutions/money-transmitters/guides-and-resources/list-of-licensed-money-transmitters",
          "verified": "2026-11-02"
        },
        {
          "slug": "robinhood",
          "status": "listed",
          "detail": "Robinhood Crypto, LLC: Ohio Money Transmitter License OHMT 144. Also on DFI's list of licensed money transmitters (current as of Oct 23, 2026).",
          "source": "https://com.ohio.gov/divisions-and-programs/financial-institutions/money-transmitters/guides-and-resources/list-of-licensed-money-transmitters",
          "verified": "2026-11-02"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: Ohio is on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-02"
        }
      ],
      "unknowns": [
        "Pending bills (e.g. HB 648 on digital asset kiosks) are not law and are not reflected here.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "PA",
      "slug": "pennsylvania",
      "name": "Pennsylvania",
      "regime": "Act 7 of 2025 (signed June 27, 2025) added virtual currency to Pennsylvania's money transmission licensing law: transmitting virtual currency for a fee on behalf of an individual now needs a license from the Department of Banking and Securities.",
      "law": "Money Transmission and Virtual Currency Transmission Business Licensing Law, section 2 (7 P.S. § 6102), as amended by Act 7 of 2025 (SB 202)",
      "law_sources": [
        {
          "url": "https://www.palegis.us/statutes/unconsolidated/law-information?actNum=7&sessInd=0&sessYr=2025",
          "label": "Act 7 of 2025"
        },
        {
          "url": "https://www.pa.gov/agencies/dobs/newsroom/dobs-regulating-virtual-currency-transmitters-thanks-to-new-bipa",
          "label": "DoBS release"
        }
      ],
      "regulator": "Pennsylvania Department of Banking and Securities (DoBS)",
      "regulator_url": "https://www.pa.gov/agencies/dobs.html",
      "crypto_license_required": "yes",
      "crypto_license_note": "Act 7 of 2025 requires a license to transmit virtual currency for a fee on behalf of an individual. It does not apply to some business-to-business commercial contracts or to a person's own use of a self-hosted wallet. DoBS said the law would take effect 60 days after signing.",
      "verified": "2026-11-02",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Pennsylvania Money Transmitter license 51015 (Department of Banking and Securities).",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-02"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Payward Interactive, Inc.: Pennsylvania Money Transmitter License 110992. Affiliate Payward Financial, Inc. also lists Pennsylvania license 116121.",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-02"
        },
        {
          "slug": "robinhood",
          "status": "not_listed",
          "detail": "No Pennsylvania license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 2, 2026.",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-02"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Onchain staking: Pennsylvania is on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-02"
        }
      ],
      "unknowns": [
        "License numbers are as listed on each company's own page; they were not cross-checked in NMLS or a DoBS license search.",
        "Pending bills (e.g. stablecoin and kiosk bills in the 2025–2026 session) are not law and are not reflected here.",
        "Minimum age not verified for any platform."
      ]
    },
    {
      "code": "TX",
      "slug": "texas",
      "name": "Texas",
      "regime": "Money services businesses are licensed by the Texas Department of Banking under Finance Code Chapter 152. The Department's Supervisory Memorandum 1037 says non-stablecoin virtual currency (like Bitcoin) is not money under the Act, so dealing only in it is not money transmission, while transactions that involve US dollars or other sovereign currency, or qualifying stablecoins, can require a money transmission license.",
      "law": "Texas Finance Code Chapter 152; Texas DOB Supervisory Memorandum 1037 (revised Jan 28, 2025)",
      "regulator": "Texas Department of Banking",
      "regulator_url": "https://www.dob.texas.gov/money-services-businesses",
      "crypto_license_required": "depends",
      "crypto_license_note": "Per DOB Supervisory Memorandum 1037: crypto-only activity is generally not money transmission; activity involving US dollars (or other sovereign currency) or qualifying stablecoins can need a license. The Department decides case by case.",
      "verified": "2026-11-03",
      "exchanges": [
        {
          "slug": "coinbase",
          "status": "listed",
          "detail": "Texas DOB Money Transmitter License 3121.",
          "source": "https://www.coinbase.com/legal/licenses",
          "verified": "2026-11-03"
        },
        {
          "slug": "kraken",
          "status": "listed",
          "detail": "Texas Money Transmitter License 3202.",
          "source": "https://www.kraken.com/legal/disclosures",
          "verified": "2026-11-03"
        },
        {
          "slug": "robinhood",
          "status": "not_listed",
          "detail": "No Texas license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 3, 2026.",
          "source": "https://cdn.robinhood.com/assets/robinhood/legal/RHC%20Licenses%20and%20Disclosures.pdf",
          "verified": "2026-11-03"
        }
      ],
      "gates": [
        {
          "slug": "kraken",
          "text": "Kraken does not serve Maine or New York residents. If you moved here from one of those states, Kraken asks for a Proof of Residence document for your new address.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        }
      ],
      "limits": [
        {
          "slug": "kraken",
          "text": "Texas residents cannot deposit or hold EUR or trade EUR pairs.",
          "source": "https://support.kraken.com/hc/en-us/articles/360001368823-Geographic-restrictions-for-Kraken-services",
          "verified": "2026-11-03"
        },
        {
          "slug": "kraken",
          "text": "Onchain staking: Texas is not on Kraken's list of eligible states.",
          "source": "https://support.kraken.com/articles/quick-start-for-clients-in-the-united-states",
          "verified": "2026-11-03"
        },
        {
          "slug": "robinhood",
          "text": "Some assets are marked 'not available for trading in Texas'.",
          "source": "https://robinhood.com/us/en/support/articles/crypto-availability/",
          "verified": "2026-10-30"
        }
      ],
      "unknowns": [
        "Finance Code Chapter 160 (digital asset service providers) may add duties for some licensees; it is not summarized here.",
        "License numbers are as listed on each company's own page; they were not cross-checked in NMLS Consumer Access.",
        "Minimum age not verified for any platform."
      ],
      "law_sources": [
        {
          "url": "https://www.dob.texas.gov/sites/default/files/files/consumer-information/sm1037.pdf",
          "label": "DOB Supervisory Memorandum 1037"
        },
        {
          "url": "https://www.dob.texas.gov/money-services-businesses",
          "label": "DOB money services businesses"
        }
      ]
    }
  ]
}