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Is Coinbase, Kraken or Robinhood licensed in Michigan?

What each company's own license page says for Michigan, with the source and the date we checked. Alphabetical, no rankings.

  • Coinbase Licensed
    Yes. Coinbase's own license page lists Michigan Money Transmitter License MT0021833 (Department of Insurance and Financial Services). Checked Nov 4, 2026.
  • Kraken Licensed
    Yes. Kraken's own license page lists Payward Interactive, Inc.: Michigan Money Transmitter License MT0022200. Affiliate Payward Financial, Inc. also lists a Michigan Money Transmitter License (no number shown). Checked Nov 4, 2026.
  • Robinhood Not listed
    Not listed. No Michigan license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 4, 2026. That does not mean Robinhood operates without authorization; it may rely on an exemption or an affiliate, or no license may be needed.
  • Crypto license required in Michigan? Depends on the activity. 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.
Checked Nov 4, 2026 · official and company sources linked below

Who's licensed in Michigan: details

Licensed on company pagePending application pendingNot listed no license listedNot offered doesn't serve state

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.

  • CoinbaseLicensed

    Michigan Money Transmitter License MT0021833 (Department of Insurance and Financial Services). Source · checked Nov 4, 2026

  • KrakenLicensed

    Payward Interactive, Inc.: Michigan Money Transmitter License MT0022200. Affiliate Payward Financial, Inc. also lists a Michigan Money Transmitter License (no number shown). Source · checked Nov 4, 2026

  • RobinhoodNot listed

    No Michigan license on Robinhood Crypto's license PDF (dated Oct 28, 2025) as of Nov 4, 2026. Source · checked Nov 4, 2026

Law, regulator, limits & sources
  • Law: Money Transmission Services Act, 2006 PA 250, MCL 487.1001 et seq. (definitions in MCL 487.1003) MCL 487.1003 DIFS money transmission FAQ DIFS virtual currency notice
  • Regulator: Michigan Department of Insurance and Financial Services (DIFS)
  • Crypto license required? Depends on the activity. 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.

Sign-up gates and product limits (only where a company or regulator states them):

  • Kraken: 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 · Nov 4, 2026
  • Kraken: Onchain staking: Michigan is on Kraken's list of eligible states. Source · Nov 4, 2026

Not yet verified: 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.

"Not listed" means the company's own license page did not list a license for Michigan on the date shown. It does not mean the company is operating without authorization (it may rely on an exemption, a pending application, another affiliate, or no license may be required). Platforms are alphabetical; this is not a ranking. Informational, not legal advice.

Can I use Coinbase in Michigan? · Can I use Kraken in Michigan? · Can I use Robinhood in Michigan?

Crypto in Michigan → All states →

Other states: California, Florida, Georgia, Illinois, Massachusetts, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas.

Coinbase vs Kraken vs Robinhood in Michigan: side by side →

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