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When you purchase a crypto asset from a centralized exchange like Coinbase, the private keys for your crypto asset are kept in a wallet on that exchange. You can think of private keys like the password to your crypto that gives you access to your crypto on the blockchain.

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Get a non-custodial crypto wallet.Ī non-custodial crypto wallet is a type of software or a combination of hardware and software that helps you to store the private keys to your crypto assets. This ensures total control over your funds and removes the risks associated with holding your coins on an exchange.

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To have full ownership over your crypto assets, you must move them from the custody of exchange and manage them in a non-custodial crypto wallet. Instead, the exchange holds them on your behalf, and you technically only own an IOU for your digital assets. Once you’ve made a purchase, please understand that you technically do not have full ownership over the coins or tokens you’ve purchased yet. Buy your coins or tokens.Īfter you’ve created an account with an exchange, select and purchase the coins you’d like. These regulations require you to provide proof of a government-issued ID, your social security number and other important information to verify your identity when signing up for an account. Once you’ve chosen an exchange, keep in mind that all licensed exchanges in New York are required to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

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How to buy crypto in New York through an exchangeĪll registered crypto exchanges in New York support major crypto assets like Bitcoin (BTC) and Ethereum (ETH), while some also support over 100 of the 21,000+ altcoins on the market today. For this reason, many popular crypto exchanges - including Binance.US and Kraken - do not operate in New York State. The BitLicense first came into effect in June 2015, and obtaining a BitLicense is costly, tedious and time-intensive. The New York State Department of Financial Services (NYDFS) requires companies that conduct “virtual currency business activity” to obtain a BitLicense.

New York State has strict laws around buying and selling cryptocurrency.Īs a New York State resident, if you want to purchase crypto through a cryptocurrency exchange, you have a limited selection of exchanges to choose from.

Finder or the author may own cryptocurrency discussed on this page. Talk with a financial professional before making a decision. Potential regulations or policies can affect their availability and services provided. Digital assets are volatile and risky, and past performance is no guarantee of future results.

All international money transfer servicesĭisclaimer: This page is not financial advice or an endorsement of digital assets, providers or services.

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