Crypto Exchange Regulatory Status: Who Has What License?
Last updated: 2026-03-28 | Data sourced from regulatory filings
Regulatory License Matrix
| Exchange |
🇺🇸 US |
🇬🇧 UK (FCA) |
🇸🇬 Singapore (MAS) |
🇭🇰 Hong Kong (SFC) |
🇦🇪 Dubai (VARA) |
🇪🇺 EU (MiCA) |
| Binance |
❌ Restricted |
❌ Withdrawn |
⏳ Pending |
❌ Not applied |
✅ VASP |
⏳ Applying |
| Coinbase |
✅ All states |
✅ FCA |
✅ MAS |
⏳ Applied |
✅ VARA |
✅ MiCA |
| Kraken |
✅ MSB |
✅ FCA |
❌ |
❌ |
✅ VARA |
✅ MiCA |
| OKX |
❌ Not available |
⏳ Pending |
⏳ Applied |
✅ SFC (retail pending) |
✅ VARA |
⏳ Applying |
| Bybit |
❌ Not available |
❌ |
❌ |
❌ |
✅ VARA |
❌ |
What This Means for Traders
- US Users: Coinbase and Kraken are your safest options. Binance.US operates separately.
- UK Users: After FCA crackdowns, Coinbase and Kraken remain fully licensed.
- Singapore Users: Coinbase holds MAS license. Others are in "exempt" or pending status.
- Hong Kong Users: OKX leading the pack for retail licensing under new SFC regime.
- Dubai Users: All major exchanges now hold VARA licenses.
Why Regulatory Status Matters
Exchanges with proper licenses are required to:
- Maintain segregated customer funds
- Implement KYC/AML procedures
- Submit to regular audits
- Provide investor protection mechanisms
Unregulated exchanges may offer more features but carry higher counterparty risk.