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How do you start a crypto exchange?

By Ben Tabas, Intrica Research · Updated · US and EU

Answer

To start a crypto exchange, choose your markets, get the licence each one requires, set up trading and custody, and run KYC and anti-money laundering controls before launch. In the EU, Belgium's FSMA said on June 25, 2026, that every crypto-asset service provider needs MiCA authorisation from July 1, 2026. In the US, FinCEN's registration page, checked Oct. 28, 2026, requires a money services business to register within 180 days of being established.

Steps to launch

  1. Choose your markets and products, such as spot trading, custody or fiat deposits. Both decide which licences you need.
  2. Apply for licences. In the US that means FinCEN registration plus state licences. New York's BitLicense has applied since June 24, 2015, to virtual currency business involving New York or a New York resident (NYDFS, checked Oct. 28, 2026).
  3. Build the compliance program. FinCEN's May 9, 2019 guidance says it must cover verifying customer identification, filing reports, keeping records, a named compliance officer, staff training and independent review.
  4. Choose your trading engine, custody and wallet setup, and have the code audited before launch.
  5. Open banking and payment partnerships for fiat deposits and withdrawals.
  6. Keep registrations current. FinCEN's registration page, checked Oct. 28, 2026, says MSB registration must be renewed every two years.

Marketing a new exchange

  • Google's crypto ads policy, checked Oct. 28, 2026, lets exchanges advertise only in listed countries, once Google has certified them and they hold the local licence, such as MiCA CASP authorisation in the EU or FCA registration in the UK.
  • In the UK, cryptoasset promotions have had to follow FCA rules since Oct. 8, 2023 (FCA page, last updated Feb. 6, 2026).
  • Publish clear pages on your licences, custody and fees. Traders and AI engines look for them when they ask whether an exchange is safe.

What AI engines read about exchanges

Four AI engines were asked if 13 crypto exchanges are safe, Aug. 11 to 21, 2026. 52.1% of ChatGPT's sources were the exchange's own site, against 8.2% to 10.2% on Perplexity, Gemini and Google AI Overviews.

See the data →

See which sites AI engines cite when traders ask which crypto exchanges are safe in your market.

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Sources

  1. Crypto-assets service providers: end of the transitional period · FSMA (Belgium), June 25, 2026Supports: Every crypto-asset service provider must hold MiCA authorisation from July 1, 2026.
  2. Money Services Business (MSB) Registration · FinCEN, Oct. 28, 2026Supports: Checked: register within 180 days of establishment and renew every two years.
  3. Application of FinCEN's Regulations to Certain Business Models Involving Convertible Virtual Currencies (FIN-2019-G001) · FinCEN, May 9, 2019Supports: The minimum parts of a money transmitter's anti-money laundering program.
  4. Virtual Currency Businesses · New York State Department of Financial Services, Oct. 28, 2026Supports: Checked: the BitLicense applies to virtual currency business involving New York and took effect June 24, 2015.
  5. Cryptocurrencies and related products · Google Ads policy help, Oct. 28, 2026Supports: Checked: certification and local licence rules for exchange ads, including MiCA CASP and FCA registration.
  6. Cryptoasset firms marketing to UK consumers · Financial Conduct Authority, Feb. 6, 2026Supports: UK cryptoasset promotion rules apply from Oct. 8, 2023.

Related questions

General information, not legal advice.

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