Tokenization
Can US Persons Buy Tokenized Stocks? The One Legal Route, and Why the Rest Are Closed
Mostly, no. Across the nine platforms we track, eight shut US persons out by name, and exactly one offers a lawful US path: Dinari, through a registered broker-dealer. Everything else is a Regulation S product, built for non-US persons by design. If you are a US person, your shortlist is short before you compare a single fee.
This is general information, not legal or investment advice. Eligibility turns on your citizenship and residence, the rules move, and a platform can change its policy without notice. Confirm your own status on the platform before you fund anything.
The short version
- Eight of nine exclude US persons by name or account rule (every venue below except Dinari).
- No silent holdout left: Gemini now names the US among its EU product’s excluded countries (checked 27 Sep 2026).
- One real US route: Dinari dShares, but only via its registered broker-dealer, not the open token.
- The reason: most are Regulation S offerings, a US exemption for selling offshore to non-US persons.
- The map can move: a US bill and SEC rulemaking are in motion, but nothing is settled.
Where each platform stands
Every entry below is the platform’s own stated position, taken from its terms or eligibility pages.
| Platform | Open to US persons? | What the platform says |
|---|---|---|
| Dinari dShares | Yes, via the broker-dealer route | US persons buy through Dinari Securities, LLC (CRD #329672) on a partner platform; the token offering itself stays closed to US persons |
| Kraken xStocks | No | Not accessible in the US or to US persons (nor Canada, UK, Australia) |
| Bybit xStocks | No | The US is named in Bybit’s Service Restricted Countries list |
| Binance bStocks | No | Not available to US persons |
| Coinbase Tokenized Stocks | No | Offered under Regulation S; “not available to persons in the US and other restricted jurisdictions” |
| Gate Tokenized Stocks | No | You must warrant being physically outside restricted locations, the US included |
| Ondo Stocks | No | The US is an enumerated prohibited jurisdiction (and onboarding is institutions-only today) |
| Robinhood Stock Tokens (EU) | No | “Non-US persons” is an account requirement; EU/EEA residents only |
| Gemini Tokenized Stocks | No | EU-only (Gemini EU, Malta MFSA); its product terms now name the US among excluded countries (checked 27 Sep 2026) |
Dates and source links for each cell live in our tokenized-stocks comparison.
Why almost every door is closed: Regulation S
The exclusions are not a coincidence. Most tokenized-stock tokens are issued under Regulation S, a provision of US securities law that lets an issuer sell a security outside the United States, to non-US persons, without registering it with the SEC. The trade-off is baked into the exemption. Keep the offering offshore and away from US persons, and you skip US registration. Sell to an American, and you have broken the terms that made the product legal in the first place.
That is why Kraken and Coinbase block US persons at signup rather than at the checkout. The block is the product’s legal foundation, not a support-desk preference. It also means “not in my app yet” is the wrong mental model. These are securities, and the gate is a securities gate.
The one live route: Dinari’s broker-dealer path
Dinari is the exception because it built the compliant US structure the others skipped. A US person does not buy the Regulation S token. They buy through Dinari Securities, LLC, an SEC-registered, FINRA-member broker-dealer (CRD #329672), on a Dinari partner platform rather than from dinari.com directly.
Know what that route looks like, because it is a brokerage account, not a crypto app:
- Onboarding takes full identity disclosure: legal name, date of birth, Social Security Number, residential address and a government-issued ID.
- USDC is the only settlement stablecoin supported for US accounts.
- The tokens US customers receive are currently non-transferrable and restricted from DeFi, and wrapped dShares are not offered to them.
So a US buyer gets a real, registered path and a reduced version of the product. That is the current price of doing this inside US rules.
“Excluded” is not spelled out the same way twice
One trap is worth naming: an exclusion list is not an availability list. Kraken frames its reach as an allowlist of 110-plus countries, so a country’s absence from it tells you nothing on its own. Bybit’s US exclusion sits in a platform-wide restricted-countries document, separate from the product page. Gemini, which used to publish no answer, now names the US among the countries where it will not offer the product.
The working rule: find your country on the “allowed” side of a platform’s own documents before you believe you can buy. Absence from a block list is not permission.
What could change the map
The US posture is not frozen. A market-structure bill has passed the House and awaits Senate action, and the SEC has floated an “innovation exemption” for tokenized securities while its officials keep repeating that a tokenized security is still a security. None of that is law yet, and a proposal is not a rule. Treat any claim that tokenized stocks are “now approved for Americans” as ahead of the facts until an actual rule exists. We track the regulatory state in our asset tokenization guide.
How we verified this
Each platform’s US position comes from that platform’s own eligibility page, terms or restricted-jurisdictions list, recorded with the date we checked it and shown per cell in the tokenized-stocks comparison. Where a platform publishes nothing, we say so rather than guess. The regulatory framing is general and shifts over time, so confirm the current position with the platform and, for anything consequential, a qualified professional. We rate platforms by reading their documents, not by first-hand testing; see our rating methodology and affiliate disclosure.
FAQ
Can a US citizen legally buy tokenized stocks?
Through Dinari’s registered broker-dealer route, yes. On the Regulation S products from Kraken, Bybit, Binance, Coinbase and the rest, no. Those are sold to non-US persons only, and buying as a US person breaks the terms that make them legal.
Why are tokenized stocks blocked for US persons?
Because most are issued under Regulation S, a US securities-law exemption for offerings made outside the United States to non-US persons. The US exclusion is the condition of the exemption, not a preference the platform could simply waive.
Does a VPN let a US person buy tokenized stocks?
No, and it is a bad idea. Eligibility is tied to your legal status as a US person, not your IP address. Platforms require identity verification, and misrepresenting it can cost you the account and the funds inside it. This is not a workaround we recommend.
Is Gemini available to US persons?
No. Gemini’s EU product terms now name the US among the countries where the product is not available (verified 27 September 2026). It is EU-distributed, through Gemini EU, regulated by the Malta Financial Services Authority.
Will US persons get broader access later?
Possibly. A US market-structure bill and SEC rulemaking are both in motion, but nothing is final and timelines have already slipped. Watch for an actual rule, not an announcement.