Short answer
For a licensed US exchange, plan in phases: a single-state or few-state launch typically runs into the hundreds of thousands of dollars once application fees, surety bonds, minimum net worth, an AML program, and platform build are counted, while a nationwide footprint, including the New York BitLicense and California's DFAL license, commonly requires several million dollars in capital, bonding, and compliance staffing before the first customer trades. Licensing and capital, not software, are usually the largest line items.
The cost stack has five layers. State application fees run a few hundred to several thousand dollars each, small individually but multiplied across every state. Surety bonds range from roughly $25,000 to $2,000,000 per state, with premiums a percentage of the bond amount. Minimum net worth requirements, $100,000 to several million depending on state and volume, are capital you must hold, not spend. The compliance build, a BSA officer, written programs, blockchain analytics, and independent testing, is a six-figure annual operating cost at scale. Platform development or licensing of exchange software sits on top.
Sequencing controls the burn: most founders launch in a handful of faster, cheaper states while the New York BitLicense (which alone carries a $5,000 application fee and a year-plus review) runs in parallel. The full breakdown, phased budgets, and the business-plan work regulators expect is at cost to start a crypto exchange, with the licensing path at crypto exchange licensing.
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