Coinbase Resumes Service in Wyoming After License Renewal

The San Fransisco-based cryptocurrency exchange Coinbase is offering services again to residents living in the U.S. state of Wyoming.

LIONBIT

The exchange published a blog post on Saturday that it has renewed its money transmitter license in Wyoming, marking a long-waited return since Coinbase abruptly pulled out from the state three years ago.

Coinbase announced in June 2015 that it would be costly and impractical to continue its services in Wyoming after state regulators clarified the company fell under its Money Transmitter Act.

The Act required at the time that Coinbase must “double reserve” state residents’ assets – meaning holding fiat currency reserves for all crypto assets held on consumer’s behalf – in order to renew the money transmitter license.

TIP

However, the Cowboy State passed a notable bill in March of this year that amended the Money Transmitter Act to provide an exemption for virtual currency.

As Coinbase explained in the blog post, the regulatory change means “cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents.”

With the license renewal, Coinbase said Wyoming customers can regain access to funds stored in their accounts to continue trading and using cryptocurrencies.
“We believe this action by Wyoming will spur innovation and economic activity for individuals, families and communities across the state,” the company said.


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Author: Wolfie Zhao
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