Coinbase, the San Fransisco-based cryptocurrency exchange, suspended its crypto operations in Wyoming three years ago. On August 3, the exchange announced it had renewed their money transmitter license to continue providing services to Wyoming residents. According to the statement, Wyoming customers can again use Coinbase products — particularly Coinbase Consumer — to buy, sell and use cryptocurrencies.
The announcement comes after Wyoming state legislators alleviated the “fiat reserve requirement” regulation, and now companies based in the state no longer have to double reserve assets. To bring all of Coinbase services back in action, the exchange will work with David Miller (Wyoming House of Representatives Majority Floor Leader), Eli Bebout (state senator), members of the Blockchain Task Force, and other colleagues.
The statement reads:
“Coinbase welcomed the opportunity to work with Wyoming House of Representatives Majority Floor Leader David Miller, State Senator Eli Bebout, members of the Blockchain Task Force, and their colleagues to find a solution that allows cryptocurrency custodians and exchanges to reestablish operations. We are also grateful for the assistance of Commissioner Forkner, Deputy Commissioner Mulberry, along with the examiners and staff from the Wyoming Division of Banking in their prompt approval of our money transmitter application.”
“We are encouraged by this positive transition for Wyoming residents and businesses to once again enjoy the enhanced innovation, economic activity and social benefits of this new technology. We aim to be the most trusted cryptocurrency brand in the space, and as part of that, we seek excellence in compliance and advocate for common-sense policies that allow for innovation.”
All customers are now able to get access to their accounts. Despite a brief interruption of service from Coinbase in the state, none of the funds have been withdrawn as a result, so users should still have the same balance. Those who have trouble accessing their account should contact Coinbase’s customer service center.
Commenting on the development, Chief Legal & Compliance Officer at Coinbase Mike Lempres said:
“Regulators and legislators can work together to foster innovation by either licensing cryptocurrency money transmissions or exempting cryptocurrency from money transmission laws. The leadership and partnership between the state legislature and Governor Matt Meade allowed for this new legislation to be signed into law, under which cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents.”
Now Wyoming customers can be served in the same way as customers from nearly every other state.
Coinbase is a digital currency wallet and platform where merchants and consumers can transact digital currencies. Launched in 2012, Coinbase is a leading exchange today. In July, it revealed its achievements in the second quarter of 2018. They included welcoming new members of the Coinbase team, acquisitions of the exchange, investments, business units that were launched, and much more. Moreover, the exchange created new positions for its staff, becoming the first to introduce Crypto Compliance Chief, taken by Jeff Horowitz.
Coinbase is also continuing work on expanding its services. Recently, its customers received an opportunity to buy cryptos with the British Pound.