Coinbase re-unites with Wyoming after 3 years

Coinbase, one of the biggest cryptocurrency exchanges around the world, has announced that they have renewed their license to provide services in Wyoming, the U.S. The exchange platform will be providing services in the state after 3 years.

Wyoming Customers will be able to buy, sell and use cryptocurrencies and avail all the Coinbase products. They said:

“We believe this action by Wyoming will spur innovation and economic activity for individuals, families and communities across the state.”

The exchange platform will be working alongside David Miller, Floor Leader of Wyoming House of Representatives Majority, the member of Blockchain Task Force, State Senator Eli Bebout and many more. They will be working together to find solutions which will re-open the cryptocurrency custodians and exchange platform in the state.

The exchange platform had to suspend its operations in the state because of the regulatory policies introduced by the Wyoming Division of Banking which hindered the platform’s services. The unexpected suspension resulted in the majority of the state customers being unable to access their accounts and get through the customer service provided by the platform.

Statement provided by Coinbase for shutting down its services in Wyoming || Source: Coinbase

Statement provided by Coinbase for shutting down its services in Wyoming || Source: Coinbase

Recently, the General Assembly of North Carolina passed the House Bill 86. This allowed the exchange platform to function in Wyoming after 3 years. The final bill which was approved states that the legislation enacted in the year of 2016 has to be revised. The bill also gives the example that legislators and regulators could come together for innovation by either licensing cryptocurrency money transmissions or excluding cryptocurrency from the law altogether.

Coinbase stated they will be collaborating with several legislators and regulators around the United States. They said:

“We aim to be the most trusted cryptocurrency brand in the space, and as a part of that, we seek excellence in compliance and advance for common-sense policies that allow for innovation. We will continue collaborating with legislators and regulators across the U.S. and worldwide as we work to create open financial system for the world.”

In the end, the exchange platform stated that Wyoming customers have complete access to their account and funds.

Chad Miller, a cryptocurrency enthusiast said:

“The cryptospace has been getting good news one after the other. I could get used to this. We will be seeing mass adoption across the states very soon”

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