Coinbase Resumes Bitcoin Buying and Selling in Wyoming
Coinbase has returned to Wyoming after successfully renewing its license to operate in the state.
The San Francisco-based cryptocurrency exchange Coinbase has announced that it has renewed its money transmitter license in Wyoming.
This latest development comes three years after its activities were terminated in the state. The company will now be able to offer its services again to residents of the state.
The move signifies a drastic change in affairs between Coinbase and the state regulators following the expiration of Coinbase’s previous license in June 2015.
In a blog post on Saturday, the cryptocurrency exchange and wallet provider announced that it has renewed its license in the state. Residents of the state had since then been expecting Coinbase to resume its services after pulling out.
Coinbase services fully back in Wyoming
Coinbase further added that its customers in Wyoming can now access the full range of its products, including:
- Coinbase Consumer;
- Coinbase Market;
- Coinbase Prime; and
- Coinbase Custody
According to them, the move would lead to an increase in innovation and economic activity for individuals, families, and communities across the state.
According to the post:
“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.”
Coinbase had earlier pulled out of the state as it considers operations to be too costly after state regulators clarified the company fell under the Money Transmitter Act. According to the Act, Coinbase will have to double reserve the assets of state residents before its license can be renewed.
The state changed their stance though when a bill was passed in March this year that amended the Money Transmitter Act and exempted digital currencies.
Regulators, lawmaker, and crypto companies can work together
Coinbase was excited by its return to Wyoming, noting that it is proof that regulators, lawmakers, and cryptocurrency companies can work together to bring about cryptocurrency developments.
The post pointed to the removal of the requirement to double-reserve cryptocurrency assets of Wyoming residents as a positive development.
With the Coinbase license now renewed, the firm told its customers in the state that they can regain access to funds stored in their accounts. In addition to that, trading and using cryptocurrencies are now fully available to their customers.
Amazon cloud executive Tim Wagner joins Coinbase
In an unrelated news, Coinbase announced a few hours ago that it has hired Tim Wagner as vice president of engineering on Monday, snagging him from Amazon’s cloud service.
Wagner was a general manager of several Amazon Web Services business units prior to joining Coinbase. Coinbase CEO Brian Armstrong is excited about Wagner joining them as his great technical organizations will be useful for Coinbase.