Coinbase, one of the most popular cryptocurrency exchanges of today’s generation resumes its service for the residents of Wyoming in the United States. On Saturday, the San-Francisco cryptocurrency exchange revealed in a blog post that they would renew their money transmitter license in Wyoming. Their renewal decision established a long-awaited return after Coinbase shortly pulled out from the state way back after three years.
According to the report of CoinDesk, the said cryptocurrency exchange made a statement in June 2015 that it is impractical and costly to continue their services in Wyoming. This announcement was made after the state regulators have confirmed that the firm fell under the Money Transmitter Act.
The latter Act needed on that time is that the Coinbase needs to double reserve state residents. It does mean that handling fiat currency reserves for the entire crypto assets on behalf of the consumer. Renewing the money transmitter license is necessary.
On the other hand, the Cowboy State handed a notable bill on March on this present year which amended the Money Transmitter Act to offer an exemption for virtual currency. In the blog post, the Coinbase explained that the regulatory change stands for “cryptocurrency firms in Wyoming no longer mandated to double reserve the state residents’ assets.
With the help of the license renewal, the Coinbase assures that the customer in Wyoming will have the chance to regain the access to the funds they have stored in their accounts to resume trading and transactions with the use of cryptocurrencies.
The company emphasized that they believe that the action they have made will spur innovation in Wyoming. Furthermore, they also explained that it would improve the economic activity for the individuals, families as well as communities all over the state.
The resume of services of the popular cryptocurrency exchange Coinbase will help to augment the success of aspiring traders in cryptocurrency. Meanwhile, Coinbase also revealed the appointment of their latest compliance office when it became a licensed broker-dealer in the United States.
The company is tapping the Jeff Horowitz experience. Jeff joined the company following decades working for the regulatory bodies and banks. He spent his last 12 years as the leader of the compliance team of Pershing, a BNY Mellon firm and one of the most recognized providers of brokerage custody. With his roles, Horowitz can manage anti-money laundering as well as several compliance programs.
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