Coinbase resumes Bitcoin buying and selling in Wyoming after getting regulatory approval

posted 10 months ago
Coinbase is offering services to residents living in the US state of Wyoming again, after having renewed its money transmitter license in Wyoming, marking a long-waited return since Coinbase abruptly pulled out from the state three years ago. Coinbase had 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 the 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. 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 "cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents."
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