Coinbase Has Returned to Wyoming

August 7, 2018

One of the largest cryptocurrency exchanges in the world Coinbase has returned to Wyoming after its license to operate in the state was renewed. 

The exchange announced the news in the official blog. Financial regulators of Wyoming have approved the exchange and allowed it to operate in the state. Coinbase decided to leave the state in 2015. 

Back then, the exchange said that costs to operate in Wyoming are unreasonably high, because local authorities said that the operations of the exchange fell under the Money Transmitter Act.

According to this Act, organizations must double reserve digital assets of residents of the state. It means that they must hold money reserves for cryptocurrency assets of Wyoming residents in order to renew the license of a money transmitter.

Now the company has finally renewed its license, as the March amendments of the Money Transmitter Act freed organizations from the need to double reserve cryptocurrency assets of their customers in Wyoming. 

Coinbase also announced that Wyoming users of the exchange can restore access to their crypto assets. The exchange also said that the new legislation encourages innovations and financial activity of people and companies of Wyoming.

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