About 3 years back, Coinbase had been asked by regulatory authorities to shut down their services for the crypto-industry of Wyoming, since they had fallen short on their license. Their services aimed to promote the economic growth of the region, as they would allow customers to use their Coinbase Consumer platform to make transactions using digital currencies. Thankfully, the firm has finally managed to renew their license to continue their operations in Wyoming.
Wyoming House of Representatives Majority Floor Leader David Miller and Wyoming state senator Eli Benoit will be two of the people Coinbase will be required to collaborate with, along with members from the Blockchain Task Force, and other colleagues. The main aim of this working group is to fully resume operations in the state.
The firm extended thanks to all individuals who helped them, by means of a blog post, stating:
“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.”
Earlier, the company had fallen to the Money Transmitter Act, and Coinbase had stated that it would be expensive and impractical for the firm to continue operations in the state. The state legislature of Wyoming, in collaboration with their governor, managed to make a change in the state laws saying that Wyoming-based companies will now no longer have to keep double reserved assets. This new and welcome change allows Coinbase to continue operations; it also opens the door for other smaller startups and firms in the area to remain active as well, so long as they comply to the new regulations.
All previous customers in the state will now be able to regain their Coinbase accounts as well after the firm had been forced to interrupt their services. There has been no withdrawal of any funds either, therefore the account balances remain the same.
In the blog statement, Coinbase wrote:
“We are encouraged by this positive transition for Wyoming residents and businesses to once again enjoy the enhanced innovation, economic activity and social benefits of this new technology. We aim to be the most trusted cryptocurrency brand in the space, and as part of that, we seek excellence in compliance and advocate for common-sense policies that allow for innovation.”