Circle’s Poloniex Exchange Reopens Operations in Washington State Thanks to New License

The cryptocurrency and blockchain technology field is growing in value after most digital assets gain popularity across the globe. The cryptocurrency talk is however not solely happening in the financial and technical rooms but legal courts as well. Regulation of blockchain and associated cryptocurrencies is a big topic of discussion at the moment across various jurisdictions and government authorities. One such authority that has embraced the idea of blockchains and cryptocurrencies is the Washington State Department of Financial Institutions.

In a statement released by the state financial regulator, Poloniex, a US-based cryptocurrency exchange, will resume its trading services in Washington. This breaks a 20-month hold on the license of trading that has finally been offered to the cryptocurrency exchange.

Following the suit on Bitfinex back in August 2017, Poloniex was forced to close operations in the capital state. An exodus of cryptocurrency institutions from the state followed the announcement with a multitude of cryptocurrency institutions leaving the state.

The news broke on the Poloniex official Twitter page reading,

Poloniex has reopened trading for Washington residents, thanks to a new license giving us the green light from the Washington State Department of Financial Institutions. pic.twitter.com/FP0QWVQxGJ

— Poloniex Exchange (@Poloniex) May 9, 2019

Jay Inslee, the governor of the state of Washington signed SB 5638 bill to the law earlier in April this year recognizing cryptocurrencies within the state. This is set to push more cryptocurrency institutions to reopen in the state and boost the adoption rates too.