Coinbase Renews Money Transmitting License for Wyoming, Bringing Back Their Digital Products
Fairly recently, Coinbase fell short on their license to participate in the cryptocurrency industry in Wyoming specifically. The services they offered before would allow them to use Coinbase Consumer to trade and use cryptocurrency, with the hope to promote economic growth. Luckily, as of today, the company has renewed their license to continue providing services to Wyoming residents.
Coinbase’s efforts will include working alongside the David Miller (Wyoming House of Representatives Majority Floor Leader), Eli Bebout (state senator), members of the Blockchain Task Force, and other colleagues. This group’s purpose is to get all of their services back in action. The company took the time to thank the entities that helped them on their blog, saying,
“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.”
With the cooperation between the state legislature and the governor, there was a change to recent legislation, saying that companies based in the state no longer have to double reserve assets. While this opens the door for Coinbase to remain active, it also helps other companies in the area to operate as well, as long as they are compliant with the regulations.
Furthermore, even though there was a brief interruption of service from Coinbase in the state, all customers should now be able to get access to their accounts. Luckily, none of the funds have been withdrawn as a result, so users should still have the same balance. Consumers that have trouble accessing their account should contact Coinbase’s customer service center.
In a statement on the Coinbase blog, they 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.”