The US-based popular cryptocurrency exchange Coinbase has renewed its money transmitter license in Wyoming, a state in the western United States. It means the exchange's Wyoming customers can now once again buy, sell and use cryptocurrencies. They will get access to their accounts as well as to any funds (USD or cryptocurrency) that were stored in their accounts.
Coinbase had abruptly pulled out from the Wyoming state three years ago in June 2015 saying that it would be impractical, costly, and inefficient to continue its services in the state after regulators clarified that the company fell under the Money Transmitter Act. The Act required licensees to maintain dedicated fiat currency reserves in an amount equal to the aggregate face value of all funds held on behalf of customers.
Now, as per the new rules, cryptocurrency companies in Wyoming are no longer required to double reserve the assets of state residents. It means, now Coinbase and other compliant, regulated cryptocurrency companies can serve Wyoming customers in the same way they serve customers from nearly every other state. Coinbase said in a statement:
"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 will continue collaborating with legislators and regulators across the U.S. and worldwide as we work to create open financial system for the world."
Coinbase is continuously working on expanding its services. Recently, it added support for British Pound to buy cryptos. It is also adding Ethereum Classic (ETC) on their platform by August 7.