Poloniex Bitcoin Exchange Resumes Work in Washington State
Cryptocurrency exchange Poloniex is available for residents of the US state of Washington again.
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
According to the representatives of company, this was made possible by obtaining a new license from the Department of Financial Institutions, giving the green light to work in this state.
Note that Poloniex stopped operations in Washington state in April 2017. Shortly before this, Bitfinex took a similar decision, and after some time Kraken and Bitstamp followed suit. In August of the same year, the popular exchange platform ShapeShift ceased operations in Washington.
The massive departure of cryptocurrency companies from this state was most likely caused by a significant tightening of industry regulation. Thus, in the spring of 2017, lawmakers in Washington obliged companies working with digital currencies to fully reserve customers' deposited funds, as well as to undergo a cybersecurity audit.
However, after some time, the attitude of the authorities of this state to the blockchain and cryptoindustry has changed somewhat. For example, a bill was passed legalizing the status of entries in the blockchain. The number of cryptocurrency companies lobbying their interests in Washington also tripled.