Major cryptocurrency exchanges Bitfinex and Poloniex have announced in March and late July 2017, respectively, that they would stop their operations in the state of Washington following the enactment of Senate Bill 5031 or the Uniform Money Services Act.Some cryptocurrency exchanges, meanwhile, want to do business in the state despite the new regulation.Among them is Gemini, which already secured an approval and a license to start operating in the state, allowing its Washington-based customers to buy and sell virtual currencies at the exchange.Exchanges required to secure license to operateThe law aims to regulate money transmitters and currency exchanges in the state, including virtual currency operators.According to the two exchanges, the new rules do not seem to support their objectives and their capability to serve their customers effectively.In March, Bitfinex has already threw in the towel citing the incumbent license requirements and clearly stipulated in their ToS, particularly stating:“Important: Financing is not allowed where prohibited by applicable law. US Persons may not be Financing Recipients on the Site. Furthermore, New York and Washington state residents are prohibited from depositing to, withdrawing from or trading on the Site.”
The author of the article Joshua Althauser https://cointelegraph.com/authors/joshua_althauser
Read more https://cointelegraph.com/news/license-required-poloniex-bitfinex-will-stop-operations-in-washington
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STOPHi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://cointelegraph.com/news/license-required-poloniex-bitfinex-will-stop-operations-in-washington
What are your opinions on this news?
I think the outcome will be one of two things.
More completely decentralized exchanges will be created and user base will grow making it virtually impossible to meaningfully regulate.
Or, people will adopt the use of proxy's or TOR and simply stop using US based exchange's altogether. Again making it virtually impossible to meaningfully regulate.
In summary, this legislation is virtually meaningless to everyone except the company and their employees. Government failed again by being short sighted, slow and failing to comprehend the space they were regulating.
Good opinion. I agree that this legislation won't stop a savvy internet user.
Poloniex have announced that they will cease operations in the state in connection with the new law.Others sought official permission such as the new York stock exchange start - Gemini
That's not an opinion you are just parroting what's already been said in the article.
Poloniex will harm society which wants development and is a legit and hardworking
I know you my friend, and you are awesome, i know that. !! @ronaldmcatee